Disrupting gamblingĮach state in Australia has different laws about when, how and where we can gamble. Commonwealth (which owns BankWest) recently announced they would no longer allow crypto purchases with their credit cards.Īlone, this volatility makes crypto investment closer to gambling than investment.īut combining that volatility with the elements of a game do seem to push things like CryptoKitties even more towards the gambling end of the spectrum. It’s this technology that allows for the buying, selling and breeding of cats in CryptoKitties.Ĭrypto is so volatile that banks are cracking down. Put another way, imagine if eBay was run entirely by bots who were doing the bidding, buying and selling on our behalf. For example, humans can program the smart contract to sell something (like a virtual cat) when a condition has been met (a certain number of ether has been sent).
Smart contracts are like regular contracts between people or organisations, but instead of the humans executing and enforcing those contracts, they can get a bit of code to do the work for them. These apps can use ether and smart contracts. But Ethereum is also a platform and thus also allows for the building of apps on top of it. Put simply, Ethereum allows for the same things as bitcoin, such as acting as a currency (in this case, the currency is called ether, rather than bitcoin). But blockchain can do so much more than just monetary exchange, which is what Ethereum allows.
Remember, blockchain is the technology that powers bitcoin. CryptoKitties is essentially a new type of app that is enabled by blockchain app platform Ethereum.
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