Beginners may have some initial questions about the practice of using a Bitcoin casino. However, slowly but steadily, Bitcoin casinos, online and even in some brick and mortar locations, are becoming the norm.
As various kinds of gambling are decriminalised, it's also becoming easier to transfer Bitcoin assets and use them on various digital platforms.
Many of these new initiatives take advantage of the natural benefits of Bitcoin – its open ledger system, its privacy, and its safe and secure transaction environment.
Bitcoin and Verified Transactions
One of the most fundamental things to know about using Bitcoin in a casino or elsewhere is that it provides uniquely verified transactions for transparency.
Experts refer to this as a consensus-based verification model. In other words, all of the ownership information and blockchain history is available to everyone publicly, in order to verify that a certain person owns or holds a particular piece of the Bitcoin blockchain.
From the time that these blocks are mined until they enter the marketplace as digital assets, that whole chain of custody is well defined and clear to all parties.
The Power of Provably Fair Gaming
Yes, but how do players know that the sites are operating fairly?
Some of the best Bitcoin and crypto casinos now use something called provably fair gaming. PFG shows there is no bias in how virtual results are generated, whether it's a digital slot machine, video poker, or the world of virtual sports, where computer simulations are gambled on instead of real live competitions.
In provably fair gaming models, the algorithm itself provides the transparent method of showing generation methodologies. That way, players can be confident that they have a fair shot at winning, and that the house isn’t stacking the cards against them.
Holding Digital Assets
Another thing that players should understand is that when they enter the platform and stake their cryptocurrency in a particular bet, they are entering a kind of custodial relationship with the platform. The best Bitcoin casinos will provide ample evidence of safety for held assets so that asset holders feel confident. Any time that someone is unsettled about their assets, they will want to maintain them in a cold wallet unconnected to the Internet for absolute security.
With that in mind, legitimate Bitcoin casinos will not shut down the platform with no notice, or hold the Bitcoin assets of players hostage. The best Bitcoin casinos have clear and transparent operational guidelines and wide arrays of opportunities for getting involved in leveraging your Bitcoin on a wager.
FortuneJack is one of the most established Bitcoin casinos with provably fair gaming infrastructure provided. There's a lot more to learn about how these established casinos operate, so browse the site and you’ll see some of the operational principles in play. Provably fair gaming has changed the landscape of online betting, and the players are coming around.