Cryptocurrency Online Casinos

[hodlingnews]

Wondering what you guys think about cryptocurrency casinos operating via the blockchain?

I know gambling is one of those topics some want to avoid, however as crypto is so volatile is anyone getting into it somehow gambling already?
Most cryptocurrency casinos are claiming to be running on the Provably Fair system, seeds are confirmed by you, unlike standard casinos which are confirmed in the back end and can therefore be rigged!

Other Casinos such as trustdice are offering free TXT tokens each time you play, others are now accepting debit and credit card payments to buy tokens directly without the need to head to coinbase, register, deposit, and send etc

What are your thoughts around this?

[HeRetiK]

Most cryptocurrency casinos are claiming to be running on the Provably Fair system, seeds are confirmed by you, unlike standard casinos which are confirmed in the back end and can therefore be rigged!

Standard casinos don't provide any insights on their holds and payouts, so there's not even a need to rig the system. Accordingly they get away with much lower payouts then crypto casinos since people don't know what to expect in terms of winnings anyway.

Overall I regard the transparency introduced to gambling by provable fair crypto casinos as a net benefit. Unfortunately it doesn't seem like the concept will see usage outside of crypto circles any time soon, even though provable fair gambling doesn't even depend on cryptocurrencies.

Running crypto casino games directly on a blockchain seems more like a gimmick though.

[jackg]

Running crypto casino games directly on a blockchain seems more like a gimmick though.

I think some use bitcoins blockchain to determine a winner (or other cryptocurrency chains) - not as in the whole site is on a chain. But that might make for an interesting erc20 contract.


And yeah getting a hashed token, house edge information and a way to confirm how much the casino makes in some cases (ie investing a small amount) is quite a nice bit of detail regular online casinos still don't have (outside of live games). It'd cost them very little to implement such a system too so I don't know why they don't start making it a selling point somewhere.

[Amel]

Wondering what you guys think about cryptocurrency casinos operating via the blockchain?

I know gambling is one of those topics some want to avoid, however as crypto is so volatile is anyone getting into it somehow gambling already?
Most cryptocurrency casinos are claiming to be running on the Provably Fair system, seeds are confirmed by you, unlike standard casinos which are confirmed in the back end and can therefore be rigged!

Other Casinos such as trustdice are offering free TXT tokens each time you play, others are now accepting debit and credit card payments to buy tokens directly without the need to head to coinbase, register, deposit, and send etc

What are your thoughts around this?

I respect the straightforwardness acquainted with betting by provable reasonable crypto gambling clubs as a net advantage. Lamentably it doesn't seem like the idea will see use outside of crypto circles any time soon, despite the fact that provable reasonable betting doesn't rely upon cryptographic forms of money. Truly, an enormous number of online club have begun tolerating digital currency for stores and withdrawals, despite the fact that not every one of them are open to UK players. Likewise they pull off a lot of lower payouts then crypto gambling clubs since individuals don't have the foggiest idea what's in store as far as rewards at any rate.

[HeRetiK]

And yeah getting a hashed token, house edge information and a way to confirm how much the casino makes in some cases (ie investing a small amount) is quite a nice bit of detail regular online casinos still don't have (outside of live games). It'd cost them very little to implement such a system too so I don't know why they don't start making it a selling point somewhere.

I think there's multiple reasons for that:

1) Don't underestimate the cost of retrofitting a provable fair system onto existing legacy systems.

2) By being opaque classical casinos can take a much bigger cut than provable fair casinos.

3) The majority of old school gamblers simply aren't aware of this technical possibility and probably wouldn't even care enough.


Accordingly there's no incentive for a classical casino to (1) pay a lot of money for a feature that (2) cuts into their profit for (3) a feature players are not (yet?) asking for.

[webtricks]

Running crypto casino games directly on a blockchain seems more like a gimmick though.

I think some use bitcoins blockchain to determine a winner (or other cryptocurrency chains) - not as in the whole site is on a chain. But that might make for an interesting erc20 contract.

ETH chain has already crossed the viability zone for gambling contract. No one wanna use a platform which charges $2-5 for every bet made. Moreover, provably fair script already ensures that the results are not rigged, especially for multiplayer game like Crash where block hashes are used with pre-generated hashes to work out fairness. A complete contract on blockchain is bit overkill IMO.

[kryptqnick]

Running crypto casino games directly on a blockchain seems more like a gimmick though.

I think some use bitcoins blockchain to determine a winner (or other cryptocurrency chains) - not as in the whole site is on a chain. But that might make for an interesting erc20 contract.


And yeah getting a hashed token, house edge information and a way to confirm how much the casino makes in some cases (ie investing a small amount) is quite a nice bit of detail regular online casinos still don't have (outside of live games). It'd cost them very little to implement such a system too so I don't know why they don't start making it a selling point somewhere.

