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Home Blog Services Understanding the Technology Behind Bitcoin Casinos: A
Beginner’s Guide
Services
UNDERSTANDING THE TECHNOLOGY BEHIND BITCOIN CASINOS: A BEGINNER’S GUIDE
ByRojer Herry April 15, 2023April 15, 2023Write a Comment on Understanding the
Technology Behind Bitcoin Casinos: A Beginner’s Guide
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Bitcoin casinos have emerged as a popular alternative to traditional online
casinos, offering players greater privacy, security, and flexibility. However,
before diving into the world of Bitcoin casinos, it’s essential to understand
the underlying technology that powers them. This article provides a beginner’s
guide to the technology behind BitStarz, including blockchain technology,
cryptocurrencies, and smart contracts.
BLOCKCHAIN TECHNOLOGY
At the heart of Bitcoin casinos is blockchain technology, a distributed ledger
system that records all transactions in a secure and transparent manner. Unlike
traditional online casinos, where transactions are processed by a central
authority, blockchain-based casinos rely on a decentralized network of computers
to verify and process transactions.
This decentralized nature of blockchain technology makes it difficult for
hackers and cybercriminals to compromise the system, ensuring greater security
for players. Additionally, blockchain technology enables instant and low-cost
transactions, allowing players to deposit and withdraw funds quickly and easily.
CRYPTOCURRENCIES
Bitcoin casinos operate exclusively with cryptocurrencies, such as Bitcoin,
Ethereum, and Litecoin, which are decentralized digital currencies that operate
independently of banks or governments. Cryptocurrencies provide greater
anonymity for players, as transactions are not linked to personal information
such as names or addresses.
Moreover, cryptocurrencies offer faster transaction speeds and lower transaction
fees compared to traditional payment methods. For instance, Bitcoin transactions
can be processed in minutes, and the fees are typically a fraction of those
charged by credit card companies.
SMART CONTRACTS
Smart contracts are self-executing computer programs that automate the terms and
conditions of a contract. In the context of Bitcoin casinos, smart contracts are
used to ensure fair play and transparency. Smart contracts are programmed to
execute automatically when specific conditions are met, eliminating the need for
intermediaries such as casinos or game developers.
For instance, a smart contract could be programmed to execute automatically when
a player wins a game, ensuring that the winnings are paid out immediately and
transparently. This eliminates the need for a casino or game developer to
oversee the payment process, reducing the risk of fraud or manipulation.
CAN I WIN THE MONEY IN ONLINE CASINO
Lets look at this mathematically. Assume that the casino is not corrupt. In
other words the game is truly random. Also let us assume that the payoff is 96%.
This means that after playing, for example $100 at a $1 per play, you will have
somewhere left in your bankroll $96. Since the average slot machine player makes
600 wagers per hour I will just do the calculations using excel at 500 pulls per
hour (You hand might get tired pushing the button.) Let’s say that you start
with $100 in your bankroll. You play 100 pulls, spend $100 dollars and after the
100 pulls are left with $96. THose 100 pulls took around 10 minutes. Now you
have $96 in your bankroll. Start playing again. After you play the $96 you will
have a return of 96% which is around $92. Keep going. Play the $92 and get a
return of $88.50. As you go down in bankroll and keep playing it will take
around 5 hours to deplete your bankroll. That may be gambling, but I call it
losing.
As a child I still remember learning the difference between the words “may” and
“can.” Generally may is getting permission or being allowed to, while can means
having the possibility. In this case the question “can one win at a casino” begs
the answer “YES.” Yes, you can win. Just as you “Can” win the mega millions
lottery. Possible, but not probable.
Last year, commercial casinos brought in a gross revenue of about $31 billion
and Indian casinos cashed in for about $26 billion. Although revenue from
private casinos was down last year, it was still three-times higher than
Hollywood’s 2009 ticket sales revenue of $10.6 billion,
The number of life-time poker winners may be pretty high; maybe even upwards of
30%. However, the vast majority of people who stop playing poker do it after
they go bust, so if you roughly stipulate that winners play and losers quit,
then a sample of all the people playing today will be heavily weighted towards
people who are winners. If you sample the entire planet for people who has at
some point or another played poker (and somehow got honest answers) you would
probably find that less than 10% of poker players are overall winners.
Math is the universal language, and it rarely ever lies. Each game you play at a
casino has a statistical probability against you winning. Every single time.
This house advantage varies for each game, and helps ensure that over time the
casino won’t lose money against gamblers. For people who are really good at
Blackjack, the advantage for the casino might only be 0.5%, but certain types of
slot machines might have a 35% edge over a player, and other games fall
somewhere in between. The slot machine odds are some of the worst, ranging from
a one in 5,000 to a one in about 34 million chance of winning the top prize when
using the maximum coin play
The house advantage obviously doesn’t mean that you can’t win, because people do
and sometimes they win substantial amounts, but it does mean that the more you
play, the more the math works against you and the better the chances are of you
walking out of the casino with less money in your wallet than when you came in.
I remember a great gambling joke about the gambler who arrived in Vegas in his
$500,000 Lambourghini and left in a million dollar bus.
CONCLUSION
In conclusion, Bitcoin casinos are powered by a sophisticated technology stack
that includes blockchain technology, cryptocurrencies, and smart contracts. This
technology offers several benefits to players, including greater privacy,
security, and flexibility. However, it’s essential to understand the underlying
technology before engaging in Bitcoin gambling, as this can help you make
informed decisions and avoid potential pitfalls.
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