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Crypto ownership in the UK more than doubled in 2022, with nearly one in 10 people now owning cryptocurrencies, according to the recently announced survey by Financial Conduct Authority (FCA). The Parliament’s Treasury Select Committee’s report, released in May, suggested regulating certain cryptocurrencies as gambling due to the perceived risks to consumers. Like cryptocurrencies, smart contracts are also immutable and can be verified by anyone on the network.
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Players should no longer fuss about withdrawals or other transactions - they’re instant! However, the absence of traditional banking systems also decreases transaction fees while increasing the overall profit chances. The revenue is likely to depend on how many players it attracts as well as whether they will pay in cash or cryptocurrencies like Bitcoin, Ethereum, Litecoin etc.
These platforms should employ advanced encryption protocols to protect user data and transactions. Another key feature is the implementation of Provably Fair technology, which allows players to verify the fairness of games. However, the irreversible nature of cryptocurrency transactions raises the stakes, emphasising the need for players to understand the risks, such as the volatility of tokens and wallet hacks. The Near Protocol can handle up to 100,000 transactions per second (TPS), with the potential for further scalability as the network grows. This is a stark contrast to older blockchain systems, which often struggle with congestion and slow transaction speeds during peak times. This combination of features makes Near Protocol Casinos an attractive option for gamers and crypto enthusiasts alike, promising a more accessible, equitable, and enjoyable online gambling experience.