Provable fair crypto casinos: What’s behind it?
They are causing a furore and have experienced a real boom, so that more and more players come to gamble online. We are talking about crypto casinos, which are a real alternative to conventional casinos. The numerous Bitcoin Sites on Casino.Guide show that the market is worthwhile, but how can a reputable crypto casino be recognized? And what does the phrase "provable fair" mean?"
The special feature of crypto casinos.
They offer slots, roulette and table games galore, yet they don't have to comply with regulations, nor do players have to fully disclose their identity here. How can it be that casinos with cryptocurrencies are not subject to any government regulations, while the classic online casino is facing more and more difficulties? The secret lies in the currency. Since Bitcoin and Co. are not considered official currency, Bitcoin casinos are perceived as play money casinos.
However, using Bitcoin is anything but play money for the owner, because cryptocurrencies are worth cash. That is what makes these casinos so special. It is allowed to gamble, with real stakes, but the regulations of the state do not apply. And not only since the tough changes, crypto casinos are gaining rapidly.
Safe and unsafe crypto casinos
Bitcoin casinos are a dime a dozen, but not all of them are really suitable. Since registration is mostly anonymous and transactions take place directly via blockchain, the casino can take advantage of the player and rip him off. This is exactly what must be prevented. After all, the more black sheep there are among crypto casinos, the more their reputation suffers. In fact, however, only a fraction of all Bitcoin casinos are really shady, and most of them offer their players a safe place where they can pursue their hobby.
Games built on the blockchain are considered safe and fraud-resistant. However, in order to understand the system behind it, it is important to first internalize how the blockchain works. The following video explains very quickly and clearly what makes the Blockchain secure:
"Provable fair" - what is that?
Many crypto casinos are declared as provably fair. But what is behind this statement and what guarantee does it offer the player? If a casino is labelled as provably fair, the operator cannot cheat. Fairness and transparency are the most important components of the blockchain, which is the basis for all transactions. The blockchain cannot be fooled and as long as there is no human interaction with it, but full transparency is ensured, the result is a provable fair game!
Put simply, this means that a provably fair casino relies solely on the blockchain for gambling. Transactions such as deposits and withdrawals, but also games themselves are executed without human access by the operator. Manipulation of the blockchain is not possible; every transaction can be observed anonymously here.
These four facts illustrate how provable fair works:
● Technologies preclude the casino from intervening in the game. The hashing proof can be viewed by the player after each game round.
● Games run on a cryptographic algorithm that cannot be decoded.
● Players can check the randomness of a game round immediately after the round.
● It is not only crypto casinos that can use the provable fair technology.
How can you tell if the game is really provably fair?
Anyone can make a claim, but only if it can be proven is it really true. Crypto casinos that declare themselves to be provably fair can usually also prove this claim. For example, it is possible to publish the source code of the blockchain as a sign of transparency. Thus, the player can view all anonymized transactions and directly see that no manipulation has taken place. Games that are actually based on the blockchain are considered fair anyway, because they cannot be manipulated.
Anyone looking for a provably fair casino should always refer to the white paper and research how transparent the game really is.
How hashing and fair gambling works in practice
The following example uses a virtual card game to show how provably fair gambling really works. The casino first shuffles the hand of cards. Without fair technology, the player would now receive his cards. However, by using the technology, a server seed is now generated and the hash value is created. Before the game starts, the player receives the hash value so that he has full transparency over the game. The player himself now also creates a seed through which the cards are given to the bank. The casino has no influence on this.
Now the hand is dealt and the server seed of the casino is transferred to the player. Now the player can check that the hash value matches and that he has actually received the previously generated hand of cards. Also, it can be verified that the cards for the bank were generated with the seed created by the player. If both results match, it is a provably fair game.
Why is provably fair so important?
Most standard casinos do not use special technologies, but publish a payout percentage and their game rules. The difference with the classic casino, however, is that a licence is required to operate here. This licence gives the player security because the casino is under regulatory control. However, crypto casinos do not need and do not get this licence, so they can theoretically cheat the player. The player has no recourse against the operators, as they do not have to disclose their identity. Officially in most countries, Bitcoins are not considered a real currency, so it looks bad for the cheated player in case of fraud. But many countries are starting to accept Bitcoins as a real currency, like in El Salvador.
So why should an interested party choose a crypto casino if it cannot offer any security? There is no good reason for this and that is why the provably fair technology in the crypto casino is indispensable. It provides the security that cannot be offered otherwise due to the lack of licensing.
If you are a gambler who relies on a crypto casino, you should use the provably fair technology as a basis for your participation. Casinos that avoid this technology are anything but recommendable and highly unlikely to be reputable. After all, in the age of massive competition from newly opened crypto casinos, it is almost imperative that a reputable casino uses verifiably fair. After all, this is about customer loyalty and creating trust in a competitive industry. Trust, which ultimately serves to acquire new customers.
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