The main differences between Bitcoin casinos
Currently, there are many types of online casinos. They differ in the principles of withdrawal of funds, games, bets and much more. And today no one can be surprised by such projects. But we need to understand why Bitcoin casinos are singled out as a separate type.
So, we need to list the main innovations that are associated with this type of gambling project. However, you need to take into account that these innovations are not used in all online casinos. Here is the list of differences between this type of platform:
- Cryptocurrencies are used as a means of payment. In particular, Bitcoin. Therefore, each player is required to create a Bitcoin wallet and be able to use it.
- Anonymous games and bets are possible. Blockchain systems promote anonymity. It is impossible to track the translations made here. Cancellation of transactions is also not possible. This allows you to place bets without revealing any information about the players.
- Provable integrity. Any player can mathematically prove that the results were not tampered with and that no one was able to influence the game. This algorithm first appeared in SatochiDICE, one of the first (if not the first) Bitcoin casinos. It was originally used for playing dice, but then began to be used in other variants.
- Low advantage compared to traditional gambling platforms. Of course, this does not apply to all projects. But in general, Bitcoin casinos have a smaller advantage over players compared to classic options.
- Crowdfunding. Some Bitcoin casinos use the principle of crowdfunding. Users invest in the project, which benefits both parties. Investors receive additional profits, and the casino can afford to place higher bets due to additional funding.
- Protection from fraud and hacking. Of course, a Bitcoin wallet can also be hacked if desired. But the protection here is an order of magnitude better than in the case of classic platforms.
It should be noted: today Bitcoin casino is the general name for all projects that accept cryptocurrency. They usually work with all major altcoins. At the same time, it is additionally possible to enter and withdraw fiat currencies. Although the latter option is not available in all projects.
