Crypto Terms: Letter C

What is Crypto Gambling?

Crypto Gambling MEANING:
Crypto Gambling - a form of online gambling that is based on smart contracts and uses cryptocurrencies as a means of payment.
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Let's find out Crypto Gambling meaning, definition in crypto, what is Crypto Gambling, and all other detailed facts.

In a way, crypto gambling is similar to traditional gambling. However, instead of fiat currencies, crypto gambling uses cryptocurrencies. In addition to that, unlike traditional gambling, crypto gambling provides players with a provably fair gambling process due to the smart contracts used to define the regulations of the game.

The rules of the game and the odds of winning are both included in the regulations outlined by smart contracts. In traditional gambling, on the other hand, players typically have no idea of the algorithms used in the game, nor do they have any idea of their odds of winning or losing. Thus, this often leads to players getting manipulated into falling for scams.

Getting back to crypto gambling, since smart contracts cannot be changed once they are set in motion, players can be sure that no rules will be changed once they start playing the game. Besides that, all smart contracts are publically stored on the blockchain, which means that anyone can view them anytime.

Now, it's also worth noting that there are two types of gambling platforms – centralized and decentralized. Centralized gambling platforms work pretty much the same as traditional gambling. Thus, when talking about crypto gambling, people usually refer to decentralized crypto gambling platforms.

Speaking of which, there are a number of advantages that decentralized cryptocurrency gambling platforms have over conventional gambling platforms. For example, let's take CoinGames, which is a well-known online decentralized gambling casino.

Just like other decentralized gambling platforms, CoinGames is non-custodial. In other words, the platform is not the owner of the user's funds. Instead, the aforementioned smart contracts are in charge of holding them. These smart contracts hold the funds until the game is finished. Then, if the player wins the game, the funds are released to them (or kept in the smart contract if they lose).

Additionally, since smart contracts can be publicly viewed on the blockchain by anyone, people are able to look into them in order to see how the platform in question operates and how many other players succeeded or lost. This way, it's easier for users to decide if the platform is worthwhile of their time and money, or not.

Now, the last thing that needs to be addressed is whether decentralized gambling platforms like CoinGames are legal or not. Although there is no clear-cut response, these platforms are typically legal in nations and states where gambling is generally accepted.