Gambling is one of the most popular use cases for Bitcoin and other cryptocurrencies. Given that, it should come as no surprise that more and more Bitcoin-friendly casinos are popping up online. With an increasing number of bettors raising the stakes and placing their wagers using digital currencies, it’s important to ask, how safe is a Bitcoin Casino?
To answer this question, it’s important to explore why anybody would use a bitcoin casino in the first place. Security is one of the reasons but there are others. It’s also important to know how to spot a not-so-reliable website that might be taking bets in digital currencies. Given the fact that transactions in cryptocurrencies are difficult to trace and pretty much impossible to reverse, risk mitigation is crucial to a fun gaming experience. The only risk bettors want to be taking after all relates to their favorite table games and sports teams.
Overall, using bitcoin to gamble is about as safe as using bitcoin for anything else. It’s ultimately up to the players to do their due diligence, but the details in this post might provide a head start on how to get involved with gambling using bitcoin and other cryptocurrencies, and more importantly, how to do so safely.
Why Gamblers Use Bitcoin Casinos
Here’s a rundown of the few of the reasons bettors like to use bitcoin casinos:
- Transaction speed
- Better odds and promotions
- Here’s a bit more about each of the above benefits.
Make no mistake about it, any website, app, device or server can be hacked. The Bitcoin network, other cryptocurrency networks and their underlying blockchain technologies cannot be hacked. This means as long as a player is done placing wagers and withdraws money from their bitcoin casino of choice, their money is safe.
Bitcoin casinos typically don’t require users to sign up and provide government identification, or even go as far as to provide their real names without identification. While it is possible for government agencies to track unscrupulous activity on the Bitcoin network and ultimately uncover the source of funds related to crime, it would be fairly hard for authorities to crackdown on these gambling sites. This means no waiting to be approved and potentially, no having to answer to tax authorities or claim winnings. Also, no having to tell a significant other about gambling wins or losses.
Bettors can deposit or withdraw cryptocurrency from most bitcoin-friendly sites on the same day. More traditional gambling sites might hold funds for several business days in order to verify the client or deal with third party providers such as banks and online payment portals.
Better Odds and Promotions
Crypto-only betting sites don’t pay out as many fees to large conglomerates like MasterCard, Visa or PayPal. This means they can reduce their expenses and pass on the savings to bettors hungry for a better deal at the tables.
Ways to Spot Unsafe Bitcoin Casinos
One of the dangers of gambling with bitcoin is that most bettors don’t know who’s running the show behind the scenes. Not to worry. There are a few ways to vet these sites independently to ensure fair play and appropriate administrative and business practices.
One quick thing players can do to vet a site is to send a message to the live chat room on the site or email support. Answers written in poor English or provided in a less than timely fashion might be a signal that the site is new, small or lacks a proper administrative team. Robotic answers may also hint at the fact that the website is new.
Another simple way to do a quick background check is to Google reviews written on a given site. Many Bitcoin-friendly sites offer affiliates a commission for introducing new players. Affiliates typically build review websites that list the best of the best because they earn a little bit of a kickback for promoting said sites.
This means it’s still important to be careful about trusting the content written about these sites, but at the same time, the cream always rises to the top. The best and safest Bitcoin betting sites tend to get solid reviews across many different websites.
As always though, the one surefire way to be safe while gambling with a bitcoin casino is to keep proceeds offline after playing, never deposit more than one can afford to lose and contact the platforms to ask the many burning questions before risking any form of currency with a specific site.