Back in the distant 2013, the first cryptocasinos appeared in the world.
Only those casinos that work only on cryptocurrency and use blockchain technology can be called full-fledged cryptocasinos. The entire infrastructure of these platforms is based on the blockchain, not on a separate server that can perform transactions. Even the fact that they accept payments in both fiat money and cryptocurrency differentiates them from regular online casinos.
Blockchain is a centralized database that does not require a separate server to operate. This application runs on the devices of users who are part of this system. To access your chosen cryptocasino, you must be able to use cryptocurrencies such as BTC, ETH, USDT or LTC.
All cryptocasino functions such as transaction processing, RTP management and gameplay are performed on the blockchain. That is, all repeatable information is stored on the blockchain. Smart contracts process payments automatically. In this way, technology controls the casino’s operation and players can check it at any time.
Pros of cryptocasinos: cryptocurrency platforms have many advantages. The main problem with traditional online casinos is that the user has no control over them. You will not be answered questions such as:
Is the GCH working properly?
Does the gambling establishment have sufficient funds to cover debts?
How was my money received?
All of these transactions can be managed using blockchain. Every casino visitor can view a public registry that records all player and cryptocasino activity to determine if the platform is worth trusting.
Examples include checking resource balances. The company uses smart contracts that automatically credit winnings to the customer’s wallet. None of these platforms can block your payment. Thus, the customer can visit the smart contract website to make sure that the gambling house has enough money and that the payments are made regularly.
It is important to remember that reliable casinos only work with certified software. However, some sites offer their own software with algorithms of winnings that are customized to the establishment. It is impossible to check whether the parameters of a slot game, for example, the RTP laid down by the manufacturer, correspond to those of a regular casino. It is also possible to use blockchain to calculate the distribution of winnings in a cryptocasino, where all game results are stored.