Online gambling has been around for quite some time, and while a lot of people are fans of it, many were not, at least not until decentralized crypto casino platforms were introduced. But why does the introduction of decentralization impact the community so much? Let us talk about that.
What are the core principles of Traditional Online Gambling?
When it comes to traditional online gambling that is centralized, the biggest reason why people disliked it is that people relied on the gambling operators for pretty much anything in the system and, most importantly, the winnings they have earned. Withdrawals were always handed out by the operators, which could sometimes take up to a whole month for someone to receive their winnings, and by that time, which was honestly unacceptable.
What is the core principle of Decentralized Gambling?
When it comes to decentralized crypto casino operators, the good thing is that the dependence is not on the operator of the site but it is on the cryptocurrency transactions instead. Because there is no centralized authority to handle withdrawals, there is no autocracy, which is why this form of gambling casino is becoming more popular, as it would almost always give instant withdrawals.
What are other differences between these two types?
While the main and most important difference is the central authority, as all the transactions such as deposits, withdrawals, and distributions are recorded on the distributed ledger technology of the blockchain, there are some other differences that you should know of.
The verifications process
With centralized online casinos, there is a registration process that you might be familiar with if you have already done some online betting and gambling. You would have to give out your name, address, and other personal information, such as your credit card, which is not something that everyone is comfortable with, as that information can be sold to other companies or used for aimed advertisement.
There are certain sites that would even ask you for your ID with the photo, which is quite repelling compared to the decentralized gambling registration process, which actually doesn’t require you any information at all. All the information you need is the unique wallet address you will be using to make deposits and withdrawals, and that is it.
Because of this anonymity, crypto betting has been becoming the primary way of gambling for a lot of people. Another thing that a lot of people can do with this anonymity is something that we do not encourage, but it is to go around the government laws to gamble at a crypto casino, which is not considered illegal in almost all countries.
Legitimacy and transparency
Something that a lot of people like with centralized and love with decentralized gambling is the fact that there is a lot of transparency when it comes to historical gaming data. With centralized casinos, players once again rely on the operators, as they keep all of the databases behind their closed doors, while the decentralized casinos have all data available on the public ledger. This makes things much easier to keep track of legitimacy and avoidance of fraud.
Another thing that makes a decentralized crypto casino a better option than a centralized one is the transaction fees. In the centralized variants, the institutions will charge high fees for players that want to gamble, and withdrawals sometimes have high fees as well. This is not the case for decentralized crypto casino institutions, as the fees are incredibly low, which makes microtransactions more appealing.
It is a well-known fact that the house in centralized casinos has a very big edge because they want to make as big of a profit from their players as possible. However, when it comes to decentralized casinos, the house edge is much smaller, and players can participate by just holding the token. It is also great that the players can gamble not only against the house but also against each other, which kind of makes things more fair and interesting.
What are the best Decentralized sites to bet on?
When it comes to the best crypto betting sites that are decentralized, the list is surprisingly quite long, as decentralized gambling has become very popular.
One of the most recommended truly decentralized crypto betting casinos is Peergame.com. Here, you will be able to play all kinds of casino games, from slots to card games and table games. What a lot of people love about this site is transparency.
If you are looking for a site where you can use all of those crypto betting tips, then Earnbet.io is the place to do so, as all of the bets on this site are provably fair, and they are recorded on the blockchain. You can freely enjoy games like dice, blackjack, baccarat, crash, and Hi-lo.
Another decentralized casino you might want to check out is Edgeless.io, and while it does not offer that many games, it is a great place to gamble. Just like the name suggests, the house edge is minimal, and you can play games like dice, roulette, blackjack, slots, crash, under the aegis, video poker, and more.