DeFi Gambling

Education about DeFi and the cryptocurrency sector, in general, is still low among the masses. Developers focus on coding and put almost zero effort into teaching ordinary investors about their products.

DeFi’s primary goal is to bring financial services to everyone without restrictions. Banking is a core part of it, as it even seeks to replace traditional banking. Users own DeFi accounts that serve all banking functions like conventional bank accounts. The difference is that DeFi accounts can be opened in minutes and anonymously. They are also non-regulated and give the user up to 100% control of funds. DeFi users can save, invest, and take loans just like traditional banking. The difference; DeFi is decentralized, fast, and more efficient.

Blockchain-built applications (dApps) such as Compound and DAO connect lenders and borrowers peer-to-peer. This means that anyone can lend and earn interest or borrow. The products available are way superior to the standard saving accounts when it comes to saving. DeFi users earn high interest in their saving accounts since no third parties and monopolies exploit them. Gambling utilizes DeFi just like casinos have bank accounts. Therefore gambling is the tip of the horn in DeFi. Of course, there are numerous unique DeFi-built gaming and gambling products, but they still make a drop in the ocean of the entire decentralized finance industry.

Crypto gamblers have been the most disadvantaged. Some governments like China have banned banks from dealing in crypto. With DeFi, crypto gamblers are at liberty to transact and move any amount of money with zero limitations. When it comes to betting, DeFi has introduced new levels of fairness. It’s hosted on the blockchain and runs without external third-party interventions. Blockchain technology is immutable, transparent, and safe, creating a sterile gambling environment with limited fraud and gameplay manipulation risks. A trustless gambling ecosystem is what DeFi brings. Let’s not forget the volatility risk that crypto gamblers face.

Digital coins are hardly stable. Players would be forced to take in huge losses whenever their portfolio tanked. DeFi gives them an alternative to hold their funds in staking or liquidy pools and earn interest which could cover losses if prices plummet. On the other hand, they gain even higher profits if prices remain stable. Players can also hold their funds in stable coins such as USDT and swap between different cryptocurrencies instantly at meagre fees. Anyone who has interacted with products like Augur will agree that innovation is perhaps the biggest reward of DeFi to crypto gamblers. Augur promises to lead bettors to a risk-free gambling future. Imagine a wagering platform that refunds your stake when you don’t win?