Understanding Blockchain in Betting

Get to know how blockchain works on crypto-powered casino platforms like Housebets.com.

Thanks to technology, the online betting industry has experienced many changes, the most notable being the adoption of cryptocurrency by online casinos like Housebets.

Online casino platforms like Housebets are fully crypto-gambling platforms that accept solely cryptocurrencies as a means of payment.

However, this would not have been possible without blockchain technology, which is what cryptocurrency is built on.

What is Blockchain Technology?

A blockchain technology is a decentralised, distributed and digital ledger that stores and records all crypto transactions. These records are called blocks and are linked together using cryptography.

You can store any kind of data on a blockchain, but it is mostly used for cryptocurrency transactions. While the transactions on blockchain technology involve the use of many computers, the data cannot be altered due to the immutable nature of the technology.

Every transaction in blockchain technology is recorded in a block, with each preceding block tied to the next one in chronological order.

It is also important to note that all these blocks are shared across the same network, although multiple computers verify each new information or a new block added to the chain.

How does Blockchain Technology work?

Blockchain technology is similar to a Google document sheet or an Excel sheet that stores data as it acts as a database where information is stored.

However, data stored in blockchain technology are stored in blocks that are linked together to form a chain. Each block contains stored data as well as its own unique alphanumeric code, called a hash. The more the data grows, the more the blockchain grows, too.

The blocks in these chains record the time and sequence of transactions. It is also important to note that blockchain technology is distributed, meaning different copies are saved on multiple machines, and they all have to match for it to be valid.

This helps set up a decentralised blockchain, ensuring all transactions are accurate and you do not need to rely on an authority running the network.

How does Blockchain relate to betting?

Because most online casinos are now segueing fully to crypto gambling, blockchain technology is necessary for all transactions.

Since most of these online casinos, including Housebets, accept more than one cryptocurrency, some of these coins can be sent over different networks.

Each coin has its own unique features and advantages, the same as the networks. Some networks are faster and have a low transaction fee.

When depositing your preferred crypto to fund your bets, you send it through one of these networks. Housebets, for example, has three networks.

Advantages of Blockchain

Security: Blockchain provides increased security for every crypto transaction, thanks to Cryptography and hashing algorithms. Also, because blockchains are on multiple systems where the data are stored, it reduces the risk of a single unit failure.

Accuracy: Due to the way transactions are arranged in chronological order, there is lesser room for error compared to a centralised system. Also, because a blockchain is a public digital ledger, all transactions can be verified by users.

Speed: Using blockchain technology also ensures that transactions are conducted at a faster pace since every transaction happen in a block and are recorded on the same network.

Now that you have an idea of how blockchain works, how can you deposit your coins to fund your bets at Housebets?

How do I deposit to fund my bets at Housebets?

It’s easy and simple as long as you follow the simple steps below:

Go to Housebets.com
Log into your account or sign up if you don't have an account
Click on Wallet
Click on Deposit
Click here to view and select your preferred Cryptocurrency
Choose your preferred Cryptocurrency and network
Copy the Wallet address or scan the QR code and transfer from your wallet.
Coins will be deposited automatically after 6 network confirmations.

Why should you choose housebets?

Housebets has some of the best offers on the site and amazing bonuses, including a 200% welcome bonus and a chance to pre-mine $1M of tokens. Also, you get to enjoy easy transactions.

You can deposit into your account with any preferred currency of your choice, with a fast payout option on winnings.

There is a wide range of casino games to choose from. In the sportsbook section, you can also bet on live events, tennis, American Football, soccer, basketball, and other sports.