Is it Safe to use Bitcoin for Online Casinos?
Bitcoin is the original cryptocurrency, launched in 2009, that started the digital currency revolution. There are now dozens of ‘Altcoins’ – digital-only currencies – which are slowly growing in popularity. While the concept can seem confusing for some people, many tech-savvy investors have jumped at the opportunity to join the Bitcoin train. Unlike the currencies we are all used to, there are no physical Bitcoins and you don’t need a bank account; everything is kept completely online.
Originally, Bitcoins became a way to invest money in something more profitable than a savings account, but now that that the demand has increased significantly, online retailers are beginning to offer cryptocurrencies as a valid payment method on their sites. One of the most popular type of website to offer cryptocurrency transactions are online casinos.
Online casinos have risen steadily in popularity since the mid-1990s, when the first versions appeared on the internet. In many areas of the world, the online casino industry is now performing better than the land-based version. Different countries have different attitudes to online gambling; while some ban it altogether, others have strict regulations governing what sites can and cannot operate within their boundaries. Many more have yet to put any sort of formal laws in place, leaving online casinos to operate in a legal grey area.
Poker, blackjack, slots, roulette, and many more traditional casino games are all available online. Some casinos specialise in one game, while others host a variety in order to appeal to a greater number of potential customers. Using them is simple: create an account, deposit some funds, and play away. Originally deposits were made by debit or credit card, but with the rise in identity theft and people stealing financial details, many users went looking for safer alternatives.
Third-party providers of e-wallets and virtual debit cards became safer alternatives. Instead of entering your card details into multiple sites whenever you wanted to make a purchase, you just entered them into one. That site would then process the transaction for you, meaning that your details were only ever stored in one place.
Bitcoin was designed to be even more secure, and there are many advantages to playing at a Bitcoin casino. All Bitcoin transactions are completely anonymous, with no personal or financial data attached. Unlike e-wallets, you don’t use a debit or credit card to upload funds first, meaning there’s nothing to link your Bitcoin transactions to the rest of your money. For players from countries where online gambling is either illegal or restricted, this can allow them to play on sites which otherwise wouldn’t process transactions from their country.
But what is it that makes Bitcoin more secure than other online transactions? The difference is in how they are stored. Rather than money sitting in a bank account or an e-wallet, which can be hacked, Bitcoins only exist as a list of balances stored in a public ledger. Transactions are processed through nodes – computers that store Bitcoin’s code – and are visible to anyone on the network. Any irregular activity would be instantly noticeable, and the nodes could divert transactions into a different blockchain (a collection of transactions is a block, a blockchain is a group of these). This unique system of encryption and processing makes Bitcoin virtually unhackable.
Other advantages to using Bitcoin include:
- No bank fees or processing fees from third-party sites
- Instant deposits and withdrawals
- Mobile payments make purchases on the go easy
- No need to have access to banks, cash machines, or other parts of traditional banking systems.
- Peer-to-peer payments don’t need to be authorised or approved which can cause delays in processing time.
When looking for a bitcoin casino online, there is one thing to be aware of. Bitcoin casinos don’t always fall under the same regulations as those which use fiat currency, meaning that they might not be as stringently vetted. To ensure that you choose a safe a reputable casino, make sure you check out a list of recommended sites, like this one at BestCasinoBonuses.co.uk.
As more of the world moves online, it seems inevitable that digital currencies will be the money of the future. While cash and credit/debit cards have worked for an offline world, they are becoming redundant. Transactions which don’t need to go through a bank are faster, simpler, and more secure, and cryptocurrencies like Bitcoin are just the start.
A well-run Bitcoin casino is the safest place to play online. With anonymous transactions your deposits and withdrawals cannot be linked to your bank account, or any other personal or financial data. They can be processed instantly, giving you the reassurance that your money hasn’t got lost in cyberspace while you are waiting for banks to process the funds. And with no processing fees, you know that you will get 100% of your winnings.