Blockchain Guide to GamblingAugust 18, 2021
When people hear the words blockchain gambling, they automatically assume you mean gambling with Bitcoin. That is not the case. Blockchain is a digital book that collects and distributes information in a permanent format. Although Bitcoin is the first time that blockchain technology has been practically applied, it is separate.
Blockchain has many real-world applications, and one industry that has profited from blockchain is online gambling and betting. Let’s take a look at how blockchain is changing online gambling. We will also look at ways you can profit by using Bitcoin for online gambling. We will also give you some tips on what to look for in blockchain casinos.
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How Blockchain betting changes how people bet online
Blockchain technology is perfect for online gambling and almost any industry that relies on person-to-person transactions. Blockchain gambling is changing the way online casinos operate. Here are a few benefits of blockchain gambling sites.
Greater transparency – Blockchain casinos use a series of smart contracts that will check every bet placed in the casino. Players may openly review these records to verify that play is being conducted fairly. Casinos cannot change records or change the blockchain, thus increasing players’ confidence in the gambling page.
Reduced costs – All functions on the blockchain are automated. This eliminates many of the services that casinos typically pay fees for, such as payment processing and currency conversion. Automated features also allow the casino to work with smaller staff, further reducing operating costs.
Cashless environment – Casinos often run into problems when dealing with fiat currencies, especially if they are dealing with international currencies. Blockchain allows casinos to accept payments in Bitcoins and other forms of cryptocurrencies, effectively eliminating problems with fiat payments.
Fraud Prevention – A major problem in the online gambling industry is player fraud. Blockchain will eliminate all scams involving payments or any process that takes place through the blockchain. A distributed blockchain book will prevent manipulation by players or hackers, providing a safe and secure gaming environment. Also, since the payouts are non-refundable, casinos do not have to worry about fraudulent refunds or other non-payment problems that can arise with fiat deposits.
How players can profit from blockchain casinos
Bitcoin and other cryptocurrencies are the backbone of the gambling site. Online gamblers are increasingly adopting cryptocurrencies because it gives them more freedom to gamble whenever they want. If you’re still on the lookout for whether to play in blockchain casinos or blockchain poker rooms, here are a few ways that betting with Bitcoin can benefit you.
Fast transfer – Bitcoin and altcoin transactions are much faster than fiat transactions. Generally, you will only have to wait a few minutes instead of hours or days for transactions to complete. Also, due to reduced overhead costs, transfers do not include casino fees.
Lower house edge – Blockchain bookmakers have the lower edge of the house from standard fiat sites. Many games have an effective home advantage of less than 1 percent. Considering that fiat casino games have an advantage of 1.5 to as much as 30 percent, in blockchain casinos you will lose much less.
Secure transfers – Fiat casinos cannot guarantee that your payment details are secure. Even the best encryption can be broken, and hackers can find ways to take advantage of Wi-Fi connections. When depositing money from bank accounts or cashing in using cryptocurrency, use an unobtrusive system. All data is transferred between wallets via blockchain. As long as you protect your private keys, your payment information will never be hacked. If you haven’t already, buying bitcoin is just as easy as using a credit card to buy something online. See our cryptocurrency buying guide to learn more.
Anonymity – In standard casinos, players must go through a verification process and be subject to various regulations. With Blockchain casinos, players do not need to identify. All games are made via the player’s Bitcoin or altcoin address. Registration and identification are not required, which allows the player to gamble anonymously.
Why gamble with bitcoins
What to look for in Blockchain casinos
The number of gambling sites using blockchain technology is constantly increasing, so it is difficult to determine which gambling platforms based on blockchain are the best. When looking for the best crypto online casinos and online poker rooms, there are a few things you need to pay attention to:
Software – The best blockchain gambling sites are those that offer software from leading software companies in the gambling industry. Softswiss, Microgaming, NetEnt and Playtech are just a few providers now offering crypto gambling games and equal betting. Quality websites will provide quality software. You should be able to gamble on both small and high stakes. You would have to play for only 100 satoshi or as high as you can afford.
Proven Fair Play – The best online casinos and gambling sites will offer Provibly Fair crypto gaming. A provably fair algorithm allows players to see every bet placed on a match to ensure fairness. This is the ultimate transparency and something you don’t get with fiat gambling sites.
Variety – When choosing a gambling site, you want a page that has a wide range of games. Depending on your chosen gambling market, your options will vary. For online casinos you want a combination of slot machines, board games, card games and more. For online poker, you want a combination of cash games and poker tournaments. Websites that include both Texas Hold’em and mixed game poker are superior to strictly Hold’em stores. As for the blockchain betting platform, you want to look for which operator is most trusted, offers the best odds and provides the most sports betting opportunities when it comes to matches and leagues.
Support – If you have a question or problem, you don’t want to wait hours or days for help. The best gambling websites will provide live chat support, phone support, or both through desktop or gambling apps. Email support should be an alternative, not the norm.