Although Bitcoin gambling — as we all know — is a new concept, it is growing at a very fast pace. And this phenomenal growth is largely attributed to various developments that take place on an ongoing basis. One of these cutting-edge developments includes the integration of Decentralized Finance (DeFi), a markedly-new development that seems to turn the online gambling scenario around. DeFi, an innovative financial instrument, has exercised a huge influence on various Bitcoin gambling games, and one of them is surely Baccarat.
More recently, it’s become popular among many players to play Baccarat with Bitcoin using a DeFi asset. The question you may be asking yourself is why? This blog post will explore some of the basics of Bitcoin Baccarat and it’s just-gaining-ground relationship to DeFi variously, giving you an understanding before making your first investment decision. So let us get going.
Overview of DeFi
The term Decentralized Finance, or DeFi for short, is a catch-all phrase that refers to a broad class of decentralized financial products. These would include any kind of asset that interacts with smart contracts, such as an ERC20 token or a smart contract itself.
Enriching gaming experience with DeFi
The integration of DeFi into Bitcoin Baccarat gaming also offers players the ability to get their hands dirty with smart contract development, giving them the ability to create new ways of interacting with this game. On top of that, this allows players to get richer by betting on their own predictions.
Placing bets on DeFi assets
There are many reasons why people may choose DeFi betting over traditional fiat betting. In this case, you are placing bets on what you believe will happen with an underlying asset such as Dai, BitUSD, or Augur REP. The benefit here is that if you believe in your prediction more than the other players, you can place larger bets than them and win the pot.
An additional benefit of DeFi betting is that it’s a way of accessing gambling services that are otherwise banned in certain jurisdictions. The most obvious example would be Augur REP, which enables people to make bets on the outcome of political events. These bets are fully decentralized, uncensorable, and anonymous, allowing users to bet on topics that might not be legal within their jurisdiction.
Augmenting Transparency, Security, and Fairness with DeFi
When it comes to the use of DeFi to play Baccarat with Bitcoin, we can see how this can benefit businesses and their users. This is true for both traditional Baccarat casinos as well as those integrating with DeFi.
When a player makes a bet on a DeFi-based asset, they’re making a bet on what they believe will happen to that asset in the future. The value of this bet can then be recorded in said asset’s contract, allowing people to track its progress in real-time. This means that the value of your bets is transparent at all times, meaning that there is no possibility for cheating or unfairness within the game.
The transparency of the DeFi contract also ensures that all transactions are fair. This means that there is no way for the casino to take a cut of your winnings or even renege on paying out at all. This gives players peace of mind, as they know their bets will be paid out as promised.
Some other important benefits of DeFi integration for online Bitcoin Baccarat players include easier accessibility, financial empowerment, and innovation.
All of the benefits that DeFi brings to online Bitcoin Baccarat can be seen as a win-win situation. Whether players play a regular or live baccarat online bitcoin or get access to better games and services, Bitcoin casinos and users benefit from a more transparent and fair game environment.
DeFi betting is something we expect to see more of within Bitcoin Baccarat casinos within the coming months. Over time, we can also expect it to become a more common service offered by traditional casino operators as well.