Are you concerned about losing all of your money at an online casino? Or maybe you’re wary about having your identity stolen. Because you have to submit extraordinary amount of personal information before being eligible to play. And let’s not forget that the legality of online gambling in certain areas is murky.
Yet you want to play! Casino games are fun, and setting wagers at the same time makes gambling a thrilling experience. And bitcoin can allow you to enjoy the ease of online casino gambling without any of the drawbacks normally associated with such portals. Here’s how:
Bitcoin Transactions Happen Immediately
When bitcoins are transferred between users, the adjustments appear in both party’s wallets immediately. Unlike traditional banking, there is no processing time. Once you win a wager with bitcoins, you can use those bitcoins on other websites.
This quick transaction time also means that you can withdraw all of your bitcoin when you’re done with your latest round of bets. Before anything shady happen with the casino, you’ll have possession of all of your bitcoin. In other words, you control where your bitcoins are stored.
And these transactions not only happen immediately, but also are cheap! The fees associated with bitcoin transactions are very low, and are generally a flat fee rather than a percentage of the total transaction amount. Sometimes bitcoin transactions are even 100% free.
Bitcoin Protects Your Identity
Online casinos like to know where your money comes from, and want to be able to track you down in case of fraud. That’s why many of them ask for a lot of personal information, such as a copy of your ID or even a recent utility bill to prove your address. While it makes sense from the casino’s point of view to require this information, it might make you understandably nervous about the possibility of identity theft.
Enter bitcoin! Bitcoin transactions require nothing but a wallet address, and this can be changed if necessary. You don’t even have to share your name.
And if you’re unsure about local laws regarding online gambling, you’ll feel more at-ease when using bitcoin. Since there’s no need for you to share any personal or identifying information with the casinos, you’ll leave a virtually non-existent “money” trail.
Are There Bitcoin Gambling Scams?
Gambling is inherently prone to scams. Scammers have surely been around as long as people have been placing bets. So are bitcoin scams. But it is much easier to spot the scams than those that use government currency. Not particularly. The best advice you’ll get about avoiding bitcoin gambling scams is to simply bet within the biggest and most reputable bitcoin casinos, such as the online Canadian casino Red Flush. You could search online for user reviews in order to get a sense of the site’s credibility before sending your btcoin there.
Be smart about keeping your computer’s firewall and virus protection software up to date, and don’t click on unknown links or use simple passwords. If your computer is unprotected, it will be an easy target and still run a risk of having your bitcoins stolen.
Bitcoin and “Provably Fair” Online Casinos
The idea of a “provably fair” online casino was born around the time the first bitcoin casinos launched. These casinos essentially have a public register that allows anyone to verify that the game was not rigged. Think about it this way: at a brick and mortar casino, it’s possible to physically verify that the deck contained the right amount and type of cards. With an online casino, you can never be quite sure the deck is as it should be.
That’s not the case with “provably fair” casinos. Bitcoin casinos with this feature provide an additional sense of security thanks to their transparency. You’re unlikely to be cheated with such a casino.
As for the actual technology and algorithms behind this revolutionary idea, we’ll let Jon Matonis explain how it works.
At the end of the day, bitcoin offers some genuine perks in the realm of online casinos and gambling. If you enjoy shooting craps or playing a round or two of poker, go ahead and get those bitcoins ready! These days there are numerous recognized online casinos that accept bitcoin, so you can have fun and feel safe at the same time.