Cryptocurrency is fast becoming the best option for making payments for many gamblers. Amongst the various kinds of coins available, bitcoin seems to be the most frequently used. Every day, punters in India continue to see the advantages of using bitcoins over the Indian rupee. As a result, the list of bitcoin casinos in India and worldwide is on the increase.
Traditional online casinos always have peculiar concerns bothering around safety and security. Similarly, bitcoin casinos have these concerns and even more. That is because the crypto space is relatively new, and therefore, there are many unknown risks.
No doubt, Gambling is a risky game. Even with the said unknown risks, bitcoins do not pose any security threats at all. Bitcoin is probably safer as compared with your Indian rupees. If you are in, let’s find out why.
Before we consider how safe Bitcoin is as a payment method, we will first see the benefits of using it.
The first benefit that bitcoin has over most methods of payment is speed. Using other payment options might take up to 7 days, especially with withdrawals. The delay usually has to do with confirmation and length of the many processes involved.
Bitcoin withdrawals in casinos, on the other hand, would usually take minutes. That’s because, unlike your regular Rupee transactions, there is no need for approvals from a third party.
One other fantastic advantage is the low fees that come with the transactions. The absence of third-parties in the payment process also removes the idea of paying for approval. That means bitcoin users can make instant payments with bitcoins at a cost that is close to negligible. When you compare that with the high rates that might come with regular rupee transactions, you have a massive advantage of saving some cash for yourself.
Also, bitcoins come with a level of privacy. Unlike with regular rupee transactions, payments made with bitcoins are confidential. That is, the transactions would not appear on your bank payments, credit card history, and any other financial record.
Finally, the value of bitcoin could increase while in storage. Therefore, there is a possibility of getting more deals for your rupees with bitcoin. Note that this could be both an advantage and a disadvantage at the same time.
How safe are your Bitcoin payments?
First, let’s make some clarifications. Thefts and hacks in the crypto space are prevalent; however, most of these mishaps happen during exchanges. To date, none of these has been reported in any Bitcoin casino in the world.
As a matter of fact, Bitcoin casinos are safer than regular casinos. That’s because of the cryptographic nature of bitcoin. Meaning, the entire system is fully encrypted with codes. Information can only be sent one way and cannot be accessed except by the intended receiver.
The system ensures that all transactions by their users are encrypted and verified several at different points. Private keys are issued to users, and they are typically long. That makes them hard to decode and probably safer than the use of credit cards.
Spotting fraudulent casinos
Unfortunately, just like you have good and bad casinos, there are good and bad bitcoin casinos. You or anyone else cannot stop them from being fraudulent. But then, you can keep safe by staying away from them.
At the moment, three bitcoin casinos are on the backlist of Casino.org. According to casino.org, they were blacklisted for issues including
- Missing information on licensing
- Complaints with demo games
- Slow payment time
- Poor conduct of business
- Unresolved issues with clients
With a large number of Bitcoin casinos available to you out there, you need to do your research before choosing one.
Before checking anything, you must check the casino’s certification and accreditation. A good bitcoin casino should have a license from a licensing authority.
You can also take a step further by reading reviews and ratings from trusted review websites. These sites would tell you about the casino’s welcome bonus, their software providers, and the depth of their game collections. Some of these review websites even go a step further with a tool called “provably fair.” The tool allows you to verify all rolls’ results, so you cannot cheat by the casino.
How to use bitcoins in online casinos
First, you need to find a bitcoin casino that you can trust following the steps above. After that, proceed to create a bitcoin wallet where you can store your bitcoins.
There are three different types of wallet from which you can choose. There are online wallets, offline software wallets, and hardware wallets. Of all three, hardware wallets are said to be the most secure. On the other hand, online wallets are the easiest to use.
Once you have set up the wallet, proceed to make deposits. You will be requested to enter the address of the wallet where your funds are kept. Within minutes, your finds should now reflect in the balance of your casino account.
Bitcoin casinos offer almost the same level of safety as traditional casinos. The only difference is that they are more secure.
For your own safety, the reputation of the casino is essential. This is especially when you consider that the process is irreversible. Several review websites would give you information on how legit a casino is to help you.