One of the most popular digital currencies that are based on blockchain technology is Bitcoin. Some of the online casinos transact with Bitcoin, while others have Bitcoin as an additional currency used for transactions along with traditional currencies like the US dollar.
What is Bitcoin Casino?
Several online casinos have money based games and gambling in Bitcoin, and the numbers are growing day by day. Bitcoin casinos operate all around the world, even though they are subject to local laws. By offering Bitcoin transactions, the casinos provide a wide choice of options for their players to bet their Bitcoins on various games such as gambling games, traditional casino games, spread betting, and sports-based betting and online lotteries.
Why should you use a Bitcoin Casino?
- If you are gambling with Bitcoin and not using conventional currencies, Bitcoin casinos have a host of advantages; one of the major advantages is the speed with which the winnings can be accessed.
- If you are making a withdrawal request in traditional currency, it might take a week to complete the process because certain processes are involved. Using Bitcoin withdrawal can be done within minutes because the transactions need not be approved by a third party.
- One of the other advantages is low fees; as there are no third parties involved in approving, you can send and receive Bitcoin instantly for a low cost. This is in total contrast to traditional online casinos, where they are charged high transfer fees.
- By opting for Bitcoin casino, you will also enjoy the privacy it offers. Users can withdraw, deposit, and play with complete anonymity.
How safe is a Bitcoin Casino?
Although the cryptocurrency market is prone to thefts and hacks, the user should be careful when dealing with crypto exchanges; as of today, there are no major thefts that have happened in Bitcoin casinos. You can see the Bitcoin casinos could be safer than traditional casinos as Bitcoins are cryptographic; the Bitcoin transactions are always encrypted and verified many times at various points on the network. The private keys used in the transfer are lengthy, making them hard to decode, and it is safer than using a credit card.
How to choose a Legitimate Bitcoin Casino?
We have reviewed some of the points which will help you to choose a legit Bitcoin casino. You can keep these considerations in mind when you are playing in an online Bitcoin casino.
- License and Registration: Like any other business, online casinos should be registered and licensed with the governing body that oversees their casino operations. Many Bitcoin casinos have licenses showing that they have passed strict Gambling Laboratories International (GLI) regulations, one of the games licensing bodies committed to ensuring fair practices in the online gaming environment.
- Transparency: Online casinos run on self-developed software known as algorithms to manage their games, and also, they act as a dealer with a pool of players. Few online Bitcoin casinos try to win the user’s trust by notifying how their software algorithm works; thus, users can verify each outcome without interference from third parties.
- Deposits and Withdrawal Methods: Many Bitcoin casinos accept cryptocurrency deposits, but the withdrawals should be made through online wallets like PayPal or your bank. These online casinos use secure connections like secure socket layer (SSL) technology. A Bitcoin casino that uses this technology ensures that the users’ private anonymous withdrawals and deposits can be made using a credit card or through a bank and is safe. This security protects the website from cybersecurity threats by safeguarding the users, ensuring that the website works fine.
- Using Wallet: If you want to fund your casino account, you can use any type of Bitcoin wallet for the safety of your Bitcoins. There are two types of wallets called hot and cold wallets. Hot wallets are less safe than cold wallets because they are always connected to the internet. Cold wallets can be used to store cryptos for a long time with minimum interference. If you want to spend the stored digital cryptocurrencies, you should verify your identity by clicking a button on the hardware wallet.
- Reviews: If you want to check whether the casino is safe or not, you can read the reviews from current and previous users. You can do a Google search of the casino you wish to play, read the user review, and contact them to know more about the casino. If several users have the same problem with the casino, it is better to avoid it than proceeding; also, if you want to avoid risk, you can play safe using smaller amounts of Bitcoins to test it.
- Customer Support: Customer support plays a vital role in online Bitcoin casinos. There are several issues like technical glitches, delayed payouts that need to be sorted out immediately; if there are any delays, it can cause problems. Anonymity is the major factor in Bitcoin casinos, and dedicated customer support is the only way to coordinate with the casino operators. You can check which casino has responsive customer support, shows commitment to their users, and ensures that the casino platform works efficiently to sort out issues.
Are Bitcoin Casinos Regulated?
All casinos that provide services to gamblers, online or offline, need to be regulated by the Gambling Laboratories International(GLI). If a gambling company is opening physically or online, they need to first get a license from the GLI. To get a license, gambling companies should demonstrate their ability to provide safety for the customer’s sensitive data and operate responsibly. Few online casinos offer their services to their users even without getting a license.
The online gambling industry has been revolutionized by Bitcoin, and because of its underlying blockchain technology, the transactions are more affordable and faster than traditional casinos. As we know that cryptocurrencies are cryptographic, we can say that Bitcoin casinos are more secure than fiat currencies. Some of the advantages that are offered by Bitcoin gambling are speedy deposits and withdrawals, anonymity, low fees, and fair gaming. From these factors, we can see why Bitcoin casinos are in high demand.