How to Know if a Bitcoin Casino is Trustworthy?
During the last half-decade Bitcoin casinos have gradually revolutionised the iGaming industry. The first major break arrived with the introduction of online gambling nearly a decade ago. After the invention of Bitcoin in 2009, both the industries paired up for a mutual benefit and the results have been phenomenal.
While a significant portion of all BTC transactions today occur in the online gambling niche, a growing number of veteran gamblers are slowly shifting their focus on BTC casinos as they offer unparalleled anonymity, security, and accessibility compared to traditional casino websites. Owing to the open-source ledger of cryptocurrencies, BTC casinos are known to be provably fair, luring a large portion of amateur gamblers away from online casinos.
The Perks of Peer-to-Peer Transactions
Using blockchain technology, Bitcoin transactions offer the highest level of security unheard of in traditional transactions. Crypto transactions don’t depend on third-party gateways for confirmation. Instead function via a peer-to-peer network where all transactions are deemed complete when successful transfers between two crypto accounts are confirmed.
All transaction details are entered into the blockchain by the miners, which eliminates the need for maintaining a central database. Crypto transactions can only be initiated using an encrypted key unique to every user, and transfers once made cannot be reversed. BTC transactions are free from third-party interference as there is no centralised authority regulating the asset.
Bitcoin casino is probably the best example of how efficient crypto transactions can be, as traditional casinos fall under the purview of regional and federal Governments, causing massive delays when transferring amounts to and from the casino account. With BTC casinos, transactions are truly instantaneous. Not to mention cheaper, as the process is devoid of third-party fees and taxes!
Provably Fair Bitcoin Casinos
Provable fairness is a groundbreaking metric that calculates the outcome of any gambling activity. The setup uses the blockchain network to guarantee provable fairness as there is no way to manipulate results. Casinos use SHA-2 algorithms to ensure provable fairness while allowing players to check the legitimacy of such calculations at will. Traditional casinos aren’t as transparent and players are at the complete mercy of the operators. Although that isn’t usually the case as reputed iGaming platforms are known for fair practices.
However, Bitcoin casinos are leagues ahead of their traditional counterparts as they are cheaper to run owing to the fewer overhead costs. Hence, some operators might offer up to 99% RTP, which is unlikely to ever happen at a traditional casino. With the evolution of technology, a large portion of the global population is gaining access to the internet. Thus, introducing amateurs to iGaming.
Competition within the industry is also fierce as new casinos continue popping-up. This makes searching for reputed operators challenging. This is where the community can come together. Online forums and review platforms offer a steady dose of healthy information and updates from the industry. Enthusiastic gamblers are advised to ask around before shortlisting a few casinos for signing-up.