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Fatum Blockchain Gambling

You may have heard that reputable casinos have no reason to cheat and every reason not to, but even still, there are instances of so-called reputable casinos that have done just that. Gamblers are often left with a feeling that something just isn’t right, and although these feelings can be dismissed as the complaints of ‘sore losers’ there is good reason to believe there is a lot more to it. In 2007 one of the biggest scandals to ever hit the casino industry broke when it was revealed that some players on Ultimate Bet had superuser privileges and could view the hole cards of other poker players. Worse still, many of these superusers with ‘God Mode’ privileges included the site owners themselves, who had used these accounts to steal up to $50 million from the pockets of honest players.

The Difference With Fatum

Unlike online casinos, Fatum provides for public fairness verifications enabled by blockchain technology. Since the blockchain is immutable it can never be modified and manipulation of the record is impossible. So how does it work? Imagine you choose to play any game of chance against the casino or another player. In this instance we’ll use a card game as an example. The casino mixes the card deck and creates a public record of every card’s position in the deck. With a regular casino this record is hidden to most players, but it is still in a potentially visible state, which means that it is possible for players in a God Mode to view the cards and gain an advantage.

With Fatum the record is not in a visible state as it is encrypted on the blockchain. Changing the record is also impossible due to the append-only nature of the technology. The players can then enjoy a game safe in the knowledge that the competition is truly fair. The game can also be checked once all bets are made and the game finished. After the game the casino provides the encryption keys for the deck and the record can be decrypted. The gaming record can then be compared to the pre-generated deck allowing everyone to establish that the game was honest.

Why Does This Ensure Fairness?

Gamblers are very astute, knowledgeable and good at finding cheats. In fact, it is probably true to say that nobody is better at identifying cheats than gamblers themselves. In 2003 a player named ‘CrazyMarco’ suspected something was wrong after playing a tournament at Absolute Poker. He emailed customer support and asked to see the hand history from the tournament. When Absolute Poker sent CrazyMarco the hand history (including hole cards) he was able to identify irregular betting patterns from a player named ‘Potripper’ and so the cheating was discovered.

By creating a system where transparency of information is hardwired into the project, cheating of the sort which occurred at Absolute Poker and Ultimate Bet cannot go undetected. Cheating ruins gambling both for players and for the industry as a whole. That’s why Fatum is determined to eliminate the possibility of cheating altogether. Fatum is a truly modern solution which uses cryptography, decentralization and blockchain technology to ensure that gambling is truly fair and transparent, exactly as it should be.

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What does it take for Bitcoin to achieve mass-adoption?

CryptoCoinPrediction.com is not responsible for the article’s content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

What does it take for Bitcoin to achieve Mass-Adoption?

The biggest obstacle for Bitcoin right now is, that so few people use Bitcoin. But why do so few people actually use Bitcoin from a day-to-day basis? Well, the answer is, because so few people use Bitcoin. That might sound a bit confusing right away, but I will explain myself.

Bitcoin has the obstacle to overcome, same as Facebook. Facebook became so valuable, because literally every friend of yours, and their parents where using it. If no one used Facebook, then I really doubt it would be nearly as valuable to humanity as it is today.

The same exact thing also applies to Bitcoin. What makes money valuable, is the fact that you can pay anybody for anything with it. Good luck paying your local supermarket in Bitcoins. It just doesn’t make sense to do so.

This is also called the network effect. It sates, that a system is only so valuable, as the number of people using that system.

So, let’s dive into the 3 deciding factors, that must happen for Bitcoin to fully achieve mass adoption.

First, of course, is the support by a big corporation or even country. For example, if a big company like McDonalds starts to accept Bitcoin, then people would be more inclined to make purchases with Bitcoin. This makes total sense, because why would anybody adopt the usage of Bitcoin, if you couldn’t make any real-world purchases with it? Exactly, it doesn’t make any sense whatsoever.

The first point was pretty obvious, so let’s look at the other deciding factors, that are crucial for Bitcoin to be mass-adopted.

Did you actually know, that a third of the world’s population, 2,5 million adults to be precise, do not have access to the banking system? Yeah, what people in the first-world countries take completely for granted, isn’t all that common all around the world: A bank account. On the other side, many more people in these third-world countries do have mobile phones, but no bank accounts. So, what if all those people start using Cryptocurrencies, like Bitcoin, for their online and day-to-day transactions? They could skip the traditional banking system and directly buy and sell Bitcoin from their smartphones. If one third (or even less) of the world population starts to use Bitcoin, it will gain world-wide recognition and overtake any other currency.

The third scenario that could happen, is that a major economic collapse or abuse occurs. When this happens, lots of people will want to transfer their wealth to something that isn’t dependent on any country or government, but is universally accepted in every country of the world. There aren’t many options for such things. One of these things is, gold. And the other could be Bitcoin, which I see as the digital version of Gold.

I hope we will never have to experience such a catastrophic event in our lifetime, but it sure is a positive thing for Bitcoin, since lots of people will adopt it.

These are all the point I could think of. Thanks a lot for reading and have an awesome day! Visit me at flashipcrypto.com for more Crypto-article?