Learn more about gambling with BTC
When people hear the words blockchain gambling, they automatically assume you mean gambling with Bitcoin. That’s not the case. Blockchain is a digital ledger that collects and distributes information in a permanent format. While Bitcoin was the first time that blockchain technology practically implemented, it is separate.
Blockchain has many real-world applications, and one industry that has benefited from blockchain is online gambling and betting. Let’s take a look at how blockchain is changing online gambling. We will also look at the ways you can benefit by using Bitcoin to gamble online. Also, we will give you some tips on what to look for in blockchain casinos.
How Blockchain Betting is Changing How People Wager Online
Blockchain technology is perfect for online gambling and almost any industry that relies on person-to-person transactions. Blockchain gambling is changing how online casinos conduct business. Here are some of the benefits of blockchain gambling sites.
Greater Transparency – Blockchain casinos use a series of smart contracts that will verify every bet placed at the casino. Players can view these records openly to verify that gaming is being conducted fairly. The casinos cannot change the records or alter the blockchain, thus increasing player trust in the gambling site.
Reduced Costs – All functions on the blockchain are automated. This eliminated many of the services that casinos usually pay fees for, such as payment processing and currency conversion. Automated features also allow the casino to operate on a smaller staff, further reducing operating expenses.
Cash Free 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 Bitcoin and other forms of cryptocurrency, effectively eliminated the issues experienced with fiat payments.
Fraud Prevention – A major problem in the online gambling industry is player fraud. Blockchain will eliminate all fraud involving payments or any processes run through the blockchain. The distributed ledger of the blockchain will prevent player or hacker manipulation, providing a safe and secure gaming environment. Also, since payments are irreversible, casinos don’t have to worry about fraudulent chargebacks or other non-payment issues that can arise with fiat deposits.
How Players Can Benefit From Blockchain Casinos
Bitcoin and other cryptocurrencies are the backbones of blockchain gambling sites. Online gamblers are increasingly adopting cryptocurrency as it gives them greater freedom to gamble whenever they want. If you are still on the fence about whether to play at blockchain casinos or blockchain poker rooms, here are some ways betting with Bitcoin can benefit you.
Fast Transfer – Bitcoin and altcoin transactions are much quicker than fiat transactions. Generally, you will only have to wait minutes instead of hours or days for transactions to complete. Also, due to reduced overhead costs, transfers do not incur casino fees.
Lower House Edge – Blockchain betting sites have a lower house edge than standard fiat sites. Many games have an effective house edge of under 1 percent. Considering that fiat casino games have a house edge than ranges from 1.5 percent up to as much as 30 percent, you will lose a lot less at blockchain casinos.
Secure Transfers – Fiat casinos cannot guarantee that your payment information is secure. Even the best encryption can be cracked, and hackers can find ways to exploit Wi-Fi connections. When you deposit money from bank accounts or cash out using cryptocurrency, you are using an unhackable system. All data is transmitted between wallets through the blockchain. As long as you keep your private keys secure, your payment information will never be hacked. If you haven’t already, buying bitcoin is as easy as using your credit card to buy something online. Check out our cryptocurrency buying guide to learn more.
Anonymity – With standard casinos, players must go through verification procedures and are subject to various regulations. With Blockchain casinos, players do not need to identify themselves. All gaming is done through a player’s Bitcoin or altcoin address. Registration and identification are not necessary, allowing the player to gamble anonymously.
What to Look for in Blockchain Gambling Sites
The number of gambling sites using blockchain technology is steadily increasing, thus making it tough to determine which blockchain based gambling platforms are best. When looking best crypto online casinos and online poker rooms, there are several things you need to pay attention to:
Software – The best blockchain gambling sites are those that offer software from the top software companies in the gambling industry. Softswiss, Microgaming, NetEnt, and Playtech are just a few providers that now offer crypto gambling games and peer to peer betting. Quality sites will provide quality software. You should be able to gamble at both low and high stakes. You should be able to play for as little as 100 satoshis or as high as you can afford.
Provably Fair Games – The best online casinos and gambling sites will offer Provably Fair crypto gaming. The Provably Fair algorithm allows players to view every bet placed on a game to ensure fairness. This is the ultimate in transparency and something you don’t get with fiat gambling sites.
Variety – When picking a gambling site, you want a site that has a wide range of games. Depending on which gambling market you choose to use, your options will vary. For online casinos, you want a mix of online slots, table games, card games, and more. For online poker, you want a mix of cash games and poker tournaments. Sites that include both Texas Hold’em and mixed game poker are superior over strictly Hold’em shops. As far as a blockchain betting platform, you want to look for which operator is the most trusted, offers the best odds, and provides the most sports betting options as far as matches and leagues.
Support – If you have a question or problem, you don’t want to wait hours or days for help. The top gambling sites will feature live chat support, phone support, or both via desktop or gambling apps. Email support should be an alternative option rather than the norm.