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A Look at the Safety and Security of Bitcoin Casinos
Bitcoinist | Feb 20, 2020 | 14:30
How Safe is a Bitcoin Casino?
Whenever we engage in any kind of online activity that involves financial transactions, security is our top concern. In recent years, there has been a proliferation of online casinos accepting Bitcoin as a payment option. In fact, there are even a few casinos where Bitcoin is the only deposit and withdrawal method available.
If you are thinking of using Bitcoin at an online gambling site, you may be rightly concerned about issues of financial safety. Maybe you have heard of some high-profile thefts and cases of hacking involving cryptocurrencies. However, as long as you take some basic precautions, using Bitcoin at an online casino can be even more secure than conventional currencies.
Choosing a Safe Bitcoin Casino
As with any online gambling site, choosing a Bitcoin casino that is secure and trustworthy is the first step. A site is safe to play at if it is licensed and regulated by a recognized oversight body, for example, the UK Gambling Commission or the Malta Gaming Authority. A useful shortcut to finding one of these licensed Bitcoin casinos is to consult an independent reviewer like MrCasinova.com, a site that only recommends thoroughly vetted casinos.
Advantages to Gambling with Bitcoin
While it’s true that there have been some cases of crypto hacking and theft, none of this has occurred at a casino; it’s the crypto exchanges that are targeted. In fact, Bitcoin transactions at a casino are extremely secure, due to the several layers of encryption and verification that occur throughout the process.
In terms of player benefits, Bitcoin transactions are extremely fast and come with very low fees. This is because there is no need for third-party approval, unlike more traditional methods such as credit card payments. Deposits and withdrawals are almost instantaneous and come with negligible costs.
Finally, Bitcoin transactions are entirely anonymous. Many players value the heightened privacy of using this payment method.
How to Use a Bitcoin Casino
In order to use this payment method, it is necessary to set up a Bitcoin wallet. There are three variations of wallet; online, offline and hardware.
Online wallets use cloud storage for your private keys and can be accessed from any device. While they are the most convenient, it is important to safeguard your information by only using private networks to access the wallet.
Offline or software wallets are stored on a desktop, or on a mobile device as an app. The wallet can be accessed from this device only.
Hardware wallets are the most secure, but the least convenient to use. All Bitcoins are stored in a separate, physical piece of equipment that often resembles a USB flash drive.
After this, it is simply a case of linking the wallet to the casino and making instant transactions.
Summary
Using Bitcoin for casino payments is one of the most secure methods available. Transactions are anonymous, fast and low cost. The most obvious disadvantage of this payment method is the fluctuating value of Bitcoin itself. This could mean, for example, that the amount won in a payout may not be worth the same as what is later withdrawn. However, Bitcoin is a reliable casino payment method in terms of security, speed, and fees.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
