Blockchain casinos vs Traditional online casinos
Blockchain technology is embracing most industries, or most industries are seeing advantages in the blockchain and are adopting it in order to prepare for a brighter future.
Consumers are also adopting it rapidly, so the question has to be asked: what advantages brings the blockchain over the existing technologies and why is the adoption happening so fast?
The advantages are many, namely in terms of privacy, as we are asked far less information to register at a blockchain casino, but also in terms of security, fees and speed of transactions.
Many traditional online casinos now accept Bitcoin or another form of Crypto, but true blockchain casinos are what we are referring to in this article. True blockchain casinos are ran off Smart Contracts allowing them to be 100% provably fair. This means that all bets are recorded on the blockchain, and the code is open sourced for anyone to verify that the casino is operating in a fair and trusted manner.
When gambling with a blockchain casino, your funds never really leave your wallet. Each bet you make creates a contract with the other party (casino) and if you win your funds are moved directly to your wallet address, if you lose your funds are removed from your wallet address. Since your funds never truly leave your possession at any time before the bet is placed, your winnings are instantly accessible to you at all times. No more waiting for an online casino to approve or issue a payout.
Online gambling industry – Transparency
One of the industries embracing the blockchain is the casino industry or online gambling industry. There are already a few blockchain casinos emerging and more are yet to come, and the reasons for it are the obvious advantages for both casino owners and users.
Transparency might be reason number one why blockchain casinos are better than the existing model: several traditional casinos don’t reveal, or hide, all the information to their players, namely in terms of winnings.
The hidden information is not only in terms of winnings, but also other tricks that give them an hidden advantage over the gamblers, namely that the house has better odds, so the most natural outcome when playing is losing.
A new way to do business is not taking advantage of the users ignorance for profit, but instead to eliminate those tricks and, at the same time, give the house a better edge to win. Transparency means the offer of a fair platform where the odds are clear and the house has 0% edge on the casino games.
This ensures trust between the parts, eliminates scams and it’s only possible because blockchain casinos make their earnings from the coins purchased and spent at the platform, not hiding information, with edges or better odds.
Are you amazed yet? Technology has come a long way, and the games look and act just as they would at a traditional online casino.
So far we have; Instant Payments. Full Transparency. Did I forget; Higher Winnings. If your odds seem to be better when betting at a blockchain casino, thats because they are. There are much lower overhead fees and no greedy company taking the majority of the profits. Running on a smart contract means its based on 100% provably fair pre written code.
Safety and costs
Transparency goes hand in hand with safety, and in traditional casinos the gamblers have to hand out a lot of personal information, including banking details from debit or credit cards, to platforms that might not be 100% safe.
Not only this is unsafe, but it’s time consuming and annoying to have to fill out all those registration form fields before betting can start. Blockchain casinos have eliminated the need for this information, so the personal information continues to be personal and private.
To play it’s only necessary to have an email and a deposit address, and game on, there’s not even need to login to play. As for costs, it is well known that deposits and transactions cost a significant amount of money, to which taxes add up, making online gambling an expensive hobby. Blockchain casinos reduce these costs, as transactions do not depend on third parties payment services, making them cheaper.
The use of cryptocurrencies by blockchain casinos makes them more versatile, as they are easily accessible from anywhere in the world, being an extra advantage, especially for the regions where gambling is forbidden.
- “Blockchain - brining transparency and trust back to gambling”