The topic of the gambling business has always been spammed with various types of fakes and myths, and the more obvious is a lie, then faster it spreads.
Instant withdrawal for BTC casino is one example. On the Internet, you will find a large number of articles that talk about instant payments in bitcoins at the online casinos, that have become possible thanks to blockchain technology. But is this so, why sometimes disbursement options are not keeping up with customer expectations, and what are the advantages of blockchain technology compared to our usual deposits and withdrawals?
In order to understand this issue, it is necessary to analyze the main differences between blockchain services and others. To do this, we have collected terms that are often used when discussing blockchain. They will help you understand how the distributed ledger technology works and how it affects the speed of payments in online bitcoin casinos.
Something of value: for example, money, property, securities, information. Assets can exist in the real world, such as an apartment or a car, or they can be completely digital, such as game chips or coins.
When people transfer assets to each other, it is called a transaction.
Supposing, Bob has 1000 playing coins in usual casino and has decided to give (or sell) them to Ginger. This will be the transaction. Not only the asset itself can be transferred but also the ownership rights to it from one owner to another. For example, Bob’s coins remain in the casino, but he decided to transfer ownership of them to Ginger. This is also a transaction.
And the main thing here is a transaction accounting.
Bitcoin Transaction accounting
Transaction accounting is the recording of all transfers of an asset or rights to it from one person to another. And here a key question arises: how reliable and confidential is the mechanism for confirming the transfer of rights?
Bob can solemnly give a friend a postcard confirming that the chips are now hers. Can send this postcard by mail or pass through a casino dealer. And most importantly, Bob must inform the casino itself that Ginger is now the new owner of the coins. And a corresponding record should appear in the casino.
Imagine now that the big book of casino coins’ holders has suffered. All records have disappeared. And the post office or the dealer lost the postcard. How can Ginger prove her ownership now? Unfortunately, this happens sometimes. For example, you decide to make a deposit, and exactly at this moment could emerge the problems with the bank’s systems, hacker attacks, fraud, or employee errors that can cause failure at any of the stages of the deposit or withdrawal. This, of course, rarely happens, but it does happen. And then the transaction records can disappear or change, and the operations can be suspended.
These operational risks are unavoidable if specific organizations maintain records and only keep transaction records in one place. Blockchain technology mitigates such risks because it offers a distributed ledger-based.
If some network participants turn off their computers and some of the transactions are not reflected or their records turn out to be incorrect, this will not affect the network operation. The consensus procedure, that is, reaching an agreement, will restore the correct information.
What if one of the casino employees intentionally or accidentally enters the wrong entry in their notebook? For example, that Bob did not give his chips to Ginger, but to Julie? It’s simple: before writing down the next line, all co-workers check their notebooks. The option that is recorded by the majority is recognized as correct.
In real blockchain networks, several transactions occur over a certain period of time. And transaction records are included in one block.
A block is a distributed ledger record of multiple transactions. It reflects who transferred to whom and when what amount of assets. All blocks are connected in series into one serial circuit.
The blockchain chain is inseparable since each block contains a link to the previous one. Blocks cannot be changed or deleted, only new ones can be added. Thus, you can always restore the history of transfers of a particular asset from hand to hand and find out its current owner.
Dealers or other employees at blockchain bitcoin casinos have a strict rule: they cannot correct or cross out anything in their notebooks. Transactions cannot be canceled. If Bob gave coins to Ginger, he can no longer change his mind, playback, and transfer the coins to Julie. Only Ginger can now do something with these coins.
Where and how exactly do transaction participants receive transfers? To do this, they use anonymous digital wallets.
A digital wallet is a special identifier. It stores a record of the member’s account status (and this is not necessarily money, but any assets). The wallet also allows you to find out the entire history of transactions of a particular participant. Most often, such wallets are anonymous – they do not allow you to find out exactly who accepts or sends assets from him. E-wallet data and blockchain transactions are protected by encryption.
How can you ensure that your transaction and wallet status information is correct, complete, and confidential? How to get access to your assets in anonymity? There is a whole science of how to solve these problems – cryptography. Encryption is one of its methods. In blockchain networks, the buyer and seller of an asset confirm the transaction using cryptographic keys – special unique digital codes. It is almost impossible to guess the sequence of digital codes of cryptographic keys. This makes blockchain technology one of the best for financial transactions and provides to online bitcoin casino the fastest withdrawals. And do not forget that you have to choose only reliable information resources to get truthful information about fast payments in the online bitcoin casino.
In the blockchain BTC casino, all transactions are carried out directly without the participation of banks, which increases their speed of payments. But they cannot happen instantly, since it is still necessary to spend some time processing the request. Since when using the blockchain, data is stored simultaneously on many computers, and the data cannot be changed – this makes the system fair and reduces the risk of fraud. In addition, all information is stored publicly, and players can always access and check it. At the same time, users will remain anonymous. But still, online BTC casinos definitely have the fastest withdrawal. So using blockchain technology in the gambling business provides Low commission and fast transactions. Paying at bitcoin online casinos is fast due to the absence of third parties. But still do not instant.