Do you want to know the major difference between blockchain and crypto casinos, particularly Bitcoin? If this is your concern, then you have come to the right place. This is the era where casino gamblers end up with such concerns.
Well, we know for a fact is that not every Bitcoin or crypto casinos are supported by blockchain technology. The blockchain casinos do contain the option of a cryptocurrency; however, they are not restricted to it.
The concept of the very first online casino was established back in 1996. However, it was first put to use and gained acceptance not earlier than the 2000s. Thus, the concept grew more famous in the last decade.
The reason for this could be the immense popularity of using cryptocurrencies. The whole point of shifting to cryptocurrencies in the first place is the reason for its traceability. Blockchain is the new innovation being adopted by firms all over the globe. The main purpose of cryptocurrencies is to provide a currency that is decentralized, unlike the normal currencies, which have a single origin of control. Through this decentralization and transparency, it enables the transactions to be recorded and be available to all those who want to check it.
A group of servers all over the globe make a link together and verify and update the transactions which took place. This means that whenever a bitcoinor any other cryptocurrency transaction is made, it is recorded in a sequence known as a block. Every block is chronologically linked to each other, which ensures that a secure and traceable transaction or process is being occurred.
Such casinos as casimba casino and emucasino have the same technology. Now people can see their automatic dice numbers being generated and their money being spent without questioning the credibility of the website. Its code is decentralized, and the casino cannot cheat as its process can be monitored by anyone. However, there is still a lot of questions that arise over their reliability.
There are major issues with such casinos as:
- Their credibility is still a question as many blockchain casinos don’t aquire the proper licensing for operations. Therefore no legal action can be taken against them if people fall prey to its scams.
- Secondly, such casinos might hold some worth, which might attract many hackers towards them. Since these casinos are not that reliable, there can be instances where they can get hacked, and all the money can be wasted without even being able to trace the suspects.
- Thirdly, the volatility of the cryptocurrency itself makes this a no go. This is because a cryptocurrency’s value fluctuates very frequently. It could be that your bitcoins worth $100 could go down to $60 in worth in just a matter of hours. The risk itself is not worth it.
- Last but not least, the major drawback to this cryptocurrency and the casino is that it requires an additional step of converting your money into digital currency through proper means, which can be a long process for some people.
Although blockchain technology is advancing to many industries in various usage forms, the lack of proper checks and balances in this field means that people would be prone to high risks. In this day and age of advanced hackers and fraudulent schemes, one can easily lose their hard-earned money without even having a proper means to trace it. Since the blockchain has an irreversible transaction, the money initially invested in the casino will be potentially at high risk.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com