Is it Safe to use Bitcoin for Online Casinos?
Over half a decade, cryptocurrencies have gained a lot of attention and popularity in the digital world. Millions of individuals and hundreds of industries are starting to realize the incredible potentials of virtual currencies. Hence, it’s not surprising that many alternative coins have followed up the main cryptocurrency known as Bitcoin. More excitingly, digital currencies are being integrated into various businesses online as a payment option.
One of the earliest industries to accept cryptocurrency is the online casino. In recent years, many top online casinos, such as BK8 online casino Singapore, have started accepting Bitcoin as means of deposit on their platforms. Considering the vast benefits of using cryptocurrencies, the number of cryptocasino is only expected to increase. However, not every online gamer understands the relationship between cryptocurrency and online casinos, as many still wonder whether it’s safe to use Bitcoin for betting or not. Here’s a comprehensive guide to bitcoin casinos that will answer all of your questions. Enjoy reading!
Introducing Bitcoin casino
As the name suggests, bitcoin casino is about using cryptocurrencies for payment in an online casino. Even though some casinos are already accepting other coins such as ethereum, the most widely accepted digital coin is bitcoin. Several benefits are associated with betting with cryptocurrency and withdrawing in virtual coins. For instance, some payments take a few hours to process fiat currency and deposit into the casino account. On the contrary, paying with cryptocurrency does not take more than a few seconds.
Furthermore, there is no need for identity verification when you use the cryptocurrency payment method. For transactions, you only need your wallet address. Also, cryptocurrency transactions can be made as many times as you want daily – in contrast to a limited number of transactions by local banks. These, and many more benefits, make paying casinos with bitcoin a more attractive option.
Is it safe to play casino with bitcoin?
Understandably, security and confidentiality are two important elements when it comes to online financial transactions. However, many savvy online casinos have seen another way to further lower the challenges of possible security concerns during transactions with cryptocurrency payment.
If you have had to deal with security issues, hacking, phishing, or other forms of cybercrimes during transactions in the past, it’s understandable to be concerned about using cryptocurrency for payment. However, the good news is that as long as you follow the right process and bet with a reliable and widely recognized betting platform, it’s completely safe to bet with bitcoin.
How to select a safe bitcoin casino
As mentioned earlier, an integral part of running online betting with cryptocurrency is to choose a respectable and trusted betting site. However, how do you find a reliable betting site accepting bitcoin? The reality is that several betting sites online claim to accept cryptocurrency. But before signing up, endeavor to check if the online casino is licensed and regulated by relevant gambling authorities such as Philippine Amusement and Gaming Corporation (PAGCOR), Malta Gaming Authority, or UK Gambling Commission. Also, it’s important to check whether the betting site has track records among experienced bettors. Simply search reviews about the casino online, especially in terms of accepting bitcoin as it claims. An audited betting site by BMM or iTECH labs can also be trusted.
Benefits of playing casino with bitcoin
Admittedly, some cases of cybercrimes have been reported. However, there is no case of cryptocurrencies being hacked at an online casino yet. In other words, playing casinos with cryptocurrency is quite secure and safe. This is due to the several protocols associated with the transactions. Sending a payment to a reliable casino online involves an encryption and verification process. Thus, no one can access your crypto wallet in an online betting platform without your multiple express approvals.
Furthermore, bitcoin transactions are swift with very low charges. Within a few seconds, the amount of bitcoin sent will reflect in your casino account. Also, contrary to a considerable percentage charged by online payment systems, the charges involved in cryptocurrency are extremely low. Another significant benefit of bitcoin transactions is that third-party approval is not required, unlike conventional means such as credit card payment.
Whether you withdraw or deposit, it’s instantaneous. More importantly, every transaction via crypto-wallet is completely anonymous. This means that the government nor any financial institutions will have a record of your transaction to the betting platform. Thus, it’s not only safe to play casino with bitcoin but completely confidential.
How to start playing casino with bitcoin
Cryptocurrency gambling is a rather basic process. Notable betting sites like BK8 that accepts bitcoins offer multiple gaming and betting options. This ranges from slots game, roulette, baccarat, blackjack, Sic Bo, sports betting, to fishing games. After successful registration on the betting site, the next thing is to deposit in your casino. Follow the steps below:
- Choose your cryptocurrency: Bitcoin and ethereum are the most common cryptocurrencies accepted in cryptocasino. Decide on the coin you would like to bet on a bitcoin casino.
- Transfer from your digital wallet: Whether you use blockchain, trust wallet, or binance, you can easily transfer from your digital wallet to your registered betting platform. All you need is to copy and paste the cryptocurrency address of your online casino wallet and fund it.
After winning during your betting sessions, you can also withdraw your money into your crypto wallet. From there, you can change it into fiat currency.
Final note
With the multiple advantages of playing casinos using bitcoin, it’s expected to see cryptocasino growing within the gambling industry. If you have cryptocurrency already, you can go ahead and start betting on a trusted bitcoin casino like BK8, register with BK8 now. This gives you additional protection and confidentiality. However, if you don’t have it yet, you can purchase cryptocurrency using fiat currency on reliable cryptocurrency sites, then use it for your betting sessions. It’s straightforward, convenient, and more secure. Good luck, champ!