01 Sep '12, 6am

Bitcoin Blogger: Bitcoins Give Rise to Crypto Casinos

Bitcoin Blogger: Bitcoins Give Rise to Crypto Casinos

Many online casinos use auditing services that allow accountants to verify a casino's winnings. Companies such as PricewaterhouseCoopers are hired so online casinos can earn a certificate to proudly display on their website that claims they are honest and trustworthy. Gamblers have to trust the auditing service and the casino that their games are completely fair. There are some cleverly developed gambling websites, however, that utilize cryptography to provide a greater level of trust that no human-based auditing service can provide. Cryptographic casinos allows patrons to verify each bet and that the games are fair. One such gambling service is "bitlotto.com " which operates on top of the bitcoin network. To play, one needs to send 0.25 bitcoins to a bitcoin address. The transaction itself is the lottery ticket. Because the bitcoin block chain is visible to anyone you can...

Full article: http://www.bitcoinblogger.com/2011/08/bitcoins-give-rise-...

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