The Bitcoin casino market is yet to cover a larger share of the overall industry of online gaming, but it is already considerably enjoying a wider reception. Bitcoin dice, poker, and its other casino niches continue to welcome more patrons as Bitcoin adoption progresses by the day. However, with still a lot to achieve in order to become a popular online gambling activity in the mainstream market, a new door has already opened to bring Bitcoin gambling to a different dimension.
That door is called the Counterparty protocol.
Also called Bitcoin 2.0 for functioning on top of the Bitcoin transactions, this technology offers promising, advanced innovations to the still maturing Bitcoin ecosystem.
Recently, it has been reported that anyone in the world will now be able to access financial markets without going through the middlemen. This means an average person living in just about any country may buy a share even in the comfort of his home by simply using a mobile phone.
This will become possible through the partnership of Vennd.io and BitSIM through Counterparty.
Vennd.io, which serves as Counterparty’s digital vending machine will receive the bitcoins sent by global users in exchange for a commodity, equity, or asset. Meanwhile, BitSIM will be in charge of creating a solution that transforms any mobile phone as a fully encrypted Bitcoin wallet that can access to the Bitcoin network, Vennd, and Counterparty.
In short, Bitcoin 2.0 compresses the traditional and conventional method of asset buying into a simple method.
With more developments and technological innovations needed, this simplified and secure method can also be best witnessed in Bitcoin gambling, where BTC must first be converted to XCP via the Counterparty exchange.
The Counterparty protocol, however, is not new in this field since Bitcoin sportsbooks Xbet.io and BetXCP already employ this technology. However, it is yet to be fully implemented within the Bitcoin casino market.
Nevertheless, this proves to be a promising addition or upgrade—as some will call it—that will enhance Bitcoin betting. The anonymity of players is guaranteed, the provable fairness and transparency of the transactions and gambling platforms are ensured, and the security of funds is certified, given the exclusion of any kind of middleman in the picture.