Original Article: Breaking Cryptocurrency News
Thankfully for all of us who enjoy letting our hair down a little when the wife is not paying attention, there is finally a trusted site that ranks and reviews the Best Bitcoin Casinos & Sportsbooks. Now we bet with assurance that we know the odds and where we can play if we’re located in the United States. Better yet, if we actually win money we can have the assurance that we can actually withdraw our winnings safely and fast.
Top Online Bitcoin Casinos is a third party that ranks the online Casinos that allow players to bet using cryptocurrency and cash out in cryptocurrency or fiat (cash). We test the so called “Top Online Casinos” for transparency, odds to win, gameplay, player bonuses & withdrawal speeds.
With blockchain and digital ledgers we also can make sure the Casino’s aren’t robbing us blind like in the past. Cryptography and the blockchain enable us as players to check and see if the games are Provably Fair and also verify their claims on the blockchain.
Criteria That Weighed Heavily In Their Rankings
- Provably Fair
- Anonymity & Ability to Play Without Registering Name, Address, Etc.
- Bonus & Prize Giveaways
- Content, Selection & Graphics
- Availability to US Residents
- Ease of Gameplay/Games Loading Without Error
- Withdrawal Speed
- No Hassle Withdrawals
- Ability to Withdraw Winnings in Cryptocurrency or Fiat (Cash)
Provably Fair technology is unique to bitcoin gambling and adds to the transparency of bitcoin online casino by verifying bet outcomes were correct and fair.
The system is based on the fact that bitcoin uses a cryptographic algorithm using hash functions, which are very difficult to decode or break.
What is Provably Fair Gambling?
Open Algorithms are used by online gambling operators, in the form of Random Number Generators, Hashing or Random Seed Generation to verify each transaction that takes place on its site. Each game or transaction has its own algorithm for checking its particular fairness.
Blockchain platforms are 100% transparent and immutable. Purchases and pay outs are open to all on public ledger which cannot be tampered with.
A program code can oversee the entire process, and zero human interference is involved. The specifics of how the system work are quite interesting.
How Does Provability Work
The application of Provably Fair systems may vary a little bit from game to game but the principle is the same for all single player games. Multiplayer games like poker are a little more complicated. The key to the Provably Fair system is that it uses a cryptographic hash which is considered unbreakable for practical purposes. This ensures that the information sent to the player and casino is unknown and can be deciphered. The way this happens is:
- The casino creates a seed number for the bet
- This is hashed and sent to the player
- The player adds a seed and the bet plays out
- At the end of the bet the player receives the seed used in the bet
- If it matches the bet is verified. No interference occurred!
- If the casino tried to manipulate the bet in any way the hash function would be changed and the bet would not be verified. For the first time in gambling history a bet pay out can be verified by a player in real time!
How is it Used by Both Casino and Player to Ensure Fairness?
Checking underlying fairness involves verifying that each game works as advertised and that there are no errors leaving room for unfair play. An online casino issues a seed number or randomly generated number to the player which is hashed or encrypted. This is suitably buffered to ensure the same hash doesn’t reoccur.
Once a player has finished a transaction or game, they can use these seeds to prove fairness. The player will do this by using the algorithm, hashes, and seeds as well as the events of the transaction to check that the outcome is indeed Provably Fair.
If something has transpired which is not fair, the seeds at the end of the game won’t match, and this will prove the outcome to be unfair. This process can also be carried out on blockchains other than Bitcoin’s.
Which Other Cryptocurrencies are Involved in Provably Fair Gambling?
The expansion with the creation of more cryptocurrencies which are becoming significant for gambling has opened the door for Provably Fair gambling to move onto other blockchains. Etherium, Dogecoin, Litecoin and many more have become platforms for Provably Fair gambling as well. Nevertheless, it is important to remember that Provably Fair gambling is a blockchain-based feature.
Provably Fair Gambling, which came about through Bitcoin’s blockchain for the first time in history, has presented us with gambling that is 100% transparent and secure.
This gives players peace of mind that there are no background manipulations taking place and that the outcomes of the games they play are verifiably random. Inevitably this will draw more players to cryptocurrency gambling.