In a nutshell, the concept of decentralization shares the same ethos as blockchain technology and cryptography. Decentralization refers to an environment wherein an individual is free to manage his finances without acting in accordance with the rules set by a central authority. In this write-up, we’ll look into detail at the concept of decentralization and the rise of decentralized crypto casinos.
Key Factors Associated with Decentralized Casinos
A decentralized crypto casino is built on three key pillars – smart contracts, blockchain technology, and dApps.
Smart Contracts
To define smart contracts, these are automated programs that help blockchains conduct transactions. A smart contract can only be triggered if certain pre-set conditions are met. As such smart contracts can help you avoid the need for any third parties.
Blockchain Technology
The blockchain is the fundamental block of all cryptocurrencies and decentralized casinos. In more ways than not, it’s like a shared public ledger where data is broken into smaller pieces and stored in blocks. The biggest advantage of blockchain technology is that data once entered cannot be tampered with.
Decentralized Apps (dApps)
dApps are essentially like your laptop or mobile phone that lets you access services such as your bank or grocery store.
Decentralized Casinos operate by leveraging all these three technologies and thereby providing a low cost and secure online gambling experience.
Benefits of Gambling at Decentralized Casinos
Security
Firstly, most crypto casinos let you deposit, gamble, and withdraw your winnings while remaining absolutely anonymous. At the most you’ll need to provide a name and your email address to register an account. Only when the deposit or withdrawal amount is on the higher side, then only you’ll be required to complete a KYC process.
Lower Transaction Fees
If you gambled on traditional online casinos before, then you’ll know that the transactions between banking institutions come with considerable costs. When you choose to gamble with a cryptocurrency like Bitcoin, Litecoin, or Ripple, no additional fees are levied on your transactions.
No Geographical Restrictions
Decentralized casinos are not governed by a regulated body and as such are not limited to any specific jurisdictions. As long as you have crypto and an active internet connection, you can gamble at decentralized crypto casinos from anywhere in the world.
No Foul Play
As mentioned earlier, once data is recorded on the blockchain it cannot be tampered with. Decentralized casinos operate on this principle and further enhance their transparency and reliability through Provably Fair Reporting. You can access the server logs of any game you played at any crypto casino and see the results.
Frequently Asked Questions
1. Are bonuses available at Decentralized Casinos?
Yes, similar to traditional casinos, most online crypto casinos do provide welcome bonuses, deposit bonuses, buy back bonuses and more. Sign up to FuturePlay get a 100% Match Bonus up to 4 BTC today.
2. What cryptocurrencies can be used at Decentralized Casinos?
Depends on the casino itself, but in most cases you’ll be able to gamble with bitcoin, ethereum, litecoin, ripple, tether, among others.
3. Is it possible to play at Decentralized Casinos on Mobile Devices?
Yes, you can either access the casino website directly on your device’s browser or get the casino app if it’s available on PlayStore or App Store.