Crypto

What is a crypto-casino?

Based on recent trends, we can see how the gambling industry is developing at lightning speed. More and more people are discovering casinos, in particular virtual institutions, as a pleasant way of affordable leisure. The most popular types of gambling entertainment are still betting on sports, poker, lottery draws and slots.

Crypto-casinos have introduced the option of opening deposit, withdrawal and playing with cryptocurrency as the only and so additional payment system. The main goal of gambling portals that use cryptocurrency is to offer their customers the opportunity to play their favorite casino games, while fully ensuring the anonymity of all their online activities.

Blockchain technology

Today, blockchain finds applications in a variety of fields: IT, legal, retail, voting system, medicine and education, and of course, gambling. The system works automatically, so that special programs, rather than people and computers, are responsible for managing interconnected devices.

Blockchain is a data registry on which a number of cryptocurrencies operate. Bitcoin is still considered to be the most popular cryptocurrency in the world, but in addition to it, there are about a thousand other types of digital money: Altcoin, Ethereum, Ripple, Litecoin, Dash, etc.

Cryptocurrency emblems

It is also worth noting that today there are already alternative technologies that use the same principles as blockchain. For example, the DAG system uses a method similar to blockchain, except that it does not contain blocks and miners. Due to the emergence of many alternative technologies to blockchain, new cryptocurrencies appeared on the market: ByteBall, DagCoin, IOTA, etc.

Blockchain in the gambling business

The operation of blockchain casinos is based on a smart contract. A smart contract is a digital protocol whose purpose is to transfer information and ensure that both parties fulfill the established terms of the contract.

In other words, it is a program that performs certain actions when specified conditions are met. Contracts ensure that players are paid if they win. How it works:

The participants’ obligations are provided in the form of “If, Then.”
Conditions must be stated clearly and concisely;
In case of winning the player receives a cash prize to the wallet automatically.
Due to the fact that payments (transfer of information and material value) are made directly, without banks or intermediaries, all transactions are as fast as possible and without any delays.

Advantages of Blockchain in Online Casino

A key feature of blockchain is decentralization. The advantage of a decentralized system is that all information is stored on multiple computers simultaneously and once data has been added to blocks, it can no longer be changed.

Blockchain Nodes

All the participating persons (nodes) in the blockchain are equal owners of the data and, accordingly, transactions are performed directly between them. Gambling sites connected to the blockchain have clear controls over all financial transactions, including records of all games and bets, their results and winnings, as well as deposits and withdrawals.

Players can always access transaction history to confirm that the system has paid out everything it was supposed to and that the outcome of the game has not been tampered with. Due to the fact that it is impossible to fake data, players can be sure that they will not be cheated.

Gaming sites can use blockchain in whole or in part. For example, some casinos conduct transactions using cryptocurrency, while others apply the technology only to game slots. In any case, it significantly affects the level of audience trust and the number of visits to the resource.

The main characteristics of blockchain technology include:

Immutability. Blocks, where information about all transactions in the network is entered, cannot be changed. The system allows anonymous recording of user actions and game results and no one can edit or delete the database.
Providing anonymous access to gaming resources. Blockchain-based institutions guarantee their customers that their personal information will not be shared with third parties.
Fast transaction execution. Blockchain casinos have faster transaction confirmation times.
Low fees. Users note the low deposit and withdrawal fees.
Such advantages make the work of the gaming resource as safe and protected from all types of extraneous interference as possible. Technology guarantees a high level of reliability, and ensures the transparency of the system thanks to an open database.

But when choosing any casino, whether crypto institutions or the usual online clubs, it is always worth reading reviews and player reviews. This information will help you choose only reliable and honest casinos, as well as give you some consistent tips to start playing.