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onlinecasinoselite.org  › Blog  › Essential Facts About Blockchain Casinos

Essential Facts About Blockchain Casinos

Published on October 3, 2020, 12:50 pm

by Jeff Grant Twitter account Jeff Grant LinkedIn account



Blockchain Casinos: Online Casino With Blockchain Technology

Is there a difference between the crypto casinos and blockchain casinos? If the answer to this question is yes, how then do you discover the difference between a blockchain casino and a Bitcoin casino?

This is one of the confusions faced by the new age gamblers including those who are looking for top sites to compare the best casino sites where they can play poker, slots, bingo, and other casino games.

Now, the major problem between the two may be the fact that not all the Bitcoin or crypto casinos make use of the blockchain technology. The blockchain based casinos are designed with the option to accept crypto transactions, but they also have the capacity to accept other forms of transactions. This post will let you in on the major differences between Bitcoin casinos and blockchain casinos.

Introduction

It was in 1995 that online casinos came into being. But they gained prominence and wide recognition in the mid-2000s. They only became popular in the last 10 years. One of the things that may have helped the popularity of the online casinos may be the acceptance of cryptocurrency payments.

The Rise of Crypto Casinos

The crypto casinos accept payments with crypto currencies like Litecoin, Ethereum, and Bitcoin. However, in the case of Bitcoin casinos, they accept Bitcoin as the only cryptocurrency for payments. However, hybrid online casinos also exist, and they accept payments with both crypto currencies and the fiat money or currency at the same time.

While crypto currencies are just a branch of the blockchain technology, the online casino industry witnessed a positive revolution when the blockchain technology was incorporated into its management, maintenance, and execution.

Real Blockchain Casinos

The blockchain technology is not quarantined to crypto currencies alone. The complexity of the blockchain casinos is higher than that of the crypto or Bitcoin casinos, and it covers more grounds than both of them. The blockchain technology consists of a series of smart contracts, encrypted transactions, and immutable deals. The blockchain casinos also deliver perfect transparency to players.

Crypto Casino vs. Blockchain Casino

The crypto casinos may not employ the blockchain technology. In fact, one of the major areas of the crypto casinos is that casino transactions or payments with crypto currencies are acceptable. But in the case of Bitcoin casinos, Bitcoin transactions are favored, while the hybrid casinos favor a combination of both the fiat money and crypto currencies.

When properly checked, players will gain a lot from Bitcoin casinos. They come in areas of the faster payouts occasioned by the smart contracts and the increased level of transparency, pointing to the fact that the casino industry is being positively changed by the blockchain technology forever.

Why the Popularity of Blockchain Casinos Is Growing

The blockchain technology enjoys the benefit of the automated security, which is decentralized. Because the network is decentralized, there is no avenue for people to manipulate or hamper the system. Take this to the casinos that use the blockchain technology and you will enjoy a huge security benefit for the players and the casinos as well.

This starts from more secured player information, to secured withdrawal and deposits, with the highest level of encryption. Complete player anonymity is also guaranteed with blockchain technology.

Also..
When you check the cost of running a blockchain casino and that of the conventional casinos, you will find out that blockchain casinos are less costly, and this is because of the decentralized platform. This gives players the chance to enjoy reduced house edge and games that are decentralized too.

How the Casino Industry Is Being Changed By Blockchain

Blockchain is a public ledger where permanent and verified records are stored, and these records can never be overwritten, manipulated, or tampered with. This makes transactions with blockchain 100% transparent, thereby enhancing trust. Meanwhile, the provably fair games in the blockchain system allows for the random number generators to be encoded in the blockchain network. This makes every game offered in the network to be provably fair.

The smart contracts that are based on the ethereum blockchain give room for faster payouts and instant play games. In fact, blockchain casinos have become more popular than conventional online casinos and Bitcoin only casinos because of the smart contracts.

The casino industry is being revolutionized by the blockchain technology alone. Though more security and safety would be enjoyed by players playing in casinos with the decentralized blockchain technology, they also enjoy automated and faster payouts.

Conclusion

The blockchain technology is tamper proof and immutable, and therefore, this decentralized network is expected to be the future of not just online gaming, but the entire casino landscape. Blockchain systems will therefore be incorporated in transactions, games, recording of casino operations, monitoring, and auditing systems in real blockchain casinos.




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