Many are asking this question in regards to Bitcoin: how safe is to gamble with it? The concern is coming from the vast amount of personal information that is being asked by most legal online casinos at a registration point. Lots of people are feeling uncomfortable with getting involved as they need to provide copies of ID’s, utility bills and so on. In fact, it allowed the person to be tracked and also kills any anonymity.
Bitcoin is Anonymous
One of the best-loved things of Bitcoin is that is entirely anonymous. Payments are sent without having to share personal information, and the same concept can work for casinos: since there is no need for a verification process for deposits and withdrawals the whole process is a lot more secure and fast. As far as online casinos companies are concerned this is an excellent thing as it opens up the opportunity to target players in jurisdictions where online gambling is not allowed or where there are grey areas: with Bitcoin, there is no way to find out where the players are living.
Bitcoin is Fast
When a Bitcoin transfer is made the other party receives the funds almost instantly. For this reason, there is no need to wait long days and also there is no risk that the money will be confiscated or the transfer denied. Once the transaction is completed, it is done and can’t be reverted.
Players that are gambling in online casinos with Bitcoin can deposit and withdraw their money as soon as they have finished playing for the day to avoid that the casino is keeping their money. Bitcoin has tiny withdrawals costs, and this allows players to be in control of their money and do multiple deposits and withdrawals a day into their Bitcoin wallet. So the risk that the casino will shut down and walk away with their money from one day to another is minimised.
In addition to this, the Bitcoin can be sent from anywhere in the world: Bitcoin wallets function from all major computers, mobiles and tablets so anyone can transfer money from everywhere in the world as long as there is an internet connection.
Bitcoin Casinos Are Normally Fair
Casinos that are using Bitcoin usually are ‘fair’ and to provide a unique script where players can verify that everything is random. Most of them are audited as part of their license by third-party companies that do check their games are completely random and fair.
Bitcoin Transaction Fees Are Extremely Low
Transacting with Bitcoin is not only simple but very cheap and in some situations, even free. This has main advantages in regards to online gambling:
Players can transfer money to and from online casinos without having to pay significant fees regardless of the amount of cash being moved.
Players can also increase security and anonymity of their funds by using different wallets for every deposit and withdrawal.
Being able to transfer money back and forward without a financial impact lower the risk of playing with an online casino as even if the casino suddenly disappears they won’t be actually holding any of your money (if for example, you withdraw every time you have finished playing).
Another clear advantage of using Bitcoin is that they have very low minimum deposits and withdrawals limits and sometimes there are not even limits at all. The majority of online casinos allow players to deposit as little as £1 and leave with £2 without any problem: the fun will be the same without the risk of having to deposit more cash.
Choosing Reputable Sites
Since Bitcoin are anonymous and transactions are irreversible, it is essential to check that you are playing with reputable sites. There are lots of online casinos aggregators where you can check independent reviews and ensuring you are picking a casino operator. Just like any business, although the majority will be legitimate, there are still some rogue operators and doing a quick research before signing up will help you to avoid those.
It is clear that Bitcoin resolves some of the most significant issues around gambling online. It permits players to gamble with complete anonymity and reduce to nearly zero the costs of making deposits and withdrawals. When it comes to online gambling, Bitcoin is making the whole industry safer with the only caveat that you need to make sure you avoid any rogue operator, but this is a common thing for every business in every industry.