The emergence of cryptocurrency brought about several scepticisms initially. However, over time, the impact of digital currency has been felt in different online business industries, and more people have accepted cryptocurrency as the funds of the future. Several other alternative currencies, simply named Altcoin, have followed following the launch of the first cryptocurrency in 2009. Today, there are more than hundreds of cryptocurrencies in the world. However, is it safe to use cryptocurrencies? is it safe to use Bitcoin in online casinos?
Bitcoin, in particular, has become a widely accepted means of exchange online. People now use Bitcoin to purchase and sell products and services than ever. Although the idea of cryptocurrency still appears confusing to some individuals, thousands of tech-oriented business people and investors are joining the world of digital currency. This includes hundreds of savvy online casinos who seek to make means of deposits and withdrawal less challenging for their patrons.
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If you would like to learn more about Bitcoin and whether it is a safe means of the transaction with online casinos, this article is written for you.
Introducing Bitcoin
Bitcoin is a digital currency kept in a cryptocurrency wallet – and not in a physical bank. Every transaction involving Bitcoin is done online. Hence, you don’t have to register with a bank or visit a bank before you can purchase with your cryptocurrency. Initially, people consider Bitcoin as a smart way of investing their funds. However, with the growing demands for Bitcoin, several online dealers accept cryptocurrency as a valid means of payment. Notable among such dealers are the online betting households.
Online Casinos and Bitcoin
During the mid-’90s, the casino was introduced into the digital world. Since then, online casinos have continued to experience a surge in popularity. Currently, several online casinos are getting more patrons compared to the physical casinos in some nations. Understandably, while some countries are more receptive to the concept of online casinos, other countries allow the operations of online casinos with strict regulations and laws. At the same time, certain countries are yet to put down formal legislation regarding online casinos in their country.
What Are Online Casinos?
Just as you would find many games in land-based casinos, online betting households offer roulette, slot games, blackjack, poker, keno, fishing games, etc. While some online casinos specialize in a game category, others have a wide-ranging list of games in their game catalogue. Aside from game options, every patron can set up an account with a few clicks without leaving their homes. Once you register, simply log in, deposit, and start gaming. That’s all. Until recently, bank transfers, debit cards, and credit cards are the major means of depositing and withdrawing funds from online casinos. However, a rise in online scamming, phishing, and impersonating cases has spurred online casinos to find a more secure alternative.
This led to e-wallets and virtual debit cards from a third-party provider, which are considered a safer means. Rather than submitting card details to several sites to make a purchase, all you need is register with a single provider. The provider would then process your transaction and ensure that your details are kept safe.
How To Use Bitcoin in Online Casinos?
Later on, Bitcoin was found to be even more secure. Using Bitcoin casino comes with multiple benefits. First off, every transaction with Bitcoin is entirely anonymous without any personal or financial data required. More so, Bitcoin doesn’t require you to use a credit or debit card as found with an e-wallet. This technique is more advantageous for gamers from countries that do not allow online gaming. Bitcoin transaction allows you to bet without the prying eyes of the government on financial records.
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What Makes Bitcoin Safe on Online Casinos?
The key point that makes Bitcoin more secure than other means of payment is storage. By finding some loopholes, hackers can access money saved in an e-wallet or bank account. On the contrary, Bitcoin only occurs as a list of transactions kept in a public ledger.
Every Bitcoin transaction is processed via nodes, which are computers storing the code of Bitcoin. These nodes are visible to everyone in the cryptocurrency network. This makes it easy to spot any irregularities in transactions.
If any malicious action happens, the nodes will divert the cryptocurrency to a different blockchain, a group of transactions. With this special encryption method, it is impossible to hack a Bitcoin transaction.
Other Special Qualities of Bitcoin
Aside from the impenetrable transaction method, Bitcoin offers many other advantages. By using cryptocurrency as your means of payment, you are saved from bank fees or processing fees for those using third-party payment platforms.
Cryptocurrency payment is instant for withdrawal and payment. Also, it allows you to bet on the go. Since it doesn’t run on a cash machine or require bank savings, users don’t have to queue in the bank or visit a payment machine. More so, you don’t need a special authorization to perform peer-to-peer payment that can cause a delayed processing time.
Conclusion
Before rounding up, it is worth noting that Bitcoin casinos are not under the same legislation as those operating with fiat currency. This means that a solid vetting might not have been done on them. Hence, you have a responsibility to perform due diligence on your preferred online casino. Ensure that the online casino is a reputable organization with relevant licenses from gaming authorities.
The ever-growing digital currencies are destined to be the money of the future, especially as cash and credit/debit cards are becoming redundant online. With the advancement in technology and eCommerce, transactions are likely to shift significantly towards using cryptocurrencies – they are faster, more accessible, and more secure than bank transactions, after all.
Going forward, a reputable Bitcoin casino appears to be the safest betting platform regarding transactions. Since every transaction is done anonymously, no deposit or withdrawal can be traced to your bank account or any personal financial record. Bitcoin casino gives you instant processing and assurances that your funds are safe from cyberspace criminals. Besides, no processing fees mean getting a complete fund of your winnings from the betting platform.