It is without a doubt that Bitcoin has changed the face of online gambling forever. It is clear what cryptocurrency has done for the industry and the value it has added in creating the ultimate gambling experience.
Probably one of the biggest game changers that Bitcoin has brought to a once assumed untrustworthy gambling option is Provably Fair gambling. Almost all random number generators at online Bitcoin casinos are guaranteed to be 100% Provably Fair.
This alongside the fact that deposits and withdrawals are transparent and secure (all transactions are recorded on the public blockchain) has encouraged more and more online gamblers to come on board and enjoy the ultimate gambling experience, which in turn has caused the industry to explode into the massive billion dollar market that it is today.
There will always be the naysayers and those that are trepidatious. There has been a bit of chatter regarding how Bitcoin makes for an easy passage for drug and gun smugglers as well as those looking to launder money. Those elements will exploit any system for their own gain, not just cryptocurrency.
It is more valuable and relevant to look at the fantastic opportunity that Bitcoin brings to the community in making it safer and completely transparent, so gamblers are able to enjoy their experience without the worry of their identities and assets being vulnerable.
In the past, many casinos were proven to be using games that were not 100% provably fair and working to the casino’s favor. With the introduction of Bitcoin into the online casino industry, 100% provably fair games have become the order of the day.
Using advanced cryptography, casinos and gamblers can ensure that games have not been tampered with, without having to look to a third party.
Provably fair gambling uses 3-part technology to ensure the fairness of its games. This includes:
- Random Number Generators (RNG) which spins out billions of numbers per second to determine a game’s outcome
- Seed Generators generate numbers into an algorithm and players also add a seed number. This ensures neither the casino nor the player is determining the outcome.
- Hashing is the final step of the technology. The seeds are then encrypted resulting in a “hash” (a string of letters and numbers); should anyone tamper with the inputs required for generating a random number, the hash will change and the player will know the randomness was not fair.
Tying that all together and we have the following provably fair mechanism:
A casino creates a seed number which is encrypted, or hashed, and sent to a player. The player, in turn, adds their seed number. The game is played and the outcome is decided. The player then receives the seed used in that particular bet and can verify it. If it comes back unverified the player will know the bet was tampered with.
This detailed process makes it impossible for Bitcoin Gambling to be a scam.
Online Bitcoin casinos run on a public blockchain. What this means is that information on the blockchain is in a public ledger that can be used by any participant on that blockchain to check at any time. The public blockchain is transparent and immutable which guarantees the fairness of play, but the player’s identity and wallets are always kept completely secure.
Further to this, players and casinos can track and verify if deposits and withdrawals have been made ensuring that neither party can defraud the other.
With the trust that has been built using this technology, the online Bitcoin casino industry has grown in leaps and bounds with more and more gamblers feeling secure to bet and it is estimated that by 2024 the industry will have a global value of around $94.4 billion.
While the world of online gambling has always had its elements of exhilaration, the introduction of Bitcoin has elevated the thrill of gambling to a whole new level with e introduction of some exciting games that were designed on the back of the Bitcoin explosion.
One of the top rated games (as rated by a leading industry aggregator, The Bitcoin Strip) is Stake.com built by a team in Australia who worked tirelessly to produce an excellent offering with an excellent Bitcoin Faucet.
Also, an exciting addition to the gambling arena is Bitsler; a highly popular betting platform. Bitcoin dice players are enthralled with this riveting game that offers a temporary house edge of 0%.
Others that gamblers will be interested to look into are Rocket.run and DuckDice.io.
Bitcoin is Not a Scam But….
Over the last 10 years that Bitcoin has been in existence it has proven to be more secure and safe than some of the big US Dollar casinos. It has set the benchmark for other cryptocurrencies and has been widely adopted by not only individual investors but also big corporates and financial institutions. This is touted as being the currency of the internet.
Gamblers do not have to worry about Bitcoin being a scam, but it is strongly advised that they look at the online casino they have chosen to use to spend their Bitcoin. While the currency is not a scam, the Bitcoin casino market operates in a low-regulation environment which has seen players at some of the smaller casinos have their funds stolen. Only play at respected and well-reviewed casinos.
It is always advisable to look at how long the casino has been around and to look online for possible complaints of deposits not being activated or withdrawals not being paid. As transactions on the blockchain or irreversible.
Keep Safe Out There
The world of Bitcoin gambling online is so much fun and filled with new exhilarating experience for gamblers around the world. With guaranteed provably fair games and security promised regarding wallets and identity there is no reason not to join this fun and Bitcoin rewarding world.
A few pointers to make it even safer and more fun is to never play with more money than has been set aside for entertainment. Knowing when to stop is essential. All major casinos support Responsible Gambling and offer advice and help if needed. Gamblers should check out the Responsible Gambling pages on the casinos they visit.
Always look online at accredited sites such as and speak to those in the community on sites such as Bitcointalk.org. Those that have been scammed are quick to open up about their experiences. This is an advantage to other gamblers.
Gamblers should always take ultimate responsibility for their identities and their wallets.
But most importantly – play only provably fair games and have fun always!
TheBitcoinNews.com – leading Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
TheBitcoinNews.com is is not responsible for the content of external sites and feeds. Guest posts, articles or PRs are not always flagged as this!