Aren't there already some cases of casinos like this? I believe I've seen some running on Ethereum smart contracts and maybe some on EOS. But the problem is that while they cannot scam and are thus attractive, they're also less user-friendly than regular 'crypto' casinos, so they don't really become popular (which is why I'm having trouble recalling their names, even though I tried gambling in some a few years ago). Apart from not being user-friendly, they also don't fully enjoy the trust of the users. Some don't like them because they don't understand how they work and suspect there might be a way for them to scam people. Others take into account that serious bugs can be found in smart contracts.

[amiraja2]

Most people really want to gamble gambling, but we also know cryptocurency gambling is very interesting and unique. The main thing is fair play makes us even more addicted we can't avoid it anymore

[AakZaki]

Currently, many casinos have started to switch to cryptocurrency because it looks more profitable and safer and more anonymous. Big casinos like Macau have switched to cryptocurrency as the newest payment system. Currently the share of the world casino market that accepts cryptocurrency as a payment system is only about 15%, but this will continue to grow gradually from year to year because cryptocurrencies are very much in demand.

[Twinkledoe]

Currently, many casinos have started to switch to cryptocurrency because it looks more profitable and safer and more anonymous. Big casinos like Macau have switched to cryptocurrency as the newest payment system. Currently the share of the world casino market that accepts cryptocurrency as a payment system is only about 15%, but this will continue to grow gradually from year to year because cryptocurrencies are very much in demand.

The percentage is still small but I believe that number will increase in the next coming years. Because these fiat-based online casinos will realized that a lot of gamblers want privacy and so they will tend to go to crypto casinos. So what they can do, is accept or add also crypto in their payment system and as much as possible remove KYC if not necessary or if you are dealing with crypto only. Many gamblers are now finding crypto casinos to be of their advantage especially during this pandemic age.

[jossiel]

Various online casinos and to be specific crypto-related have been into the entire crypto gambling circle for a long time. But the sad news is that they never clicked or if there were those who have been liked by gamblers, only a few of them. Most didn't last long because the demand isn't with what they are believing and promoting through their casino.

I don't trust the casino. And if we are talking about a crypto casino, these are double risks.

There are casinos that you shouldn't really trust but if the reputation of the casino you're talking is great, there's no need to worry about.

[TGD]

Wondering what you guys think about cryptocurrency casinos operating via the blockchain?

I know gambling is one of those topics some want to avoid, however as crypto is so volatile is anyone getting into it somehow gambling already?
Most cryptocurrency casinos are claiming to be running on the Provably Fair system, seeds are confirmed by you, unlike standard casinos which are confirmed in the back end and can therefore be rigged!

Other Casinos such as trustdice are offering free TXT tokens each time you play, others are now accepting debit and credit card payments to buy tokens directly without the need to head to coinbase, register, deposit, and send etc

What are your thoughts around this?

Decentralized casino is been on the crypto since 2017 especially on EOS and TRX blockchain. Most of the Dapps Casino offers to give there token in every bets that you made since they don't have any token sale and that is usual way for mining there token. Is this your first time to get involve on Decentralized Casino?

I participate on many Dapps Casino before on EOS and base on what I experience. The casino always die once they reach the point where mining difficulty is not profitable anymore. The casino get tons of volume during first when whales are mining the token then dump all there accumulated token when difficulty is high. After that, they leave the casino and jump to the new one which result to lower bet volume on the casino. The only successful eos dapps casino that I know since 2018 that still alive today was Dice.one and they still have good volume on there casino today.


You should move this topic to gambling discussion since this not related to bitcoin discussion or else it might take down by the mods.

[Lorence.xD]

They say that it is better but I think most online casinos can be rigged no matter how many system you are going to introduce to the players/customers. Greed will fleet the heart of someone behind the system and for sure they will try to cheat it. The good thing about crypto is people behind the system are sensible and are not blinded by greed, they earn enough with all this players losing more than winning anything.

[CryptoManiaks]

There are Hundreds of online BTC casinos out there, and more are coming. Not to mention lots of them are a pure scam, created to rip the users off.

It’s because of the digital age we are living in. An online crypto casino has more to offer than a “standard” online casino now. And this is probably one of the main reasons why people are going for it. The extra perks that the blockchain offers. But there are a few drawbacks as well.

Check out this Infographic of Pros & Cons of Bitcoin casinos for more information.

Benefits:

Financial privacy - some of the top BTC casinos provide full privacy thanks to cryptocurrency payments. Note that some online casinos will offer privacy only if the customer deposits and withdraws cryptocurrencies (being an active user).
Low fees - Transferring Bitcoin and other cryptocurrencies saves a lot of effort when compared to other options.

