Online Casino Blockchain
Posted : admin On 4/5/2022If you are a true fan of online gaming, then you must have already come across the term blockchain casinos. Ever wondered what they are? Our guide will let you know everything you need to know aboud these gaming sites. In today’s post, we are going to give you an in-depth outlook on what the best blockchain casinos are all about.
The popularity of online casinos and gambling has increased over the years. However, users are still exposed to fraud, dishonesty, and regulatory restrictions from other players and casino operators. Blockchain technology is transforming online casinos, making gambling far secure and better with increased transparency. The blockchain technology is tamper proof and immutable, and therefore, this decentralized network is expected to be the future of not just online gaming, but the entire casino landscape. Blockchain systems will therefore be incorporated in transactions, games, recording of casino operations, monitoring, and auditing systems in real blockchain.
Essentially, blockchain is a type of a ledger that is in digital form and is used to record cryptocurrency transactions sequentially and publicly. Consequently, a blockchain casino is a type of casino which implements blockchain technology for gambling to ensure maximum credibility and safety. Well, when it comes to the best blockchain casinos, what makes them special is a technology in the blockchain system called Ethereum. They are:
- Funfair
- Bitstarz
- Fortune Act
- Betcoin
- Bitsler
- Crypto games
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How Blockchain Casinos Work
In layman’s terms, blockchain technology is based upon the principle whereby there is a network of neutral entities called blocks. These blocks are interconnected therefore forming a network or a chain, hence the name blockchain. So, how it works? Let us use the analogy of a court example so that you can understand it much faster.
Imagine a jury, when a suspect is accused of a crime and a verdict is eagerly awaited by the court from the council of judges. Normally, the judges have to sit and discuss the evidence the prosecutor has against the suspect and therefore after discussion, they have to come to an agreement that is then when the verdict is passed. This explains why courts are the fairest places to pass justice. The blockchain is similar to this; think of those judges as blocks, because they are neutral entities.
The system is designed in a way that for any particular record to pass, all those blocks must have the correct value of it first. A record will only happen in this case, guaranteeing transparent transactions. This is how blockchain casino works. Blockchain casinos are completely decentralized and no intermediary is required to verify everything. Therefore, it proves to be a fair and stronger financial system.
Difference Between a Blockchain Casino and any Other Typical Casino
There are distinct differences between a blockchain casino and any other typical casino. The differences are as discussed in this section:
Typical casinos comprise a ‘middle-man’ entity in every transaction which verifies each and every transaction. This makes pretty expensive and often faulty because they are always involved in conflicting transactions. Blockchain casinos, on the other hand, operate on a totally different principle where virtually there is no intermediary to verify records but a network of many blocks that do the authentication.
Like any other cryptocurrency casino, blockchain utilizes digital currency during its operations. A Bitcoin-exclusive casino will only deal with Bitcoins, while blockchain casinos accept a number of virtual currencies. Money can be transferred to any bank in the currency of your choice, unlike any other casino.
Blockchain casinos are more anonymous especially in handling digital currency transactions. This makes it very difficult to trace the money. On the other hand, anonymity does not exist in typical casinos and there is a clear transactional footprint and therefore possible to trace.
Benefits of a Blockchain Casino Over Typical Casino
Wondering why you should switch to a blockchain casino? Here are some of the advantages they hold over regular online casinos: –
- Being decentralized in nature blockchain casino is not controlled by a sole user. It is controlled by a network and therefore impossible to alter original data. This is because authenticating transactions over a network guarantees that no single user has more stakes than the other in gambling. This provides a greater pliability against fraud and data manipulation over the network.
- Blockchain’s permitted clarity can also lengthen the division and distribution of the prize money. This could be important in betting where every betting activity is carried on the individual to individual basis. That way, the possibility to have an intermediary to access any gamblers money can be eliminated.
- Establishments like funfair appear to offer the capability for random number generation in a completely decentralized and authenticatable way. Additionally, where random number generation is not fully distributed, blockchain technology can allow gamblers to review the random number generation process for proof of fairness
- Blockchain casinos are completely cheap compared to any other casino because they don’t need an intermediary for verification.
- They are virtually impossible to hack because the records are completely scattered over the network over millions of blocks using complex mathematical formulae.
