Infusion Of Blockchain Technology In Online Casinos

Infusion Of Blockchain Technology In Online CasinosThe 21st century paved the way towards technological innovation, development, and advancement. Of its products is the blockchain technology, which was first conceptualized by Bitcoin and its anonymous creator, Satoshi Nakamoto. This new invention was undeniably ahead of its time since it’s a public digital ledger that records financial transactions or any transactions with value. Now, it has created several new digital currencies or cryptocurrencies designed for online transactions.

The blockchain technology and the currencies it created are decentralized, the government or any other financial institutions don’t have a control over them. It is definitely a single web infrastructure of data that represents all financial ledger entries or transaction of records done by cryptocurrencies–as time goes by, it becomes a continuously growing list of linked and secure blocks. Each block has the cryptographic hash of the previous transactions, the timestamp, and the transaction address; any modifications are restricted that’s why safe peer-to-peer transactions are possible wherever or whenever the users are.

BLOCKCHAIN IN ONLINE CASINOS

Blockchain casinos are widely distributed on the internet if one knows where to look. These are the most preferred and recommended casinos by gamblers because they possess solid transparency, fairness, and credibility. And the main advantage a player has if he or she plays in a blockchain casino is the chance to win big in the long run. For gamblers playing at a regular casino, it is not common knowledge that when they play, they will always encounter a major mathematical disadvantage. All casino games are “games of luck” and cannot give players a constant result; hence, it is not advisable to use a fixed system or strategy for playing. There’s also the built-in advantage or “house edge”, the player’s enemy. It is the casino’s average profit from the player’s bet, collected via percentage. If one will be a seasoned player, he or she will more likely lose a large amount of money in the long run. Yes, one or two shots in a casino lobby can give you big jackpots and cashouts. But sooner or later, the house will take back what belongs to them in the first place. The bottom line is: unlike the traditional land-based casinos or online fiat casinos, blockchain casinos can expose all data such as gaming results, winnings, and cashouts to the public so that they will know when to bet money and when to beat the house edge.

Joan - Team BCF