Recently updated on October 9th, 2022 at 08:03 pm
Essential Security Tips for Gambling Safely Using Bitcoin
Thanks to the massive expansion of cryptocurrencies in 2022. Statistics show around 8 million crypto users globally. Moreover, their acceptance rate is increasing, especially for the number 1 cryptocurrency on the market – Bitcoin.
Recently, Bitcoin has become an accepted payment method by countless global brands. Such as Paypal, Expedia, Starbucks, Wikipedia, AT&T, etc. But it also made a ground-breaking move by becoming a country’s first officially recognized digital asset. 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 that Bitcoin is likely to dominate the world in the future. Bitcoin has become a commonly used asset because it is superior to traditional payment methods. Some areas in which it shows its superiority are efficient online transactions, voiding unnecessary and added fees, greater security, and the chance to make a profit.
Efficient online transactions are the most considerable advantage. And this is because every payment made online with Bitcoin is nearly instant. That is not the case with some of today’s most commonly used payment methods. Let’s compare it to credit/debit cards. Research shows that 85% of people paying online use a debit card. The money is immediately taken from the sender’s account when using it to transfer funds. But, the problem is that it takes a while before the funds arrive at 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 industry that has nearly entirely accepted Bitcoin is the online casino industry. Because Bitcoin is fully optimized for online use, online casinos are more open to allowing their registered players to make transactions with it. Yet, Bitcoin is still not as popular as other payment methods but is growing fast.
With that being said, we want 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 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, users known as miners need to mine Bitcoins. That is done by solving complex puzzles. Each recorded transaction is called a block and is integrated with the blockchain.
See illustrations here Below How Blockchain Works:
The average mining time is 10-15 minutes. Miners earn rewards for verifying Bitcoin transactions mined, and they receive Bitcoins as a reward for doing that. Then, they store them or sell them on the market or use them as a payment, for example, at online casinos.
Security Tips for Gambling Safely with Bitcoin
Now that we got that cleared let’s look at the security tips for gambling safely with Bitcoin. These tips will help you a lot and ensure that you have the most secure gaming experience, which is extremely important, considering that online scams have become quite a problem lately.
Play at Regulated Operators Only
The reason why scammers sometimes target online casinos 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.
Ensuring 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 casinos only. You can see some of the best-Licensed Bitcoin Casinos here. You can also check where the site is licensed yourself. It is actually straightforward. You just need to access the online casino’s official website and then scroll down to the bottom of the home page. If the casino is licensed, it must display all of the information concerning the license. If a license is not shown, it is a scam site, and you should not engage with it.
The next tip, you should always check the security of the site.
Online casinos utilize the latest SSL encryption software, and it is also easy to check for it. First, just look at the URL of the website and see whether the letter S is located right next to HTTP. If it is, then click on the little lock symbol shown just before the URL. It will tell you if the site is secure or not. This little test is always a good idea to do on any website where money is involved.
Hot and Cold E-Wallets
Earlier, we mentioned that you need to have a digital storage unit for when you own Bitcoin. E-wallets are those units, and there are two things that you should know about them. First, tons of e-wallets 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 you should know is how to store your Bitcoins effectively. 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.
Here are some of the best and most secure Cold Wallets for Bitcoin:
- Trezor Model T – is one of the most secure cold wallets; however, it might be hard to figure out how it works if you are new to bitcoin.
- Ledger Nano S – I use this one myself and never had any problems.
If you hate technical things, you are probably better of with a Hot wallet. Read more here:
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 wrong to use; it’s just that they are more likely to be targeted. So again, the end decision comes down to you and your preferences.
The Best Hot Wallet:
- Coinbase – is easy to use, and Coinbase is listed on Nasdaq and very trusted. I also use Coinbase and have never had any problems.
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
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.
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.
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.
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