The Advantages of Decentralized Casinos
by Emma Feller
The blockchain, cryptocurrency, and by extension, decentralized casinos all share the same core vision – allowing individuals to determine how they want to spend their time and money without interference by a central authority.
Join us as we delve into how decentralized casinos work, the benefits of gambling with them, and how they use the latest technology to ensure a safe, secure, and entertaining casino experience.
Three Pillars of Decentralized Online Casinos
At its core, decentralized online casinos rely on the combination of three distinct yet interwoven pieces of technology – the blockchain, smart contracts, and decentralized apps (dApps).
Blockchain technology is the foundation of all cryptocurrencies and decentralized casinos. In layman’s terms, rather than store a piece of data in a single location on a server, the blockchain cuts this data into myriad fragments and stores it in data structures called blocks. It is only possible to reconstruct the entire file by knowing the key to this ledger, which is why it is so secure.
Smart contracts are how the blockchain ensures speedy resolutions to transactions. A smart contract is simply an automated program (or instruction) waiting for predetermined requirements to be met to run. As it can only be triggered by these preset factors, it can immediately confirm a transaction or process for all parties without needing third-party verification.
Decentralized apps (dApps) are pieces of software designed to fulfill specific functions for blockchain users. Much like your mobile app will allow you to bank on your phone, a casino dApp will allow you to access games of chance.
By successfully integrating these three technological building blocks, decentralized operators are able to provide fast, secure, low-cost, and provably fair gaming without needing to feed data into a centralized host. This ensures that third parties cannot force them to hand over your information, nor is it in danger of being stolen by bad actors, allowing you to gamble with complete peace of mind.
The Advantages of Decentralized Casinos
If you are new to crypto casino gambling and are wondering if it is worthwhile to transition from fiat currency casinos to blockchain-based decentralized operators, here are four key selling points to consider.
Decentralized casinos offer cost-effective transacting as they do not need to cover the costs of traditional banking. Bitcoin does not need to add a percentage for intermediaries, cover the costs of banking staff, nor do they add unnecessary fees for cross-border transactions.
The interference by banking go-betweens increases costs, and the need to add fees to each transaction increases processing times. Without the need to cater to the limitations of the banking sector, crypto transactions are low-cost and high-speed.
As decentralized casinos do not sit on any one server in any single jurisdiction, they offer their services worldwide. Anyone with a stable internet connection can access the best Bitcoin slots, live dealer games, and betting sites to enjoy their preferred form of online gambling.
With the blockchain acting as a ledger, you have full rights to review any actions you take on it. This transparency is also available at decentralized casinos through Provably Fair reporting. These reports allow you to view the server logs of any game you played to see what result was stored on the chain. With the click of a button, you can compare this to what the casino showed you to determine if you are being treated fairly and paid out correctly.
Given the nature of the blockchain, many decentralized casinos offer anonymous or no-verification accounts. You can access the casino using an email address and a password, you are never asked to share any personal information, and all transactions happen via your secure Bitcoin address.
Can I claim a casino bonus at a decentralized casino?
Yes, welcome and loyalty bonuses are available to new and existing players. These promotions will most often be based on the amount you deposit.
Which cryptocurrencies do decentralized casinos accept?
The most popular cryptocurrency for gambling online is Bitcoin, but decentralized casinos tend to accept ETH, LTC, XRP, DOGE, and many other altcoins.
Can I play dApp casino games on my mobile?