In my search for a passive income stream, I stumbled upon online gambling and cryptocurrency betting. This was a totally uncharted territory for me, and on the third day, I got wrecked. Within 1 minute, I lost virtually all the bitcoins I had. If I am asked now, I’d definitely argue and insist that the gambling site was rigged. Needless to say, that was the first and last time I tried gambling.
It is not uncommon to doubt the authenticity of online games and contests. If you are anything like me, then you’ll probably question the mechanisms and parameters used in selecting winners.
A provably fair game is one in which the mechanisms used in selecting winners can be confirmed to be fair.
The concept of ‘provably fair’ has reason with the online crypto gambling niche – online games, casinos, and lotteries. As a matter of fact, I had absolutely no clue what ‘provably fair’ means until I lost my bitcoins to gambling.
Despite the fact that most online legacy gaming sites hype the fairness of their games, there is a lot taking place behind the scenes. The advent of blockchain and smart contracts brought the promise of immutability. Because all transactions are recorded on a distributed public ledger, it is difficult for anyone to trick the blockchain. Nonetheless, another ingredient to the fairness of these games is the “goodwill of the organizers”. And I think this was what was lacking in the gambling site I used.
There needs to be a level of fairness programmed into the game. If this is not built in, then irrespective of how skilled you are, chances are that you may end of losing. Since blockchain is transparent and immutable, a fair game cannot be tampered with, even if the owners want to.
In order to prove to players that there is no room for cheating and that a game is fair, gambling sites provide some form of verification for draws. Also, they can choose to publish the source code of a game.
With all these in mind, the next most logical question to ask is “how to prove the fairness of a game”. At the very least, if an online game claims to be provably fair, then it typically provides a variety of options to confirm this claim.
Taking the “True Flip” Blockchain as an example, there is a link to the open source code of the lottery on their Github page. Also, the rules that govern the game are clearly stated in their repository.
For those who are not tech server, the owners of the platform have provided a tool that can be used by anyone to doublecheck the winning numbers on the blockchain.
It is worth noting that irrespective of the fact that these gaming sites try to prove their fairness, there are many other aspects of online gambling that can be omitted and manipulated to cheat players. Some games are generally more transparent and fair than others. I would not advise anyone to gamble or even think about it after my experience, but if you still choose to try it, stay careful, and always be on the lookout for suspicious activities.
That being said, this site here does seem to be legitimate and i have been able to withdraw and confim that they do pay out Freebitco.in