Rohan Mathawan
Initially, mankind’s systems of exchanging goods as was a system of bartering. Bartering was problematic because it required individuals with complementary needs to be found, ensure there was divisibility of goods, there was a lack of a shared system of value, and there was difficulty in carrying bulky and perishable material around. So, currency was invented to meet and effectively resolve these problems. Money as an invention was an excellent arbiter of exchange; however, it was not without its own drawbacks.
These drawbacks have been further accentuated, especially when a transfer of funds is done over the internet. Such actions require a bank or a middleman to ensure the success of the transfer. This can translate to delays in the transfer of funds that include having long delays, hidden costs, or technical issues that block the process entirely. The most significant fly in the ointment of money in the digital setting has been security. Just dip a toe into the dark web, and you are sure to find an assortment of credit cards whose owners are victims of the lapses in security systems. However, as we will discuss, bitcoin has solved many of these issues and created tremendous opportunities for Indians to grow their fortunes.
Cryptocurrency is the next hallmark in the human endeavor of value exchange. Cryptocurrency is established on blockchain technology. This technology generates a ledger – a record of the transaction between two parties. Ledge information is then distributed to many computers within the network. Computers serve as checks and balances to each other, and all records are kept are permanent in a block, or a ledger. For Bitcoin, the most popular cryptocurrency, it takes about 10 min for a transaction to be verified, logged on the ledger, and permanently recorded. With bitcoin, no middleman is required, and to ensure protection by encryption miners (those that create bitcoins by solving computer process-intensive challenges) are incentivized to protect the ledger. In doing so, miners are rewarded a cryptocurrency from that network. The value created here is that the work done by these miners requires so much computing power that no one miner has a monopoly of the value and the work done in encrypted and awarded as value.
The encryption of both ends of the transaction is what draws many casinos to the use of Bitcoins as bids and cash out systems. Bitcoin casinos – as they are called – use the decentralized system of ledger to keep the blockchain and the continued encryption to ensure the highest levels of protection. Bitcoin casino systems and the rise of online gambling means anyone can easily participate, avoid the prying eyes of the regulation, and participate in remote or online casino play. If you want a complete list of bitcoin casinos in India, check out www.indiacasinoo.com
For Indian, casinos listed on Indiacasinoo.com use of cryptocurrency generated from the blockchain and offer greater levels of credibility to gaming groups. With cryptocurrency, transactions become near real-time.
A lot of bitcoin casinos are emerging, with traditional ones jumping onto the bandwagon for many of the reasons outlined above. For Indian players, if you want a complete list of bitcoin casinos, check out www.indiacasinoo.com.