DLCs: A New Way to Bet With Bitcoin
Discreet Log Contracts (DLCs) are the new wagering innovation, bringing crypto players satisfaction and transparent wins.
The Bitcoin Sports Betting world has often been blessed with innovation that enhances security and the gambling experience. Discrete Log Contract, in short, also known as DLC, is a part of the innovation that facilitates conditional transactions on Bitcoin or other compatible blockchains. In 2017, it was introduced in the form of a theoretical idea, and since 2020, it has been present on the Bitcoin network.
DLC collects off-chain data from an oracle, which provides information to the Bitcoin network and provides real-world knowledge for smart contracts to determine the outcome of any wager. Following the delivery and settlement of the outcome, the funds are distributed in accordance with the parties’ initial agreement.
Discreet Log Contracts (DLCs) and Bitcoin Sports Betting
Discreet Log Contract (DLC) is a smart contract on the Bitcoin network that employs oracles to accomplish trustless payments. The use of the term “trustless” in the definition of DLC has frequently caused confusion among the sports betting community’s newcomers. Trustless does not imply that you cannot rely on the transactions, but rather assures the gamblers that the transactions will occur without the need for a third party.
Discreet Log Contract provides players with high-level security and modernizes peer-to-peer betting in an era in which technology and innovation appear to be advancing quicker than the earth’s rotation. Peer-to-peer wagering empowers Bitcoin sportsbooks and ensures secure and confidential wagering activity for participants by removing third parties, such as governments and central banks.
Bitcoin sports betting has expanded the realm of online gambling and offers social interaction, thrills, and a variety of betting options. This eliminates the security and privacy concerns associated with traditional gambling. In addition to casino games, punters can view live sports and wager on their preferred teams and players. Moreover, the best Bitcoin sports betting sites prioritize the gambling experience and provide a vast selection of sports on which to wager.
Benefits of DLCs in Bitcoin Sports Betting
Discreet Log Contracts are relatively new to sports betting compared to the introduction of Bitcoin in 2009. As DLC functions on the Bitcoin network, many of its benefits overlap with those of making payments with Bitcoin and other cryptocurrencies.
Below are the eight benefits of using DLCs in Bitcoin sports betting that will gain your trust and confidence:-
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Decentralization: Discreet Log Contracts are decentralized and prevent external surveys or constant monitoring from third-party sources by leveraging the power of Bitcoin. No censorship will ruin your sports wagering experience, and you are free to choose your preferred sports and betting strategies.
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Privacy: The digital drive has widened the doorway for hacking and the disclosure of sensitive information. Personal information does not deserve to be a global topic of discussion. The anonymity advantage is shared with Bitcoin sports betting, and DLCs continue to offer privacy to players.
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No Counterparty Risk: Traditional sports betting services often operate as intermediaries, holding your winnings in escrow until the outcome is made public. DLCs lock funds in a multi-signature address on the blockchain, removing the possibility of the betting platform going bankrupt and/or delaying rewards.
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Reduced Fees: The lack of intermediaries also helps to reduce transaction fees. Traditional betting sites that accept funds from debit cards, credit cards, checks, and bank transfers also give space for a chunk of the fund to get cut. DLCs in Bitcoin sports betting come with lower transaction fees compared to traditional payment methods. It goes without saying that there are quick and seamless transactions in addition to the low transaction fees.
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Trustless Nature: As mentioned earlier,DLCs are trustless, meaning participants do not need to depend on anyone’s trust. The smart contract enforces the conditions of the wager and guarantees that the winner automatically receives the reward based on the result of the event.
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Global Accessibility: The BTC sports betting world is a global stage for players worldwide. Anyone with access to the Bitcoin network, regardless of location, can indulge in DLC-based BTC sports betting. This results in a more inclusive betting experience.
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Transparency: The Bitcoin blockchain maintains a record of each wager and its outcome, ensuring an uncontested and immutable record of each transaction. Anyone can independently verify this complete transparency, which fosters trust in the system.
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Customization: As a result of smart contracts, BTC wagering options have evolved into intricate, personalized experiences. With the ability to place conditional or multiple-event wagers, the variety and adaptability has form a powerful gateway of smart contracts for Bitcoin wagering.
Regulatory Considerations for DLCs in Bitcoin Sports Betting
Due to DLC’s new entrance into the Bitcoin sports wagering space, the regulatory considerations seem to be a long list of its benefits. One might wonder if it is a good thing to opt for DLCs. The answers depend on various factors. For example, DLC-based BTC sports betting may fall under highly regulated jurisdictions or countries. It often deprives the players of a secure and safe sports betting experience, but responsible gambling and following gambling laws are always advocated by the best Bitcoin sports betting sites. Furthermore, always check for licensing and permits for online sports betting platforms.
Usually, the details regarding licenses, regulations, and permits are mentioned under the Terms & Conditions tab of the betting sites. It is good to remember to check for other factors like Consumer Protection, Taxation, Intellectual Property, Anti-Money Laundering (AML), and Know Your Customer (KYC).
Future Potential of DLCs
The hesitation among players regarding DLCs is expected to go away as it is a trustworthy and transparent payment option. People do not have to rely on other participants and bet on sports based on trust. DLC guarantees the winnings will be given to the deserved winner of the bet without any delays. When speaking of future potential, DLCs are expected to become more mainstream in sports betting with Bitcoin and accepted by many players.
Conclusion
Discreet Log Contracts (DLCs) are a promising development in the world of Bitcoin sports betting. They offer improved security, anonymity, and trustless transactions, making betting experiences decentralized, open, and economical. While there are still regulatory issues to be addressed, DLCs have the potential to become widely used in the future, providing gamers with a safe and modern peer-to-peer betting environment. In addition, as technology develops, DLCs may revolutionize sports betting, providing bettors with a seamless and enjoyable experience.