Play from home (or practically anywhere) - traditional casinos might block you because of where your credit card or bank transfer is coming from to avoid sanctions and regulations. But a BTC casino offers deposits and withdrawals that can come from anywhere. Of course, there are lots of restrictions that have to be double-checked before transferring money.

Better & bigger bonuses - it’s a fact that the most famous Bitcoin online casinos generally offer improved, more substantial, and frequent bonuses than traditional online casinos. Not to mention the VIP programs.

Drawbacks:

Lack of clear regulations - running a fiat-based, unlicensed casino is challenging because of all the strict laws Authorities will end up noticing. On the other hand, it is easier for a BTC casino to operate without a license. Unlicensed casinos don’t report to any third party or government. Therefore, the risk of unfair conduct is raised.

No chargebacks - at a standard online casino, the client can always request his credit card provider to perform a chargeback, allowing him to get back his cash. And the opposite. When you deposit Bitcoin or crypto, you can’t request a chargeback since there is no financial buffer. It is both an advantage and disadvantage of the cryptocurrencies - all transactions are permanent, without any 3rd party involved.

Crypto prices - they are volatile. Today’s earnings could be a grand loss after a week if not cashed out.

[FACE 2 FACE]

Most likely, in the near future, one should expect massive targeted deceptions on the part of casinos, when they groundlessly claim that they use blockchain technologies and guarantee honest payments, while in fact they will be all the same standard casinos with manipulations and attempts to deceive customers.

In reality, there are very few people who are able to thoroughly study all the ins and outs of such a casino to make sure of its honesty. Most ordinary people simply trust slogans and advertisements. So, they will continue to deceive us.

[Cratoon]

Wondering what you guys think about cryptocurrency casinos operating via the blockchain?

I know gambling is one of those topics some want to avoid, however as crypto is so volatile is anyone getting into it somehow gambling already?
Most cryptocurrency casinos are claiming to be running on the Provably Fair system, seeds are confirmed by you, unlike standard casinos which are confirmed in the back end and can therefore be rigged!

Other Casinos such as trustdice are offering free TXT tokens each time you play, others are now accepting debit and credit card payments to buy tokens directly without the need to head to coinbase, register, deposit, and send etc

What are your thoughts around this?

The crypto gambling isn't that different from regular gambling websites which existed a while ago
The few differences highlighting crypto gambling is ability to confirm bet calculation result and higher level of privacy

[pinggoki]

They say that it is better but I think most online casinos can be rigged no matter how many system you are going to introduce to the players/customers. Greed will fleet the heart of someone behind the system and for sure they will try to cheat it. The good thing about crypto is people behind the system are sensible and are not blinded by greed, they earn enough with all this players losing more than winning anything.

Actually the thing here is that Cryptocurrency online casinos are unique and fair but in the case that you are saying about the greed, all people out there has the greed to earn more and more because we are humans and the greed is also in our blood. The thing is that we can't say that the people behind the system of the cryptocurrency is not greed because, first of all we don't know them and by just the fact that they are in the cryptocurrency all of us here is greedy to earn money. Lastly, this topic is more appropriate in the gambling section of this forum.

[seoincorporation]

Well, you forgot to mention the gambling license. This kind of license is valid for online gambling with cryptos or with plastic cards. Is one of the most important think that has to have a casino nowadays. The gambling license and a good provably fair engine is the key to success in any casino.

The big risk that crypto casinos has is the volatility of the coin. If the coin crash then the casino does it too.

[GeorgeJohn]

Wondering what you guys think about cryptocurrency casinos operating via the blockchain?

I know gambling is one of those topics some want to avoid, however as crypto is so volatile is anyone getting into it somehow gambling already?
Most cryptocurrency casinos are claiming to be running on the Provably Fair system, seeds are confirmed by you, unlike standard casinos which are confirmed in the back end and can therefore be rigged!

Other Casinos such as trustdice are offering free TXT tokens each time you play, others are now accepting debit and credit card payments to buy tokens directly without the need to head to coinbase, register, deposit, and send etc

What are your thoughts around this?

The crypto gambling isn't that different from regular gambling websites which existed a while ago
The few differences highlighting crypto gambling is ability to confirm bet calculation result and higher level of privacy

So if crypto gambling are different from regular gambling, so what differentiate them, they is something I want to understand here, gambling is gambling weather crypto or soccer or regular gambling, since you portrays that their is difference between both,i will like to learn from you  to avoid creating argument in some other time

[BIN-BIN]

I have tried to understand the coloration between the blockchain and the gambling and one of the things I have found out is that the introduction of the crypto gambling have eradicated the back door ways of calculating winning in the gambling industry just like crypto have eradicated third party involvement in financial dealings.