As we know, traditional betting is not quite transparent and the industry itself happened to become gimmicky and centralized. Nevertheless, it’s always attractive for users to try their luck fighting for a big prize and that’s why betting will remain on the stage for a long period.
However, the betting revolution is happening now: P2PBET has launched the first betting transparent platform, based on the blockchain and using crypto to make the bets on. But before we turn to more details about the platform, let’s first learn what crypto and the blockchain are and how they can be connected with betting.
What is the blockchain and cryptocurrency?
A blockchain is a distributed database that is shared among the participants of a computer network. A blockchain acts as a database as it stores information in digital format. It can be compared to how a Google Docs document works. 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. All modifications in the document are recorded in real-time. This is just a comparison and blockchain technology is surely 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 exchnge value in a 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 connecting the blockchain and crypto technology with betting we get decentralized betting.
How do decentralized bets work on P2PBET?
This now becomes clear as we already know how blockchain works. Consequently there are the following differences from traditional betting:
- As with all the transactions that happen on the blockchain, every user can track the transfers that happen on the platform. There are no delays and stops in transfers.
- There’s no KYC on P2PBET which means user info is not processed by anymody and they remain anonymous.
- Users’ funds are safe. Users can be sure that nobody has access to their money except themselves because the platform requires MetaMask and TRC20 wallets.
- Unlike with traditional betting, P2PBET does not regulate any rates, because all financial assets statuses are synchronized with the actual rates on Binance.
- The platform’s commissions are always fixed – 3% from each win. Such conditions are written in the smart contract and it leaves no room for fee manipulation. You will never be deceived or kept in the dark.
What is P2PBET?
As you can see, all the factors mentioned above guarantee the platform’s anonymity, transparency and usability. As a result, we can clearly see that the P2PBET’s creators made an innovative approach to betting – they created blockchain betting which revolutionized the industry. Now, betting lovers can enjoy the process even more: it only their luck and professionalism.
Also, the creators also launched one more interesting thing: Free Game which is also on their platform and is live right now: anybody can have 3 attempts to predict the BTC price by the end of the day and win $100! The participants don’t have to invest any money to participate as the game is completely free. Moreover, as the project was launched a couple weeks ago, everyone has a big chance to be the closest to the actual price of Bitcoin. Do not miss this perfect opportunity to give yourself an unexpected present before Christmas!