#8 — This is the eighth post in our “Blank in Action” series. In this series, we explore realistic and helpful ways to use Blank Wallet.
Last week’s Blank in Action post delved into the benefits of using Blank Wallet to get paid in cryptocurrency. Privacy is a necessary component of both receiving and spending money. We’ve already covered how Blank Wallet 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, Go Blank
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. Blank Wallet 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 Blank Wallet, 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. Blank Wallet ensures that technology can work in unison without friction that hinders users.
About Blank Wallet
Blank Wallet is the most private, non-custodial crypto wallet.
Blank Wallet is the ultimate browser extension wallet for full financial privacy, without compromise. Unlock the full potential of Web 3.0 with privacy-enhancing smart contracts at your fingertips.
As crypto sees further adoption, on-chain privacy is quickly becoming a sought-after commodity. For newcomers and enthusiasts alike, blockchain’s lack of privacy poses a real security risk that stems the growth of cryptocurrency. Blank Wallet eliminates the friction faced by millions of users by making privacy accessible for everyone, everywhere.
The wallet uses battle-tested privacy-enhancing technology to protect your financial data. Cryptographic proofs allow users to deposit and mix their funds in a smart contract that renders them untraceable. When you want to make a withdrawal, Blank Wallet creates a fresh wallet address with no links to your history on the blockchain.
Anyone can easily install Blank Wallet and start reaping the benefits. Besides full privacy functionality, Blank Wallet 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. GoBlank.