We have listed the best and most exciting blockchain casinos for web and mobile! Earn dividend tokens while playing and get daily passive income for life. Make sure to use our referral links so that you qualify for our Cryptoloots Referral Rewards while you are playing.
The word “gambling” can impose negative emotions on most people. But is that about to change with blockchain gambling?
If we lose the preconceptions for a moment and keep an open mind, we might be able to grasp what is going on with online gambling. The emergence of blockchain, distributed ledgers, and cryptocurrencies present new possibilities in many fields, including gambling. What exactly is happening and how does it change gambling? The image many people have in their mind when hearing the words “gambling” or “casino” is that they are either exaggeratedly overblown or shabby venues of entertainment that are commonly run by shady and unscrupulous people that profit off of the misfortune of others. Or, they might think of the thousands of online gambling sites available online that each claim to be better than the other. How could the new tech by any means change this perception?
Here are the top 5 features that blockchain gambling brings to the table.
With traditional online casinos your funds can potentially disappear due to technical errors and glitches without even the player or casino operator necessarily noticing anything. Gaming can sometimes be fast and it’s not a dance on roses to keep track of the ever changing account balance. This can complicate things and lead to drawn out bug searches etc. before funds can be returned to the player, and that is IF the error is ever noticed. Since everything that happens on the blockchain is visible on an immutable ledger, all funds can be accounted for at any given moment. You never need to worry about money vanishing untraceably because each transaction is visible and viewable by the players. This is an incredible trust factor as with traditional online casinos all you can do is trust the operator who is most often the only party with access to transaction history.
Tired of registering accounts and handing over private information online? No more… With blockchain casinos you can start playing instantly and with privacy. It’s a real nuisance to open an account with a traditional casino. A new player is exposed to layers of uncertainty on many levels, which makes for a pretty sizable threshold before one starts to feel comfortable with a new online casino. Will my personal data be safe? Will my money be safe? Will I need to submit mountains of paperwork to get my money out? The built-in advantages that come with blockchain pick these uncertainties apart piece by piece, in not the least when it comes to personal integrity. Submitting any personal details is not required because the only thing required to start playing is a cryptocurrency wallet. The moment you stop playing you will be more or less forgotten. The only thing that remains visible to the casino operator is the address your transactions have been going to and from, and this is by no means traceable back to you unless you have made the information available online yourself. Bypassing government gambling regulations are usually no problem either since cryptocurrencies are most often not controlled or regulated by governments and this is also a good example of when the added anonymity is a benefit. This is however something we do not endorse or recommend!
Many are familiar with the feeling that games are rigged, especially with a long run of bad luck. It might not necessarily be the case, but being able to verify this gives are far better sense of security than simply trusting something you don’t know. The integrity advantage when gambling on blockchain is that every game round creates a receipt that can be used to verify randomness and fairness. You don’t simply have to take someone’s word for it, but you can actually verify the randomness of each game round yourself by simply following the step by step instructions on respective gambling operator’s own website. The way it works is that by comparing data on the game round receipt with a predetermined data table you will be able to verify the correctness of the games reels’ positions. This way, if the outcome of a game round would have been tampered with, it would be visible during this process.
Instead of a wallet in control of the casino operator, when gambling on-chain, all transactions originate from the player’s cryptocurrency wallet, which is in full control by the player. This not only gives a better sense of control and security, but also make deposits and withdrawals unnecessary. At no point in time are you handing any larger sums than that of the single game round transaction to the operator. The rest of the funds are always in the player wallet. The added speed and cost savings from excluding a third party middleman or payment provider can be considered an extra bonus!
Many traditional online casinos gives incentives such as free games and bonuses to players, but with the majority of these perks going to losing players. Winning players get considerably less. On-chain blockchain casinos have a different approach and share revenue with ALL players, so the more you play, the more you earn. And the way this is done is by letting players earn tokens based on their turnover so that a certain number of casino tokens are earned for each bet made. The tokens can then be staked as a means of earning passive dividends from the overall casino turnover. This is made possible because a part of the house margin is used to reward players. In the long run this can make for some pretty decent earnings over the long run, especially if the casino in question performs well. The casino tokens also have a value themselves and can be traded or sold as any cryptocurrency tokens.
Throughout this article we’ve mention the word on-chain multiple times and you might wonder what it is. The difference between on- and off-chain is that with on-chain gambling is that all game transactions occur from the player wallet directly and game rounds are executed by smart contracts. There are a number of casinos that operate very similar to the traditional fiat casinos except that they accept deposits in cryptocurrency. These are something we would avoid because not only do they not have all the benefits of on-chain casinos as listed above, but they are also in almost all cases not regulated by a trustworthy authority. This means that the player loses out twice and can expect little help from anywhere should there be any issues.