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Bitcoin and Fair Gambling

March 20th, 2017 | by BTC News
Bitcoin and Fair Gambling
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bitcoin casino
by Travis Estell

Bitcoin and Fair Gambling

All bitcoin casino players want to know how does provably fair work. The cryptographic hash function forms the basis of a provably fair gambling. This is an algorithm, which creates an encrypted hash value against the client and the server seeds. There are few steps involved in the procedure of provably fair gambling, it is described as follows: On generation of a random secret seed, it is encrypted by the server into a hash code. This hashed code is subsequently sent to player. Then a random client seed is input by the player. With the utilization of an encrypted function, both the seeds are mixed and the result is subsequently created. Finally the serves seeds for checking are again revealed to the player and this supports client verification.

It has been observed that players are often concerned if there are chances that a provably fair Bitcoin gambling site can cheat the players. It is not possible that a casino can cheat the player technically on the basis of cryptographic hash functions. But one should remember that gambling is all about money and money makes the mare go. There are certain unfair tricks which few malicious casinos can use to cheat on the players. These may be executed through software disconnection, money non-payment or several similar activities. Thus, it is always helpful to go through the feedback and read the reviews of previous players. There are many casino websites which provide review columns.

Additionally, when you go through the review column, you can assess if a casino is provably fair. Also by ensuring that the results are done locally as generated by the casino through the process of recording the hash function of client and server seeds. Also, fair casinos provide a provably fair declaration at their website which can shed some light on the casino policies. Although there is no scientific and instant way to assess the provably fairness of a casino.

Also, one may want to know if the bitcoin casinos are regulated. Although not all the bitcoin gambling casinos are regulated, but a few of the reputed casinos ensure that they are licensed and regulated. Casinos operate in regions and it is necessary that these casinos obtain the license from the regulatory body of that country to operate. Although all casinos are not licensed. You can safeguard yourself against any fraud by ensuring that the casinos which interest you are licensed and regulated. Also, it is seen that some casinos choose to headquarter or operate at locations where licensing only involves paying a fee and obtaining certificate. It is recommended to research about the casino prior to start playing online.

Once you have ensured that you are playing with the best possible online casino, you need to get a hang of the bitcoin transactions. The bitcoin deposit and cash out, do not take much time and rather it is very quick for smaller amounts and if you have a wallet then it is instant. Although, the transaction may require from 2 to 10 hours, if larger amounts are involved. These transaction until they are cleared will be shown in the pending status. And yes there are certain casinos which also offer free bitcoins, to promote their casino.

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