The number of Bitcoin casinos has rocketed in recent years as gamblers recognise the advantages of using Bitcoin over traditional currencies.
Yet anyone thinking of visiting a Bitcoin casino for the first time will rightly have concerns about safety.
Gambling itself is a risky business, and there have been several high-profile hacks and thefts in the cryptocurrency market.
Despite this, gambling with Bitcoin isn’t necessarily as perilous as you might think. It could even be argued it’s more secure than gambling with fiat currency.
Why use a Bitcoin casino?
Gambling with Bitcoin instead of conventional currencies brings a whole host of advantages.
One of the biggest benefits is the speed at which you can access your winnings.
Making a withdrawal in a traditional currency can take around a week to complete because of the bureaucracy involved.
A Bitcoin withdrawal, on the other hand, can be completed within minutes because there is no need for transactions to be approved by a third party.
Another perk is low fees. Since there is no third-party approval process, users can send and receive Bitcoin instantly for a negligible cost. This is in stark contrast to traditional online casinos, where transfer fees can be high.
Some people also like the privacy that a Bitcoin casino offers. You can deposit, withdraw, and play in complete anonymity.
Although hacks and thefts are common in the cryptocurrency market, it’s worth pointing out these are largely confined to crypto exchanges.
There has yet to be a major theft at a Bitcoin casino. In fact, Bitcoin casinos could be seen as safer than traditional casinos because of Bitcoin’s cryptographic nature.
Bitcoin transactions are encrypted and verified several times at different points on the network. The private keys used in transfers are extremely lengthy, making them very hard to decode and, arguably, safer than using a credit card.
Spotting rogue casinos
Having said all