Security Tips for Bitcoin Gambling

Essential Security Tips for Gambling Safely Using Bitcoin

Security Tips For Bitcoin Gambling IconThanks to the massive expansion of cryptocurrencies in 2021, statistics now show that there are around 8 million crypto users globally. Their acceptance rate is increasing, especially for the number 1 cryptocurrency on the market – Bitcoin.

 

Recently, not only did Bitcoin became an accepted payment method at countless global brands such as Expedia, Starbucks, Wikipedia, AT&T, etc., but it also made a ground-breaking move by becoming the first officially recognized digital asset by a country. Earlier in 2021, El Salvador became the world’s first nation to legalize Bitcoin in its entirety.

 

Many online casinos also now take Bitcoin, and there’s no denying the fact that Bitcoin is likely to dominate the world in the near future. The reason why Bitcoin became such a commonly used asset is that it is extremely superior compared to regular payment methods. Some of the areas in which it shows its superiority is efficient online transactions, voiding unnecessary and/or added fees, greater security, and of course, the chance to make a profit.

 

Efficient online transactions is arguably the biggest advantage as every payment made online with Bitcoin is nearly instant. That is not the case with some of the most commonly used payment methods of today. Let’s compare it to credit/debit cards. Research shows that 85% of the people who are paying online use a debit card. Now, when using it to transfer funds, the money is immediately taken from the sender’s account.

 

But the problem here is that it takes a while before the funds are sent to the receiver. As banks process them, it may take up to 7 business days before the transaction is complete. That’s not the case with Bitcoin as every transaction is complete almost instantly.

 

One of the industries that have fully accepted Bitcoin is the online casino industry. Due to the fact that it is fully optimized for online use, these platforms were more than open to allowing their registered players to make transactions with it. Now, Bitcoin may not yet be as popular as other payment methods, but it is definitely growing fast.

 

With that being said, we wanted to cover the security aspect of using Bitcoin as a payment method at online casinos. But before we do that, let’s check how Bitcoin actually works.

 

How Does Bitcoin Work?

Bitcoin is based on the technology called the blockchain. Blockchain is the log that contains all transactions made with this cryptocurrency. To record a transaction, the users that are known as miners, need to mine Bitcoins. That is done by solving complex puzzles. Each transaction that is recorded is called a block and is integrated with the blockchain.

Showing How Blockchain Works

How Blockchain Works

 

The average mining time is 10-15 minutes and for each transaction that is mined, miners receive Bitcoins as a reward. Then, they store them or sell them on the marked, or they can use them as a payment for example at and online casinos.

 

Security Tips for Gambling Safely with Bitcoin

Security Tips for Gambling IllustrationNow that we got that cleared, let’s take a look at the security tips for gambling safely with Bitcoin. They will help you a lot and make sure that you have the most secure gaming experience, which is extremely important, considering the fact that online scams have become quite a problem lately.

 

Play at Regulated Operators Only

The reason why online casinos are sometimes targeted by scammers is that they deal with online transactions. Scam sites convince players to leave their sensitive information such as card details, or in this case, details concerning their Bitcoin digital storage facilities (e-wallets), then they drain the funds.

 

Making sure that this does not happen to you is essential and here’s how to do that. First of all, the golden rule of BTC online casino gaming is that you should register at licensed and regulated BTC online casino only, you can see some of the best Licensed Bitcoin Casinos here. You can also check for a license you self is actually very easy. You just need to access the official website of the operator and then, scroll down to the bottom of the home page. If the casino is licensed, then it needs to display all of the information concerning the license. If a license is not displayed, then it is a scam site and you should not engage with it. One bonus tip that we want to mention here is checking the security of the site.

 

Online casinos utilize the latest SSL encryption software and checking for it is also easy. Just look at the URL of the website and see whether the letter S is located right next to HTTP. If it is, then the site is secure.

 

Hot and Cold E-Wallets

Earlier, we mentioned that when you earn Bitcoin, you need to have a digital storage unit for it. E-wallets are those units and there are two things that you should know about them. First, there are tons of e-wallets that focus on different types of security, which means that you need to do proper research to find one that suits your individual preferences.

 

The second thing that you should know concerns effectively storing your Bitcoins. The better option here is the so-called cold wallets. They are a piece of hardware (like a USB) that allows you to store your assets offline. You just plug it into your device and use it to transfer funds to your casino account.

 

Hot wallets are the second type and while they are much more efficient as they are basically cloud storage for your Bitcoins, they are far more vulnerable to online attacks. Now, that doesn’t mean that they are bad to use, it’s just that they are more likely to be targeted. The end decision comes down to you and your preferences.

 

Play Provably Fair Gaming

Provably fair gaming is a unique concept to crypto games, Bitcoin games included. The method uses blockchain as the best way to ensure that your digital assets remain safe. With this concept, players are able to check every bet’s integrity and thus, confirm that they haven’t been scammed.

 

Thanks to this method, a random outcome of the game is created thanks to the so-called SHA256 algorithm. The algorithm lays out the outcome of the game at the start and makes it impossible for it to change during the gameplay.

 

Even though each casino game uses a different algorithm to determine its outcome, the variables that are common to all games are:

  • Client speed
  • Server speed
  • Nonce

 

Here’s how it works. The server speed is generated by the online casino randomly before the game even begins. In doing so, it makes sure that the outcome cannot be manipulated during the round. The client (you) picks the client speed after the server speed and thus, ensures that the outcome cannot be generated in favour of the casino.

 

The bottom line here is that if you are accessing crypto games, or in this case, Bitcoin games, you should always make sure that they are provably fair as this feature is essential for this type of gaming.

 

Read Casino Reviews

Next up, reading casino reviews is one step that is often overlooked, yet it is of great importance. By researching the effectiveness of the services of online casinos, you will be able to determine whether they suit your personal preferences.

 

There are thousands of operators on the Internet today and you will definitely find one that meets your expectations, which is why it’s important to take your personal preferences into account.

 

Be Responsible

The last security tip that we are going to mention is gambling responsibly. This is a general rule when accessing and registering at online casinos to play their games. Considering the fact that they are easily accessible from any device, mobile or desktop, and are operating 24/7, it can be a bit easier to develop a gambling addiction.

 

That is why you must always make sure that you gamble responsibly. The best way to do that is to set a certain budget and make sure that you don’t go over it. One additional tip is to play at sites that actually promote responsible gambling see them here. You can read more about responsible gambling here

 

Considering the fact that Bitcoin is a digital asset and you don’t see the funds physically, it can be a bit ‘easier’ to spend it fast. Know your boundaries and play smart.

 

Final Thoughts

The bottom line here is that we live in a world where the number of online scams is ever-increasing. Authorities still do not have a proper response to this problem. Some countries that regulate online gambling have effective systems that are able to block most scam sites.

This industry is fairly new to the market and many nations still don’t have any specific laws and regulations concerning these platforms, hence staying secure while playing online casino games with Bitcoin is entirely up to you.

 

The aforementioned security tips will greatly increase your security level, which is why it is advised for you to adhere to them. Staying safe and secure is of utmost importance and you should always double-check before engaging in these activities. Bitcoin uses the cryptology method that will provide you with a certain level of online anonymity and increase your security, but it is also important to take other necessary steps, like the ones we mentioned.

You might also want to read:

Online Casinos and Safety & Security Advice

Best Bitcoin Casinos

Register New Account
Reset Password