Most people like betting because they are always interested in trying their luck to win a big prize. However, as traditional betting is not transparent and over regulated, luck is not always enough. When betting, individuals can not control their funds every step of the way, and that’s why a lot of gimmicky situations appear. Also, normal betting is not anonymous and you have to give your personal info to a third party as a result.
It’s good that the betting revolution is happening right now: P2PBET has launched a world-first crypto-betting platform based on the blockchain. All this sounds intriguing, but before we find out more about this platform, let’s first understand what cryptocurrency and the blockchain are and how they can influence betting.
About blockchain and cryptocurrency
A blockchain is a decentralized, distributed ledger that stores the record of ownership of digital assets. People who participate in the network are called nodes. The data stored on the blockchain can’t be modified, which makes the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare. Similarity can be seen with Google Docs when a person shares their Google Doc with a group of people, the document becomes distributed among everyone who has access to it. Thus, it becomes decentralized and transparent. Of course, blockchain technology is far more complicated and one can not make any changes once the code is written which makes it more secure.
A cryptocurrency is a form of digital cash that enables individuals to transmit value in the digital world. Crypto functions on the blockchain and does not have a central bank or any party that can change the rules without reaching consensus.
By implementing the blockchain and crypto technology into the betting industry, we can get a completely new way of betting – decentralized betting.
How do decentralized bets work on P2PBET?
Now that we know how the blockchain and crypto work, let’s look at how blockchain decentralization makes betting better.
- All the transactions happen on the blockchain which means that every user can track the transfers that happen on the platform. What is more – there are no delays and stops in transfers.
- There’s no KYC on P2PBET which means that user info is not required.
- User money is safe. The participants can be sure that nobody can have access to their money except themselves because the platform requires connecting MetaMask and TRC20 wallets.
- Unlike traditional betting, P2PBET does not regulate any rates, because all the financial assets’ statuses are synchronized with the actual rates on Binance.
- The platform’s commissions are always fixed at 3% from each win. Such conditions are written in the smart contract and as such, there’s no room for fee manipulation.
More about P2PBET
The advantages mentioned above can make the betting platform anonymous, transparent and unlimited. P2PBET took a new innovative approach to betting and revolutionized the industry with the idea of connecting the blockchain, crypto and betting. Now, the ones who love betting can enjoy the process relying on their luck and professionalism, without worrying about other factors.
Moreover, P2PBET launched a Free Game on their platform where anybody can have 3 attempts to predict BTC’s price by the end of the day. The winner gets $100! The users do not need to invest any money to participate because the game is free. Also, as it has been launched recently, everyone has a big chance to be the winner in guessing the actual price of Bitcoin. This is the perfect chance to give yourself a nice present before Christmas!