Bitcoin Gambling & Provably Fair Games

Bitcoin Gambling & Provably Fair Games May 7, 2021 May 7, 2021 Paul Butcher
Posted on May 7, 2021 : Updated on May 7, 2021 by Paul Butcher

Bitcoin Gambling & Provably Fair GamesIn the past few years, Bitcoin (BTC) has slowly made a big mark on the online gambling sector. Being a decentralized crypto developed in 2009, Bitcoin can be mined, exchanged or spent to buy and sell goods and services. As the numero uno cryptocurrency in terms of market capitalization is not regulated, there is no monitoring organization to validate and guarantee that an online casino is scam free. The only method to build trust between gamers and a casino platform is to offer provably fair Bitcoin games.

Before studying further about the working methodology of a provable platform offering Bitcoin based games, there is need to understand what the terminology provably fair actually means. Provably Fair indicates that the platform has employed an algorithm that can be studied to affirm the transparency and genuineness of the casino’s operators. The system has been popularly utilized in online casinos, giveaway programs and even online raffle. The technology guarantees impartiality to every bet placed on the platform. Furthermore, it prevents rigging of games and looting players of their crypto or cash holdings.

Provably Fair’s set up ensures that all processes are transparent and avoids the need for auditing by a third-party. The outcome of a bet is pre-set mathematically. Therefore, the platform becomes trustworthy. Nevertheless, it is prone to hacking attempts particularly when there are loopholes in the software, which will be open-source version usually. Legal multi-currency online casinos such as Oshi casino offers a provably fair platform that supports both cash and Bitcoin based games. This guarantees customer trust in every transaction. In general, the Provably Fair System consists of three key aspects:

The online casino accepting Bitcoin as payment will have control over the Server Seed, which is generated by displaying the public hash of the seed, a group of characters that can be publicly displayed without revealing the private key. For every newly generated event, there will be consistency in the Server Seed. On the contrary, the user seed is the one that players utilize, control or even make changes during the bet. Finally, nonce is the phrase that shows what bet figure is coming up in a total series of bets.

The User Seed and Server Seed for every bet is put together to establish 1 Nonce in a Provable Fair platform. This happens until the Server Seed and User Seed undergoes a change. When a User Seed is chosen by a gambler, it displays the combination to be fair as the online casino platform will have no idea about the User Seed that will be picked.

Another rationale to believe the Provably Fair platform is that when a fresh Server Seed is generated, the private key of the earlier one is unveiled. The private key will display the bets in the Nonce within the betting sequence. The private keys are unveiled by the casino platform only when a Server Seed and User Seed combination happens again.

A section of players are happy with the prevailing Seed Pair (combo of User and Server seed) while a few of them would like to modify it often. Games such as roulette or dice, which have single outcomes, utilize an easy provably fair procedure as the game is based on easy rules. Do note that provably fair is difficult to enforce in additional complex gambling games such as poker.

Unfortunately, there are online casinos which rig the provably fair process. So, a gamer should do adequate background check before signing up with an online casino.

The foremost factor that needs to be verified is the top rated safety features such as multiple keyholders which enables a user to have control over wallet. Also, it is better to play in sites that provide complete details of a bet (username, time stamps and bet details). Another method of knowing transparency is to check for a casino that publishes game source codes for verification. Before becoming a member of a gaming platform, it is better to have a detailed look at the additional features such as the facility of hotkeys for quick implementation of certain actions.

With respect to cryptos, Provably Fair is a path breaking technology in online gaming. Unfortunately, there is no rule that an online casino should implement the technology. Utilizing unregulated Bitcoin can be an easy method to participate in gambling, but is considered risky. So, gamers need to choose an online platform that commands credibility.