RATE Group | How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming
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How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming

21 Jul How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming

Posted at 14:58h in Bitcoin News by

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Online casinos and betting sites have proliferated since the first of their kind came on the scene in 1994. Thanks to the convenience of playing from home, the allure of winning real money, and a degree of privacy, these popular sites continue to evolve. There have been major problems, though, regarding perceived fairness and randomness of play. Blockchain technology offers a solution in provably fair gaming, taking trust out of the picture almost entirely.

Also read: Why You Can’t Bet With Bitcoin at Online Casinos in the US

Mistrust of Old Models

Consumer mistrust of online gaming sites has been understandably high in the past, as the relationship between house and player is often shrouded in slick talk and foggy uncertainty. A 2013 survey of online gamblers showed that 91.5% of the 10,000+ interviewed wanted some kind of reputable, third party report to guarantee fairness in play. Things like hashing and open source, blockchain-based code are now making…

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