BlockWallet in Action (#8): Private Gambling
#8 — This is the eighth post in our “BlockWallet in Action” series. In this series, we explore realistic and helpful ways to use BlockWallet.
Last week’s BlockWallet in Action post delved into the benefits of using BlockWallet to get paid in cryptocurrency. Privacy is a necessary component of both receiving and spending money. We’ve already covered how BlockWallet can be used to make various private purchases, but an often overlooked topic is gambling. With the recent surge in the popularity of cryptocurrency, it’s no surprise that crypto’s share of the online gambling market is increasing. Blockchain-based gambling sites offer users a multitude of advantages, such as less centralization, lower fees, and faster transactions. In addition, cryptocurrency’s status as an appreciating asset is attractive to many gamblers.
Despite a range of advantages, online crypto gambling is hindered by a lack of privacy. Blockchain technology’s transparent nature means that financial data is publicly available by design. This caveat acts as a barrier to entry for millions of potential users who don’t feel comfortable having their financial history logged on a blockchain for all to see. Gambling, in particular, is a topic many people prefer to avoid, with certain cryptocurrency platforms even shutting down accounts connected to gambling activity. The nature of gambling calls for a privacy solution that protects users’ financial information. Even though we don’t explicitly condone gambling, and anonymous gambling winnings are still subject to tax laws, it’s a matter of personal choice when conducted legally via certified platforms.
Your Bets Aren’t Private On-Chain
Let’s use an example to demonstrate. John likes to legally gamble on sports games with his friends. As a supporter of cryptocurrency, he prefers using it over fiat currency when making bets. When gambling with crypto, John enjoys lower fees, faster transactions, and the chance to expand his portfolio. For him, it adds an interesting dynamic when watching sports games with friends. However, blockchain’s lack of privacy makes him think twice about gambling with cryptocurrency.
Whenever John makes bets, they’re attached to his wallet address and recorded on the blockchain. People with John’s address can easily view his history on the blockchain and see the transfers he’s made and the decentralized applications he’s used. If John wanted to pay for goods or services using cryptocurrency or simply send money to a friend, the recipients of these payments could find out about his gambling history. This is information that he doesn’t feel comfortable sharing. He wouldn’t face this breach of privacy if gambling with fiat currency and feels that the same should apply to cryptocurrency.
Safeguard Your Data, Get BlockWallet
Privacy is a much-needed commodity in the burgeoning world of cryptocurrency. Millions of users just like John face friction that prevents them from fully enjoying the benefits of cryptocurrency. BlockWallet eliminates this friction by offering users privacy without sacrificing a seamless user experience.
The wallet uses time-proven privacy-enhancing technology to protect your financial data. Cryptographic proofs allow users to mix their funds in a smart contract that renders them untraceable. Using BlockWallet, John could withdraw funds from the smart contract to a fresh address with no links to his previous activity on the blockchain. With a private address separate from his crypto portfolio, he would be free to gamble away from prying eyes.
Cryptocurrency and online gambling are two technological advances that work well together. Without overarching privacy concerns, users are free to enjoy the benefits when gambling on-chain. BlockWallet ensures that technology can work in unison without friction that hinders users.
BlockWallet is the most private, non-custodial browser extension wallet, where users can store funds and interact with their favorite blockchain applications privately.
As crypto sees mainstream adoption, blockchain’s lack of privacy poses real security risks for newcomers and enthusiasts alike. BlockWallet is here to ensure that on-chain privacy does not lag behind. The wallet provides a set of advanced privacy tools wrapped in a familiar and user-friendly wallet experience, eliminating the friction faced by millions of users and making privacy accessible for everyone, everywhere.
Blockwallet uses battle-tested privacy-enhancing technology to protect your financial data. When you make transactions or interact with blockchain applications, the requests are sent through Privacy Proxies by default, concealing the IP address and other metadata, which can be used to identify the user. You can also use the Privacy Pools feature, powered by zk-SNARKs technology, to deposit and mix funds in a smart contract. This allows transferring funds without links to your history and identity on the blockchain, effectively rendering them untraceable.
Anyone can easily install BlockWallet and start reaping the benefits. Besides full privacy functionality, BlockWallet comes packed with an array of features that go beyond privacy for a seamless user experience. With full Web 3.0 support, the wallet allows you to connect to any dApp and harness the power of the decentralized web.
Reclaim your financial privacy on blockchain. Get BlockWallet.