Part of the attraction to Bitcoin, as a concept, and as a currency, is the idea that you function as your own bank. Simply put, you don’t have to trust anyone else with your money. With the vast corruption of the banking system that has seen so many headlines since 2008, it is no surprise that Bitcoin enjoyed a giant rise in notoriety immediately following those events. Since that is the premise that so many Bitcoin followers are attracted to, the follow-up idea of “provably fair” gaming is a logical next step for those who want to participate in the easily manipulated games of chance that appear online.
Provably fair gambling is a concept that allows the user to check on the house and make sure that the results of the individual games are indeed random. Through the use of modern cryptographic algorithms, the fair and random number is computed and utilized to ensure that the player is receiving the roles or getting dealt the hand that appears to be the fairest deal possible. The “SHA256 hash” algorithm is the most widely used for online gambling purposes. This is available on an international level and allows the audience to see how individual outcomes are contingent upon input from each individual gambler, as well as a confidential number that is randomly chosen and then systematically changed again at regular intervals. This formula is publicly available and viewed so that the users can verify the constant changes and variables, leading to a conclusion that the process can actually be deemed to be fair.
Basically, this entire process has been set up to prove that the host, or the house, did not cheat the user out of his money by unfairly manipulating the individual games of chance in their favor. This entire computation and the use of this cryptographic algorithm in this fashion is allowable when the user is operating from a personal computer, laptop or iPad. Unfortunately, this feature is not available for many mobile applications that are not open source formatted.
With a currency such as Bitcoin in play as a primary currency, this formula and its functional algorithms are in high demand. Users of Bitcoin are compelled to use this product in large part due to its anonymity and safety from manipulation. Investors are also drawn to this currency for these reasons, which further strengthens the backing of Bitcoin and allows the user to enjoy more stability.