Crypto: will Tron overtake Bitcoin in online gambling?

Like all good arms races, the world of cryptocurrency has seen an outstanding prime mover, a smart second adopter, and a myriad of innovative contenders hoping for their slice of the pie.

Bitcoin is and remains the main player, for now. Bitcoin was created by Satoshi, that mystical (or mythical?) entrepreneur who realised that money transfer and payments could be conducted in an anonymous, safe and ultimately faster way. And then along came Ethereum, whose use case goes way beyond a simple digital currency.

Snapping at their heels for a good few years now has been Tron, the brainchild of Justin Sun. It is a concept that is aiming to do things differently from the major players.

The object of Tron is to be part of a decentralised global digital entertainment system. Think Netflix but where the content can be shared peer-to-peer without any middleman – just great videos from providers to the audience.

It’s an audacious plan, and one in which the Tron currency – TRX – will play a key part.

How does crypto gambling come into the equation? Well, alongside its commitment to attempting to revolutionize the world of digital content, the firm has also confirmed – both in word and in action – that it is planning to shake up the fledgling crypt gambling industry too.

The good news is that Sun loves playing games as much as we do, and particularly those with a gambling slant. Indeed, Sun and his advisors have promised to invest a cool $100m into Tron Arcade, a fund specifically designed to produce the next generation of blockchain-based gaming.

Some of the numbers emanating from projects developed via the Tron network are outstanding, and the first signs that TRX could take down BTC in the race for supremacy in the online gambling sector.

If you have invested in crypto and are now wondering how you can spend your currencies in a fun and safe way, read on to find out why sports betting and crypto casino gaming with Tron could be your best bet.

Rolling the dice

As you may be aware, the Tron platform is widely used for the development of Dapps, with online gambling games among the most popular categories of titles. Roughly 20 are published on average per week, many of which have some kind of betting angle to them. Today, roughly 64% of all Dapps on the network are related to gambling in some way, with transactions worth more than $1bn already confirmed!

The Tron team have made their own mark by launching their own TRONdice game. This Dapp has been one of the major successes of crypto gaming so far. Developed and launched via the Tron blockchain, the premise is simple enough: players pick numbers to wager on between 1 and 100, and the game’s in-built Random Number Generator then picks the winning number – players are paid out according to the odds offered.

The game is linked to an individual’s TRX wallet, allowing betting and transactions to be carried out instantly, with players simply having to ensure that they have active funds within their account. All they have to do is connect to the game, and then it’s simply a case of picking out some numbers and hoping for the best!

TRONdice feeds into the success of TRONbet, which actually secured its place in crypto folklore by becoming the first Dapp to be launched on the Tron network blockchain. On the day of its release alone, TRONbet was enjoyed by more than 10,000 visitors worldwide.

This fledgling crypto sportsbook has, along with TRONdice, paid out as much as 3bn TRX in winnings since October 2018 alone – that’s roughly $60m in fiat! This is the kind of traffic that makes this industry sit up and take notice, and it was partly due to the success of TRONbet’s launch that saw TRX overtake ETH in daily transaction volume, and consolidated the currency’s top ten ranking in terms of market cap.

The key feature of TRONbet is that all of the aspects that bitcoin casino gamers and sports bettors love about BTC and ETH, such as their transparency, their security and their anonymity in making payments, are present in Tron. Remember, this is a cryptocurrency that has also been developed with these basic principles in mind. In that sense, TRX is a direct descendant of BTC, and only time will tell if it can go on and outstrip its forefather in the world of digital currency.

Another point worth noting is that all crypto casino games, such as those offered by TRONbet, are provably fair thanks to their in-built Random Number Generator. This means that all transactions are recorded within the blockchain – there’s no hacking, no funds going missing, or the need to utilise a variety of different payment methods for one single account.

As if to whet the appetite further, the TRON Foundation recently announced that the number of accounts on its mainnet platform has surpassed more than half a million users.

In short, Tron is outgrowing Ethereum and other gambling-focused projects such as EOS at a rate of knots, and it will not be long before this currency is tugging on Bitcoin’s tail as one of the main players in the game as far as crypto gambling is concerned.

Who’s the daddy?

There are plenty of reasons why many pundits in the crypto industry believe that Tron could overtake Bitcoin as the ultimate coin in online gambling – quite simply, it’s an industry in which Sun and many Tron blockchain users have already invested plenty of cash and time.

Bitcoin remains the premier all-purpose cryptocurrency, and the one that is most widely accepted by a wide range of merchants worldwide. Let’s be honest, BTC is the crypto that is taking the industry forward into mainstream adoption.

However, there’s a lot to be said for diversification, and when we have a coin such as Tron that is so clearly aimed at the entertainment sector – with online gambling a particular speciality – bettors are advised to take its advantages very seriously.

Here at Bitcasino, we welcome deposits and withdrawals from a wide variety of payment methods – the choice is yours. All we care about is delivering an exceptional gaming experience for our players all over the world!

Words: Sean McNulty

Images: Shutterstock

What is TRON - Read more about it here!