Bitcoins have now been around for more than 10 years. In terms of currency, it is still a novel one, a digital asset you can trade without barriers. It is only natural then that we see so many domains encompassing the Bitcoin into their affairs. One of them is the online gambling industry, with Bitcoin casinos sprouting everywhere like mushrooms after heavy rain. When you think about it, it all makes sense as the Bitcoin provides everything a player would want.
It’s easy to see the advantages of playing with Bitcoin has for the regular gambler, which is why Bitcoin casinos have come to become so popular. Surely, there’s still that reserved mentality for anyone visiting a new Bitcoin casino for the first time. Which is not a bad thing, as security is important everywhere. Gambling is nothing but a risky business in itself, to begin with. Still, gambling with Bitcoin is about as safe as it can get for players anywhere on the planet. Most experts argue that it has become safer to gamble with Bitcoins than with the dollar.
What makes Bitcoin casinos special?
As stated above, if you decide on gambling with Bitcoins, you’ll see a ton of advantages simply for choosing this virtual currency. Probably the most important one is the speed, moreover, the speed with which you will be able to access your winnings. Withdrawals are simply incredibly fast, topping any traditional fiat currency process to its knees. It can take up to a week for a normal winning to become available in your account. With Bitcoins, everything happens in a few minutes as there are no middlemen or transactions to be verified by any third parties.
If there are no middlemen, there are no fees either. You can simply send or receive Bitcoins in an instant without a cost. Online casinos working with fiat currency can’t do this as there is interest and transfer fees which are most of the time high. Bitcoin is also acing the privacy sector no traditional casino can offer. If you choose, you can bank and play with total anonymity.
The cryptocurrency market is no stranger to hacks and all sorts of digital thefts, unfortunately. Luckily, all of these mishaps usually take place on exchanges, not with casinos. So far there hasn’t been a great online Bitcoin casino theft recorded. Actually Bitcoin casinos are sometimes safer than the traditional ones just because Bitcoins are cryptographic in nature. Every transaction with Bitcoins is encrypted, meaning it gets verified more than once on a few nodes of the blockchain. Anti-theft is ensured by the lengthy private keys, impossible to decode and therefore safer than when you’re paying online with a card.
How to spot “criminal” Bitcoin casinos
As with any industry, the online Bitcoin casinos one has the great and the “criminal” spots out there. Just like with the brick-and-mortar places, sure enough. There are a few casinos on an unofficial blacklist you can check online, all of which are accepting Bitcoins, but we’re not focusing on them. These casinos are unsafe because other users have repeatedly reported more than one violation of common sense and even laws. Illicit practices, no return calls for customer service problems, uneven gameplay, slow times for processing payments and little to no information on the licensing of the place.
The good news is, there are so many great online casinos that accept Bitcoins out there, you are most likely going to land on a fair one. Do your own part and read the reviews online, see what people are playing on and what casinos they trust the most. It also means checking for a licence that’s accepted wherever you’re a resident. If your casino has no license, make sure it is somewhat regulated and has provably fair algorithms installed so that you can personally verify the fairness of the games you’re about to play.
Again, you don’t have to check a blacklist but just read the reviews online and watch for the ratings of the casino on speciality site, and you should be fine. Check for the fairness on bonuses, the software developers supplying the portal and their reputation, the library of games and so on. Finally, for the ultimate protection, check for a casino that’s uses provably fair, which means you can easily verify if the hands you’ve been dealt are in fact 100% fair and haven’t been mingled with by the administrators of the portal.
Playing on an online Bitcoin casino
Finding the online Bitcoin casino you can trust is the tricky part. The fun part starts when you decide to go for it and have some fun. And maybe earn some virtual coins on the side. The first thing you have to do is to have a Bitcoins wallet. These can be online, offline or in software form or completely offline or in hardware mode.
Hardware wallets are the most secured, that’s for sure, but also the hardest to move coins in and out from. For regular sums of cryptocurrencies, an online wallet is the best way to go. Once you’ve got a wallet ready and have some Bitcoins in it, simply deposit some of your virtual cash on the casino of your choice and you’re good to go.
How to choose the right Bitcoin casino
Each Bitcoin casino site will come with some advantages and then some disadvantages. Quality of games might be your no. 1 interest, which is fine. You will, therefore, look for a casino that has few games but that has the best of the best. If you want diversity, you’ll look for a casino that has all of the games you can possibly think about. Just to be covered in case you get bored and don’t want to change houses every 4 days or so.
Also look for fees, security options and banking when you’re choosing your next Bitcoin casino. A great casino that operates with cryptocurrencies has no fees or very small ones, offers anonymity for the players and has an instant payout system that actually works. Looking for these three features and finding them means you’ve found yourself the online Bitcoin casino of your dreams.
A final reminder…
Given everything that we’ve talked about in this post, it is safe to say a Bitcoin casino is no less safe than a regular one. In theory and practice, it is the other way around, with online Bitcoin casinos becoming safer and safer than traditional online portals. The most important thing you can check for when looking for a new casino is the reputation of the site. With Bitcoin being an anonymous entity, having a reputable place where you can trade with it is crucial.
The good news is the internet is filled with great review sites where you can start your research on. All you have to do is scroll down these sites and see which casinos have the best reviews and which are cutting the branch off beneath their own feet. Independent review sites are out of the control of casino websites, which means they can be trusted. Enjoying the benefits of Bitcoin gaming on the web, anonymity, fast banking, no fees (or very low ones) and the use of provably fair algorithms, Bitcoin casinos are surely overtaking the gambling industry day after day.