Bitcoin Gambling 101 for Dummies

Times they are ‘a changing. But you don’t need Bob Dylan telling you that. Just look at the world of crypto. Surging towards global adoption, many people are now becoming aware that there is more to crypto than meets the eye. Under the hood of the trading assets lies a huge industry with hundreds of projects being developed on the blockchain to create protocols that are decentralized, with only two parties involved. In the case of the Bitcoin casino, the player, and the house (the casino). This article will explore everything you need to know about gambling with crypto on the blockchain.

Why Gamble on the Blockchain?

Until now gamers and gamblers have been quite content using centralized gaming brands. You can see that from the popularity of the gaming sector, which is growing exponentially. But there are drawbacks to gaming in this way. 

Firstly, regular online casinos store all of your user data. They require that you verify yourself in order to play at their casinos. This requires you furnish them with your name, your address, your age (you have to be over 18 or 21 to game), your login details with password and your identification documents, including your utility bill and proof of ID. Once a casino holds these on their servers it’s fair game for the cyberthieves who can, and do get to them via malicious malware, adware and Trojan horses. This is the quickest and easiest way to have your identity stolen. 

Anonymity and Privacy 

Some might say, the most incredible thing about the blockchain is that you remain completely anonymous. You don’t need to send any of these details to your casino and certainly don’t need to use third parties to make transactions. Instead, you will use your crypto wallet and retain your full privacy, including your name, your email address and everything else. This comes with another benefit too. You don’t have to pay your credit company or your ewallet for deposit and withdrawals you make at a Bitcoin casino. Instead you use your crypto to pay. Simple and secure.

Another major downfall of online casinos is that they are centralized. What does that mean? There is human interaction involved between you and the games you are playing. You often hear stories about the casino changing the winning odds in order to manage their risks. Slot machines for instance are built with algorithms to be random, however algorithms can be easily coded to be unrandom and that’s where the problem comes in.

When you gamble on the blockchain all transactions are verified by the open ledger. They are completely non manipulatable and that’s where we see a huge advantage to trading in this way. Decentralized means no human intervention, which is a great thing for people that want to know there is no foul play going on behind the scenes. 

Furthermore, and crossing back to the privacy issue, no government authority has access to your data in the same way as they do with centralized casinos. With online casinos, the IRS and other government authorities ensure that those win pay their tax. But for many gamers tax on winnings seems downright unfair. If that’s how you feel, it’s time to move over to Bitcoin gaming. Anonymity, privacy, security. These are massive advantages that the Bitcoin casinos can bring players, where online casinos just fail.

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