Perks of crypto gambling
Cryptocurrency is a new phenomenon, it is a little over 10 years old. While casinos have been at all times. However, today many people think about how to “make friends” with these two phenomena because experience shows that significant benefits can be achieved in this way. And here we will analyze in detail – which ones, and how much these benefits are exaggerated. You can check the best variants at ordb.org.
Currently, the best crypto casinos allow you to gamble with bitcoin and other coins, providing provably fair games. In addition, some of them offer various bonuses, promotions, and VIP programs to make themselves known among players around the world.
Types of crypto casinos
At the same time, it is useful to understand that there are at least two different types of online casinos that accept Bitcoin or other cryptocurrencies as payment.
The first type is such services that accept anything at all. You can bet in dollars, euros, and yen, as well as in popular cryptocurrencies. In other words, there is no special set of features behind cryptocurrencies, you just pay with what is convenient for you.
Very often, such casinos actually accept only one currency: they provide the details of the exchanger with which they have an agreement in advance, and the exchanger already “catches” any incoming transactions and converts everything, for example, into dollars, sending them to the casino. The unpleasant moment is that all commissions, of course, fall on the user.
A fundamentally different format is when the casino is initially based on the principle of cryptocurrencies. This means that they are not just a faceless “payment method” for it, but the basis for organizing a game based on smart contracts.
That is:
- Two parties (the player and the casino) agree on the stakes, the number of winnings, and the conditions for winning.
- All this is reflected in the smart contract, which looks like a piece of code.
- Both parties deposit money into the system.
- When the game is over, the system independently evaluates the result and automatically executes the smart contract, that is, sends money to the winner.
Such an algorithm is convenient in that it completely insures against fraud since it does not require any party to trust the other with their money – as is often the case with a regular casino, where the player willy-nilly has to transfer money to the institution.
How to distinguish an honest online casino?
This is the question that worries the players the most. After all, if the casino is unlucky, then the concept of “winning” simply does not exist: either the roulette wheel will always spin “against the player”, or it will not be possible to practically withdraw the theoretically received winnings.
In such a situation, those casinos of the second type, operating on smart contracts, which we talked about above, become very popular. We must not forget that one of the main advantages of the blockchain is complete transparency. That is, everyone can see the history of the exchange of transactions between wallets. And this makes absolutely impossible for any fraud and manipulation in their favor.
If we talk about the main features that you need to pay attention to when choosing an online casino, then experts advise looking at the following.
- Legality. If the company is officially opened in a country where it is allowed, then it can already be trusted.
- The reputation of the regulator. The most popular regulators are Maltese and British. If the chosen institution is in its jurisdiction, the risk is significantly reduced.
- The reputation of the casino itself. To get acquainted with it, it is enough to read customer reviews on third-party resources. The most critical moment is the absence of problems with the withdrawal of funds.
Cryptocurrency and blockchain technology are still considered to be fairly new concepts, especially in the online gambling industry. As this technology is still under development, regulatory and legal restrictions still apply. Countries are slowly working on implementing new regulations that either allow cryptocurrency activity or completely ban it on gambling sites. Many consider cryptocurrencies to be a commodity, so there will be fewer restrictions for these currencies.
With the development of special cryptocurrency games, the question of the fairness of the results of these games in crypto casinos has arisen. In regular casino games, the outcome is considered random and fair as it is determined by the random number generator. Since crypto games and crypto casinos were new, there were no measures to ensure the fairness of the results of the games. For this reason, the concept of Provable Fairness was created, which is now implemented in most legitimate crypto casinos. This is considered one of the most significant technological advances in the online gambling industry.
When you open a cryptocurrency casino, a pop-up window will appear stating that the casino is provably fair and detailing how it works. In essence, with the Provably Fair algorithm, the fairness of all games can be verified in real time without the need for manual auditing.
When a crypto casino implements a provable fair algorithm, this will be clearly stated on the website. The Provably Fair Game process includes three technologies, namely random number generators, seed generators, and hashing.
Conclusion
As for the acceptance of cryptocurrency, when looking for a cryptocurrency casino, it is worth looking from the very beginning for those options that mean working on smart contracts. They allow you to really reduce commissions for transactions, as well as eliminate the risk of fraud by any of the parties.