In recent years, cryptocurrencies like Bitcoin and Monero have grown in popularity. Since these digital currencies can't be controlled by any single government, they're often used for gambling and other legally-grey areas. While there are a ton of cryptocurrency gambling websites that offer prizes for users, it's important to remember that not all sites are created equal. The following guide explores how crypto gambling works.
Crypto gambling allows users to compete for prizes in a variety of games. These games are often similar to ones that can be found in a regular casino. However, there can be some important differences. Scams are also common in crypto gambling.
The most reputable crypto gambling websites use a reverse hash to generate number seeds. For example, a gambling website may create a code that generates a specific hash. That hash is then run through a hash generator over and over. Since hashes can only be produced in one direction, this produces an accountable trail that mathematically proves that a gambling game is valid.
Scam websites are usually easy to identify. When researching crypto gambling websites, make sure that it provides an audited list of prize winners. Since crypto addresses are public, gambling websites have the ability to award prizes to participants in a way that can be audited. If a crypto gambling website refuses to produce a list of winners identified by their wallet addresses, it's possible that they may be a scam.
It's also a good idea to avoid websites that make outrageous prize claims. Some crypto websites make claims that they can double an individual's Bitcoin wallet in 24 or 48 hours. In many cases, scammers will create advertising accounts and fake websites to lure people into these schemes. When an individual does send their cryptocurrency to a scammer's wallet, they never hear from them again.
By researching crypto websites thoroughly, users can avoid the risk of scams.