While you may have heard of the cryptocurrency Bitcoin, we’d wager that you may be under some misconceptions about this trail-blazing token.
For example, many of you may believe that it’s a volatile and unstable entity, and while it occasionally experiences some relatively wild price movements under specific market conditions, it’s actually far more stable and well-regulated than it was following its inception back in 2009.
In fact, gamblers now have access to Bitcoin casinos, with a growing number of online entities now operating in the UK. You can find out everything you need to know on this bitcoin page on roulettesites.org, but is this payment method safer than regular online casinos?
What is a Bitcoin Casino and How Does it Work?
In simple terms, a Bitcoin casino is an online gambling sites that allows players to wager using the market leading cryptocurrency,
It’s also relatively common to find casinos that only allow players to wager using Bitcoin, but this represents a relatively niche section of the market and one that continues to grow with every passing year.
It’s also incredibly easy to wager with Bitcoin, just as it is with any other online payment method. To begin with, you simply need to register with your chosen Bitcoin casino, the majority of which won’t require account verification when you deposit using a cryptocurrency of this type.
Then, you simply need to head to the wallet or banking section and select Bitcoin as your preferred payment method.
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You’ll then have to copy the deposit address that you’re subsequently shown or scan the QR code that’s displayed, before sending Bitcoin to your address and starting to play!
Whether you play at a regular casino that accepts Bitcoin or a platform that only allows for Bitcoin wagering, you’ll also face minimum and maximum thresholds when depositing or withdrawing cash.
These will typically vary from one operator to another, with top casinos such as BetVictor currently allowing deposits between the value of £5 and £50,000.
Regardless of these limits, however, all Bitcoin deposits are completed instantly, which enables players to wager and claim any rewards or bonuses that they’re due immediately.
The Benefits of Bitcoin Gambling
Bitcoin is a truly unique currency, and one that’s powered by blockchain’s digital ledger technology.
Mining is also central to Bitcoin’s Proof-of-Work protocol, and maintaining the cryptocurrency’s decentralised and utterly unique nature. In short, users can actively verify Bitcoin transactions in the block in exchange for tokens, while simultaneously ensuring that the currency remains free from any central authority.
This highlights one of the main advantages of Bitcoin, which drives immutable transactions that cannot be manipulated or altered by a central or governing authority.
Make no mistake; this creates one of the most transparent payment methods in the digital age, which is ideal when wagering regularly and sharing your personal information at an online casino.
Interestingly, you can also use Bitcoin to wager from a decentralised wallet or email address. As neither is linked to your bank account, you can wager with anonymity and without having payments show on your bank statement.
This is a huge boon for gamblers, particularly those that intend to apply for credit in the near-term and may not want to risk having their chances scuppered by questionable purchases.
It’s also fair to surmise that Bitcoin is a cheap currency to access, as there’s no central authority with the autonomy to charge deposit or withdrawal fees.
Occasionally, you may come across a casino that charges a standard withdrawal fee for all payment methods, but this has nothing to do with the currency itself.
The Last Word – Are Bitcoin Casinos Safer Than Standard Platforms?
Another key benefit of Bitcoin is that this currency is largely considered to be incredibly safe, thanks to unique levels of encryption and the fact that it’s incredibly difficult to hack the underlying technology.
Arguably, this is the single biggest advantage of playing at a Bitcoin casino, primarily because players can minimise the amount of personal and financial information that they’re required to share online.
More specifically, you won’t necessarily have to share an email address or card details when wagering online, and this provides an additional layer of protections alongside 128-bit encryption.
This, along with the speed and transparency of Bitcoin, makes this cryptocurrency one of the most secure ways of transferring money online. It can therefore be argued that Bitcoin casinos are amongst the safest out there, particularly those that feature the cryptocurrency as the sole available payment method.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com