Variety in Prediction and Gambling With 1xBit
Betting and gambling have emerged as strong use cases for cryptocurrency and technology. The point of decentralization is to be able to use your hard-earned money in any way you see fit. There are many gambling platforms, both on-chain and on websites, but most of these companies are purely into slots and other casino modeled games. 1xBit gives users a unique product purpose by allowing them to bet on sports, political events, and a ton of other activities, October 17, 2019.
Gambling and Blockchain
Censorship resistance is all about freedom to do what you feel is best. Cryptocurrencies that are truly decentralized in nature inherently promote censorship resistance. A government telling you what you can and can’t do with your money is a violation of individual liberties, so long as nobody is being harmed. This is precisely why blockchain and crypto have emerged as critical infrastructure to enable betting, gaming, and gambling.
TRON and EOS are two well known smart contract platforms that have a plethora of gambling dApps. However, there is only so much you can do on-chain with the prevailing consensus rules and limits. Prediction markets like Augur – which runs on Ethereum – are also stalwarts of decentralized betting. However, given the nature of this business, very little liquidity has accrued on Augur thus far, making it extremely difficult and inefficient to make predictions.
This is one regard where a centralized model can be used to harness the potential of decentralized money. With 1xBit, you never have to worry about low liquidity because you aren’t relying on a peer-to-peer ecosystem.
Integrated Prediction Market with Traditional Casino Games
1xBit doubles up as a prediction market and your run-of-the-mill virtual casino. This makes it a one-stop-shop for all your gaming and betting desires.
Users can bet on sports from Cricket, Football, UFC, Hockey, and plenty of others. But the cherry on top is the depth of possibilities within each of these categories. For example, with Football, you can essentially bet on any match happening in a well-established league from England to Indonesia. With Cricket, the variety ranges from international matches to even those occurring in a league in Bangladesh.
The sheer depth of the platform is stunning, and the fact that it is enabled by cryptocurrency is the icing on the cake. Fans of eSports can bet on the latest DOTA or CounterStrike GO matches, which just goes to show how much can be done from one website. As an integrated betting platform, there isn’t much you cannot bet on using 1xBit.
Just to further illustrate this further, the politics section has almost every major event happening around the world. It ranges from broader events like Brexit and the Canadian elections to more specific ones like Donald Trump and Vladimir Putin jointly winning the Nobel Peace Prize. Endless possibilities.
But this doesn’t mean the platform has moved away from casino games. If anything, they have a very strong mix of categories even within these segments. Slots, dice, Indian poker, and even Super Mario are just a few examples of games that exist on 1xBit.
1xBit offers betting services, but they also have content that could help users navigate through events and make a decision with slightly more information.
We have seen platforms like Augur fail to attract users, and we have also seen projects like Veil calling it quits because of a lack of traction in decentralized prediction markets. The point of these applications is to be more efficient than the current norm, but this just hasn’t played out.
Most cryptocurrency gamblers use online websites that don’t run on a blockchain but facilitate their activities using cryptocurrency. Tractions flow where users flow. By default, platforms like 1xBit have gathered more users than their decentralized counterparts. 1xBit cooperates with over 25 cryptocurrencies. Actually, it provides safety and anonymity of multicurrency accounts not requiring personal data.
In the future, there may be room for the development of decentralized gaming and gambling platforms, but for the time being, it has become glaringly obvious that efficient websites that are fast and cater to customers’ needs are winning the race.