There is a common belief that playing bitcoin casino games is generally safer than regular online gambling. Whether it’s true or not, many people choose to gamble with crypto coins specifically because safety is presented as one of the primary advantages of decentralized casinos. There are several main topics in this discussion as far as crypto security is concerned.
‘Provably Fair’ Principle
Because Bitcoin casinos are written on the Blockchain, the protocols behind them are transparent and accessible enough so that people can figure out whether a casino is cheating or not.
Instead of cheating and risking their reputation in the process, crypto platforms simply capitalized on this transparency. Most incorporate the principle of Provably Fair. According to this principle, the provider shares their methods of determining the outcomes of your bets.
Bets (whether slot spins, roulette rolls & others) are supposed to be random. And the way to make them random is through player seeds, which can verifiably produce random results.
Seed is a piece of code unique to each player. A seed can be random or changed on purpose to deter fraud. In layman’s terms, seeds help determine what your spin or roll is going to be. It’s hard to rig these things; you keep your seed unique.
That’s why it’s important to keep changing it on a regular basis. If you don’t, it’s easier to tamper with results. When you’ve made a bet, the provider can provide you with a key used to verify the transparency of the entire process.
One key is used to verify the bet for the system, and the other can do the same for you. This way, you can prove that your bet is not tampered with and that the game is fair, essentially.
In short: the difference between this system from what the usual crypto casinos have to offer is that you can easily check the protocols, which is perfectly in line with the ideas behind decentralization, Blockchain, and all that.
Is ‘Provably Fair’ Absolute?
There are still ways to both cheat and fake the Provably Fair algorithm. Most casinos won’t do it because you can still be caught and exposed doing that.
Regardless, there are still many known cases of this happening, which is reason enough to stick to the big providers rather than small casinos, even if they offer the best bitcoin dice ever, according to them.
A more regular instance is faking this algorithm by providing the fake verification keys or giving fake evidence otherwise. It only works if you have a superficial understanding of the system.
Casinos can cheat this way irregularly because if enough people realize that there is no real Provably Fair algorithm, it’ll become public knowledge and tank the provider’s reputation.
So, it’s really more cost-efficient to be transparent and honest with players. It doesn’t stop some of them from investing in complex cheating strategies.
Small casinos usually do so because they can always start over, they don’t cherish their reputation as much, and their revenue is generally much lower.
In short: the system can still be rigged, but big gambling platforms do it very rarely. If you avoid small casinos, it’s going to be largely fine.