The term “provably fair” is commonly associated with gambling sites, particularly those that accept deposits, withdrawals, and bets using Bitcoin and other cryptocurrencies.
For reputable Bitcoin betting sites, ensuring provable fairness is crucial for attracting and retaining users, as well as achieving scalability. It is a fundamental requirement: by demonstrating that they operate fairly, these sites can encourage players to join their platforms.
So, what does provably fair mean?
“In a provably fair gambling system, … The service operator will publish a method for verifying each transaction in the game. This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
In essence, a provably fair Bitcoin betting site allows you to examine the mathematical outcome of the game you played. You have the ability to verify that the game was conducted fairly. This transparency builds trust in the site, as you can independently verify the results and assess the odds for each game.
It’s important to note that all online gambling sites, regardless of whether they involve cryptocurrencies, typically have a house edge to generate profits. However, if a site does not offer provably fair games that allow you to verify their fairness, there’s a possibility that they might be excessively stacking the odds in their favor. It’s advisable to be cautious and only engage in games that are provably fair. Even if you personally don’t verify them, rest assured that someone will.