When you gamble through a blockchain-based casino, you will be surprised to learn that there isn’t a house edge. The casino operators are not fixated on whether they win, or the player takes it all.
Reason-being, decentralized casinos have developed their business model without depending on the player losses. Punters are allowed to wager against their peers and also play against the casino itself. Every game they wager, they’re entitled to 100 percent return.
The lack of a house edge ensures that gamers have better winning odds, thus encouraging them to gamble more. In Canada they have become extremely popular and are providing competition for traditional online casinos Canada.
Blockchain-based casino platforms offer edgeless gambling, which means their games are provably fair. A platform such as Younited operates an RNG (random number generator) powered by the blockchain technology in its casino.
Punters have a transparent platform to check whether their gaming outcomes were possible. With such a mechanism, operators save tons of money when it comes to auditing. The savings are used to rope in punters by granting them bigger and better promotions and bonuses.
Since blockchain casinos run on a public platform, almost every inch of the gaming remains transparent. Users can watch in real-time their deposits, withdrawals, gaming results, and how the bonuses and promotions are paid out.
By encouraging a transparent system, players are not worried about getting swindled, being forced to fork out large percentages of their winnings to cover third-party transactions and fees. They make the best online casino due to providing a level of trust never seen before in the industry.
Fast Banking Since blockchain technology is in use here; these houseless online casinos rely on cryptocurrencies as the main avenue of payments. Besides, unlike traditional fiat and digital currencies, cryptocurrencies are transacted at a higher rate.
Disadvantages of Blockchain Casinos
In as much as blockchain casinos have revolutionized the gambling industry, they also come with their fair share of flaws. Some of these cons include;
Ease of Access: To play in such a casino, you will need to have cryptocurrencies. It means you have to undertake the tedious activity of changing your funds from fiat currencies into crypto.
For most times, you end up getting a little less digital coin for a wholesome amount of fiat currency.
Licensing: Since blockchain casinos are still a novelty; most don’t hold a licensing agreement. It becomes a stressful affair for players to ensure that the game in reputable casinos.
Volatility: the violation of digital assets is still high today. Having fixed supplies and varying demands, prices tend to swing up and down often. Within hours, a currency can gain 200% and lose the gains plus more minutes after picking!
Hacking: Because Smart Contracts are highly valuable, they are often targeted by hackers. Several examples of coding being hijacked and exploited can be sited. Such activities lead to the casinos experiencing downtime and loss of revenue.
Although the negative attributes above that make blockchain casinos seem risky, it’s a marvel to watch how the new age is revolutionizing gambling. In as much as they are laden with flaws, applying the new technology into gambling has seen more and more punters once again start trusting gambling and take up to it!