Provably Fair

Outputs of an algorithm that can be examined and verified. This term is commonly used in cryptocurrency gambling.

Provably fair is a term most often used by gambling sites. It’s equally important for any gambling sites that allow deposits, withdrawals, and betting with Bitcoin and other cryptocurrencies.

The most trustworthy bitcoin betting sites must be provably fair in order to attract users, scale, and retain users. It’s a basic necessity: prove that you play fair and players will join.
 

What is provably fair?

“In a provably fair gambling system, ... The service operator will publish a method for verifying each transaction in the game. This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game's response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”

In short, a provably fair bitcoin betting site will let you see the mathematical outcome in the game you played. You can check that the game was fair. This helps you trust the site because you can check the results yourself and see where the odds for each game stand.

Of course, all online gambling sites, whether related to cryptocurrency or not, will give the house a leading edge. This is so they can make money. But if a site does not allow you to check their games and outcomes by being provably fair, then who knows -- they might be stacking the odds in their favor far too much. Watch out and only play provably fair games. Even if you don’t check them -- someone will.