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How Safe is a Bitcoin Casino – 2020 Guide

If you are an avid online gambler who frequently spends their leisure time on your computer or mobile phone and plays their favorite casino games, you probably know how prominent this way of doing things has become. During recent years, the online gambling industry has really skyrocketed and overtook any other form of gambling. Traditional casinos you can still visit in your city are quite popular as well, but more and more users are moving online and using the benefits this modern take on casinos.

Even more popular nowadays are bitcoin casinos, which combine two of the most lucrative branches of industry in gambling and cryptocurrency and give the players something that they never knew they needed. The amount of things possible with the most common and valuable digital currency is quickly rising, and companies and individuals alike are beginning to realize this in large numbers. Therefore, anything that can be done online presents a chance to actively use bitcoin to finance it.

However, since it is still a rather new development on the market, bitcoin casinos have not yet earned the necessary recognition and approval from the wider public. As a result, people believe that these casinos are not as safe and secure as the regular alternatives like brick and mortar establishments and the usual online casinos that operate in fiat currencies. Here in the article, we will explore just how safe bitcoin casinos are and whether you should worry about your personal information and funds while gambling. These are the best crypto casinos available right now, as claimed by cryptogamble.tips.

Overview

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Before dwelling deeper into the safety issue, we must familiarize ourselves with some general information about bitcoin casinos. Their number has really increased over the last few years as gamblers and casinos realized the potential of bitcoin. Since both gambling and cryptocurrencies are risky business, how can combining them do any good for anyone? Why would someone wish to finance their gambling with bitcoin?

Well, first of all, switching to bitcoin over regular currencies brings numerous advantages to all the sides involved in the matter. One of these is the sheer speed of accessing and transferring the funds, especially the winnings. Withdrawals and deposits in traditional currencies could take days, even weeks, mostly because of all the laws and bureaucracy that are involved with conventional money.

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Bitcoin transfers on the other hand are completed in a matter of minutes, and there is no third party involved. You and the casino company are the only ones concerned with the transfer no matter who wins and who pays up.

Lower fees of transfers are another amazing benefit of digital currencies no matter where they are applied. Again, since no third parties are needed to approve or oversee the process, the users both send and receive agreed-upon amounts with barely-there costs and fees. With standard online casinos and the usual means of online money transfers, there are usually hefty fees involved, often high enough to turn away potential customers and players.

Lastly, one of the most important benefits of using virtual currencies is the anonymity and privacy that comes alongside it. Transfers and any kind of activity are completely private and nobody knows who is the owner of the electronic wallet associated with the service. It is a win-win situation in any possible case.

Security

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Now that you know more about the whole thing as well as the most beneficial sides of bitcoin casinos, let us talk more about security. Hacks and other forms of online thefts are common in the market of digital currencies, but these are largely reserved for crypto exchanges where users go to do business and trade cryptocurrencies. Through the decade-long history of cryptocurrencies being mainstream, there have been several large attacks on exchanges and other services, but there is yet to be any sort of major theft attempt at bitcoin casinos.

As a matter of fact, bitcoin casinos are much safer than anything else bitcoin-related as well as traditional casinos because of how high the cryptographic nature of bitcoin is. All transactions are heavily encrypted and verified several times during different points of their movement through the network. Private keys that the sides involved use in transfers are lengthy and therefore extremely hard to crack and decode. This way of doing things is much safer than credit cards.

Moreover, bitcoin casinos already have all of the regular security and technology trends applied to the websites and services that regular online casinos have. This provides another layer of defense against hackers and cybercriminals, as well as another guarantee that your information and funds will be safe.

Despite things being like this, there are still some bad people out there who have developed rogue casinos that flat-out not worth your time, trust, and especially money. These shady services aim to defund the users of their hard-earned bitcoin and are therefore cemented on online casino blacklists. Either unsafe thanks to their slow payments, a lack of licenses and proper information, low amounts of security, bad business practices, or unresolved customer problems, these are places you should avoid in a wide circle.

In order to locate a trustworthy bitcoin casino, you have to look for the right details in their practices. They have to be licensed, their online reviews must be above average, and they have to provide all the right features for you to properly handle your cryptocurrency. A number and great variety of casino games is also a sign that they mean business and can be trusted. Once you set up your wallet and connect everything, all that is left for you to do is play your favorite casino games by spending and earning bitcoin.

Conclusion

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In theory, from what you could have picked up from the article, bitcoin casinos are more than worth your trust and time. They are not any less safe than regular top-tier online casinos that go out of their way to protect the data of their users. Since cryptocurrencies are so important in the modern world, you best believe they are even safer. Still, the reputation and practices of the site are key so make sure to do some extensive research before committing to a bitcoin casino.

About Jeanette Iglesias

Jeanette Iglesias

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