Provably Fair Gambling with Cryptocurrencies

Dec 26, 2017 Admin Gambling

Provably fair gaming is a concept associated with cryptocurrency betting. Provably fair gaming is a complete departure from legacy online gaming that relies solely on trust and the gaming site’s reputation. Online gaming provability is made possible with the gradual adoption of Blockchain and smart contracts in gambling.

But first, before going head-long into the exciting proposition this new concept has on online gaming, let’s explain what this idea means:

What is provably fair gambling?

A betting activity is said to be provably fair when there is sufficient mechanism in place that allows both the player and operator to verify the fairness of a gaming process. The concept is uniquely tied to the emergence of Bitcoin gambling which runs on a cryptographic algorithm, hence with the use of hash functions; it became incredibly difficult for external interference – that is all things being equal.

Now, you have an idea of the concept means, and I can imagine you’d want to know ...

Advantages of Bitcoin casinos and sports betting

Dec 26, 2017 Admin Gambling

Bitcoin casinos go to great lengths to establish their reliability. Therefore, “provably fair gaming” sites offer free satoshis, which are fractions of bitcoins, in return for joining them, and for referring them. Considering that a bitcoin is now almost equal to $11,000, having some satoshis in account is worthwhile. Besides, once it is credited, the amount cannot be taken back or stolen by any hacker. The person’s current address along with public and private keys would be needed for taking away the bitcoins. There can be more than 50 digits including both numbers as well as letters, evidently making hacking nearly impossible. 

The transfers and withdrawals from bitcoin casinos and sports betting sites is considerably cheaper and faster unlike withdrawals from other online casinos and sports betting sites. There is no red tape involved, and there are no restrictions on the movement of this currency. 

The anonymity that bitcoins offer is one of the coveted features of bitcoi...

Is Bitcoin casino reliable and what is provably fair gaming?

Dec 26, 2017 Admin Gambling

The anonymity that bitcoin offers may lead to fraud - this is the general perception relating to this field. In online casinos, this can be a huge problem. Regulating the system is difficult, because of the inherent nature of bitcoins and other cryptocurrencies. Moreover, some countries do not permit gambling, so the question of using bitcoins for online casinos is illegal. Given such a situation it is natural to question whether casinos offering bitcoin based gambling opportunities are indeed reliable. 

To make such gambling reliable in conventional online casinos a “technical systems test” is carried out. What it means is that the “random number generator” of the casino is tested to confirm that the randomness is 100 percent. 

When it comes to bitcoin casinos, a provably fair method is used. This method empowers the user to check the reliability of the bitcoin casino site’s “random number generator”. 

Technically, the process allows the user ...

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