Conclusion
As you can see, blockchain casinos are the answer to numerous questions in the online gaming industry. For instance, fairness is guaranteed and the system is totally “hacker –proof” because of its decentralized nature. Why don’t you sign up at any of the recommended blockchain casinos to enjoy the security speed and efficiency today?
For such a big industry, it’s pretty sad that the number of challenges it faces is humongous. Most questionable is the way Casinos generate their revenue. Additionally, it is a proven fact that Casinos generate revenue from losing players. And that is where the Casino credibility is being repeatedly debriefed by the players. They believe online gambling is unfair.
To understand the market sentiments, Online United States Casinos conducted a player survey conducted. It established some very important factors that determine the eminence of Online casinos.
Source: OnlineUnitedStatesCasinos.com
According to the survey reliable and quick cashouts plays a pivotal role in establishing trust. The Online Casino players strongly believe that the casino with quick payouts offers a fair play and is more transparent.
Hurdles Identified
But that is not the only hurdle in establishing an Online Casino. Almost every jurisdiction seems to have its own set of regulations around Online Casinos. And this limits a digital Casino from having a global reach. In fact, the players also face challenges in making deposits for betting amounts. This is because their banks consider gambling to be an illegal activity. Many credit card companies blocked user’s cards as they attempted to place a bet using a credit card.
In spite of so many roadblocks, Online Casinos will grow faster than ever. And that is because decentralized technologies like blockchain are penetrating the sphere. The introduction of blockchain technology can help build trust between the houses and the players.
We don’t expect blockchain to do some magic and turn luck in the player’s favor. But with blockchain, we can envision the existence of a trustless Online Casino ecosystem.
What can blockchain do for Online Casinos?
Blockchain directly promises to address the existing gaps in the industry. Some of the gaps that need attention are:
- First and Foremost is the trust factor
- Profit Margins for both house and players are getting squeezed
- The industry is yet to entice the millennials
Many blockchain projects are mushrooming to address the gaps. But it seems they are all working in silos. And this could lead to more chaos. Both the players and Online Casino owners will struggle with the learning curve. Innovative projects like FunFair are approaching the challenges with a more progressive approach. The iGaming veterans Jeremy Longley and Oliver Hopton built the project. It’s a White Label Casino and blockchain technology backs it.
Such a platform makes it easy for Casino operators to make use of blockchain. With FunFair, the operators directly get a feature-packed platform:
Trustless gaming
As each game is provably fair, it restores the trust of players in fair gaming. All the moves stand recorded on a distributed LEDGER that cannot be tampered, a fair play by houses is ensured.
Lower risks
Players are not required to give casino operators the custody of their assets. This lowers the risks for both parties. And all wins and losses will execute in real-time over the blockchain.
Decentralization advantages
As all the transactions are decentralized in nature, there is no single point of failure. Thus in case a player wins big, no authority can block or withhold his payments.
Real-Time payments
Utilizing blockchain makes it easy to run an entire Casino ecosystem in a transparent manner. With FunFair protocol, the payments will happen in real-time. The same goes for the on-chain affiliates and game developers, who receive payments in real-time. This is because payment processing happens on smart-contracts. Affiliates enjoy the additional advantage of getting paid instantly for every win or lose their player books.
Online Casino Cryptocurrency
Profit Margin optimization
With Lite tech FunFair gets rid of multiple payment processors in the chain like the banks or forex exchanges. As the payment directly reaches the players and casinos operators, the profit margins don’t have to unhand multiple handling charges.
Online Casino Blockchain Account
Anonymity and Uniformity
With blockchain in place, the players can choose to stay anonymous. Thus decentralization ensures everyone has universal access at the same costs to players across the globe. For punters and gamblers, anonymity plays a major role.
Global access
There is no easy way for the gamblers to move big sums of money in the traditional financial setup. As more crypto exchanges associate with the FunFair platform, the players and houses will have more options to place and cash out bets.
The major benefits to casinos:
- Gambling platforms attract hackers. Use of blockchain ensures impenetrable security
- Cross-border transactions without paying hefty handling fees
- Players are in complete control of their assets all the time reducing the liability of casino operators.
Summing It Up:
Blockchain promises to bridge a critical gap in the existing ecosystems. With trademarked platforms like FunFair, the online casino operators can easily make use of state of the art technology and that too at very low costs. As blockchain helps earn more trust of the players, the growth of online casinos is bound to propel.