We Need Blockchain Gambling : Securing our Decentralised Future
This week we saw an unbelievable story. It shows exactly why we need blockchain gambling.
Ethereum is the best platform for making decentralised gambling games. We need Ethereum.
We Need Blockchain Gambling for Privacy and Security
Bitstarz is a large, centralised gambling site. You can use your bitcoins to play their games.
It is not built on the blockchain. It is fully centralised. That means you must trust Bitstarz fully with your digital money.
This week the Merkle reported that Bitstarz is refusing to pay out its players.
With a centralised service, like Bitstarz, when you send them your digital money it is not yours anymore. You only get it back if the site operator lets you withdraw it.
It’s just silly to use centralised games with Bitcoin and Ether. Why have a trustless blockchain and not use it properly?
Decentralized gambling games built on Ethereum never touch anyone’s money. No one touches it. You send your ETH to the smart contract. The smart contract processes the bet.
The code is open to everyone. Anyone can read it. Everyone can see. It does exactly what it should do. It’s on the blockchain. So no one can mess around with it. No one can cheat.
Now Bitstarz is holding customers money. They won’t give it back. Well, not until they get all this identity information. Again, that’s just silly. Blockchains provide security, trust and privacy.
All Hail the Blockchain
If a gambling game is NOT on the blockchain, it’s a waste of time. Now players are learning the hard way.
Do yourself a favour, don’t play a game with your digital money unless it’s a blockchain gambling game. It’s really the only way.