13 Apr 2022 · 4 min read

Is It Safe to Use Bitcoin for Online Casinos?

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

Bitcoin refers to the original cryptocurrency which has been launched in 2009. Ever since its release, Bitcoin has triggered a real revolution among the world’s currencies. Several tech-savvy investors have joined the bandwagon and decided to invest in this new currency.

In recent years, Bitcoins have also become a popular currency among online casinos. However, several gamblers remain reticent towards using this currency, questioning its level of safety, and means to offer a security guarantee for the customers.

In this article, we will delve into the strategy that stands behind the casinos’ decision of opting for cryptocurrency and offer an analysis on whether customers’ safety and privacy are ensured during the transactions’ processes.

What Advantages Do Crypto Casinos Have Over Traditional Online Casinos?

Many people have the misconception that casinos that choose to opt for Bitcoin as a means of currency don’t practice fair play, and only mean to break the law by causing unjustifiable losses to their customers. The whole concept couldn’t be further from the truth.

Using Bitcoin as the main currency is a decision usually taken when casinos choose to pursue their customer’s best interests. Simply put – there are several reasons why casinos may opt for the use of Bitcoin as the main currency.

The first clear advantage is the guarantee of having much faster payments. Users will no longer have to wait for days to have their payments processed by the casinos. Most transactions will get confirmed in a matter of minutes or hours. The longest period one will have to wait for having a payment processed is one day. However, such delays are rather rare.

Another clear argument in favour of cryptocurrency is how cost-effective it really is. Bitcoin is much cheaper than traditional online payments. That’s because fees are usually smaller compared to the afferent service fees of bank transfers or credit card payments.

The cost-effectiveness is beneficial both for the gamblers and the casino owners. Players get to keep more of their winnings when withdrawing from a website, and the casino no longer losses funds on card fees when gamblers fund their accounts with bitcoins.

Since Bitcoin was launched on the Internet and meant solely for online users, digital currency is a near-perfect solution for online gambling platforms. Credit cards and bank transfers weren’t meant to be used at the large capacity that is demanded nowadays. However, until Bitcoin became a common thing, people didn't have an alternative.

But with Bitcoin becoming the method of payment meant to fit our digital age, all the other payment processors are becoming unnecessary. Because of its online mobile optimization, cryptocurrency can eliminate all the taxes and transfer delays, offering its users a high level of efficiency and ease of use.

Are Bitcoin Gambling Sites Safe and Secure?

In short – yes. Bitcoin is a much safer and more secure method of making payments on online casinos. It all comes down to the way customers’ money is stored. Rather than having money in a bank account that can be easily hacked, bitcoins only exist as a list of balances stored in a public ledger.

Bitcoin transactions are being processed through nodes – computers that store Bitcoins’ codes – which can be visible to anyone on the network. Hence, any irregular activity could be instantly noticeable. This unique system of encryption makes it virtually unhackable.

Privacy is also an important aspect that many gamblers worry about when using credit cards or banking information on online gambling websites. By using Bitcoin wallets, people have the chance to deposit and withdraw funds without risking exposing any personal information to the casinos.

All things considered, we find Bitcoin to be the safest method of storing your money online. As long as you stay away from online wallets, all you need to do in order to protect your private keys is set a strong password. While bank accounts and e-wallets can sometimes be hacked, as long as you don’t share your keys’ passwords, you should be safe from any fraudulent activity when making payments using bitcoin.

If stored correctly, users will no longer have to worry about people finding out about their gambling activity when having to provide bank statements. Although gambling is certainly a legal activity, the stigma associated with it is real and sometimes can’t be ignored. Cryptocurrency is the best solution for making sure your casino transactions will remain separate from other payments.

Gambling at online casinos should be a way of entertainment, not a stressful event. Hence, safely storing your money and ensuring your privacy must be top priorities for gamblers from all over the world.

Conclusion

Nowadays, the Bitcoin currency represents the safest and most advantageous method of payment available for online customers. Its fast processing and private nature help users benefit from fast transactions, while also maintaining their anonymous identity in the online area.