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Since Bitcoin made its appearance on the worldwide web, more and more people thought about using it for gambling. But the fact that they could be scammed out of their Bitcoin by a casino, wasn’t a nice thing. So the Bitcoin Casino owners implemented a new algorithm called Provably Fair. The Provably Fair system offered the benefit of checking if the casino cheated you regarding the outcome of a bet and offered a layer of trust in Bitcoin Gambling.
Benefits of the Provably Fair System
Provably fair technology is unique to Bitcoin gambling and adds a layer of trust to the Bitcoin by the opportunity to verify if the outcomes that a casino dealt were correct or not. How it’s done? Pretty simple actually. As you may know, Bitcoin uses the hash function which is difficult to decode or break.
Therefore, the Provably Fair uses a cryptographic hash which ensures that the data send to the gambler and the casino is unknown and can be deciphered. It works like this:
– The casino issue a seed number for a bet
– It created the hash for the seed number and send it to the player
– The player adds a seed and the bet continues
– At the end of the bet, the player receives the seed of the bet
– If it matches – the bet was fair & the results were correct
Provably Fair Games
This type of gambling has been implemented for all the casino games. People created Provably Fair for Bitcoin Sports Betting, Dice, Casino games, Blackjack, Bitcoin Lottery and so on. An explanation for a non-technical person would be the next: For each transaction that is made in a gambling game, the client will have the opportunity to check if the casino cheated him in any way. This is done with a series of algorithms which offer the client the ability to check if the result was manipulated in any way or not. A detailed explanation can be observed in this video.
The Provably Fair system was introduced as a third-party verification and auditing of the best, a way for people to notice if the casino is cheating them in any way. Even though Provably Fair system is used, the casino might use other ways to cheat – so be sure to check the reviews about your Bitcoin Casino before starting to gamble there.