Bitcoin Gambling: Fair Enough?
Bitcoin gamblers are wondering whether online casinos play a fair game… but how to prove it?
Just to set matters straight, I’ll have you know that according to Google’s currency converter, one Bitcoin equals USD 273. So, it becomes clear that when you gamble with Bitcoins, quite a nice amount of money is at stake. Bitcoin is gaining popularity due to its transparency. It provides a safer way to move money around, or to gamble with and simplifies transactions. In other words, it revolutionized the whole online gambling payment system.
As Roger Ver, a Bitcoin angel investor put it during one of his speeches: “Bitcoin is the payment system the gaming industry has been waiting for. With bitcoin they can accept payments from anyone, anywhere in the world, basically for free, and with no risk of fraud. No other payment system on earth even comes close, so they should all be scrambling to implement it.” It is obvious that everyone is very in love with the concept of the virtual casino chip. But, all this enthusiasm put aside, we have to look at the facts and the underlying question: how can online casino fairness be proven with Bitcoin’s newfound presence in the industry?
Online casinos started to use Bitcoin to win the crowds
According to the Coin Telegraph, there is a common (mis)conception that the “house always wins.” Due to this idea that we can never come out on top, people are pessimistic when it comes to gambling. And even more pessimistic when online gambling companies are involved, because with everything online, it is even harder to see through the mechanism behind such entities. Bitcoin, however, seems to have won the majority of Internet surfers and gamers, because of its transparency and ability to be converted into virtually any currency.
So, casinos use Bitcoin to convince a larger crowd to play with online gambling sites. Fair enough. The question remains: how can it be proved that not only Bitcoin, but the casinos play fair, too? As Coin Telegraph puts it, “provably fair” gambling is where “the bettor notionally has complete power to verify that the game being played is not subject to odds different to those which they were made aware of beforehand, is a key aspect of many cryptocurrency-based online games.” The problem is that since there are many providers on the market, it is near-impossiblefor every single casino to provide honest information on their result-verification policies.
Sometimes, casinos don’t have enough information
Since Bitcoin is a bit different compared to classic gambling payments, a huge problem of casinos is that operators often have no idea about how cryptocurrency-based transactions work. As James Dollahan, Marketing and Sales Consultant of Filipino consultants clarified to Coin Telegraph, “What is always a ‘red flag’ is the display of a serious lack of knowledge of crypto currencies and the systems of guaranteed ‘provably fair’ outcomes by these companies.”
Also, if an online casino operator is not able to “clearly or accurately explain what provable fair actually is and which algorithms are used by their programmers to ensure it works and exists,” is also a major warning signal for users to steer clear of the platform. As James Hampleton, Cofounder of Nitrogen Sports told Coin Telegraph, the solution to all the underlying problems regarding this issue is embedded in the education of operators. Once they know everything there is to know about Bitcoin, they will be able to successfully transmit the knowledge and win the trust of those who are skeptic.