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Is It Safe to Use Bitcoins in Gambling?

Nowadays, even those who do not know perfectly well what is what in the field of technologies have heard of a bitcoin. But to hear does not mean to understand! What is it and how can it be used?

Bitcoin in online gambling

The bitcoin has entered the digital market in 2008. This product was created by anonymous programmers. The bitcoin program works as a peer-to-peer system, with bitcoins (or coins) as a reward or a payment method. These coins are considered to be the first digital currency in the world with a certain amount and transaction.

Table of Contents:

1. Is the Bitcoin Currency Legal?

  1.1. Is it True That Cryptocurrency is Safe to use as a Payment Method as Well?

2. Bitcoins and Gambling

3. And Yet, is it Safe to Use Bitcoins in Gambling?

4. Secrets of the Popularity of Bitcoin Casinos

5. Conclusion

Is the Bitcoin Currency Legal?

The Treasury Department of the US recognises bitcoins as the “virtual decentralised currency”. Unfortunately, it will not help you in purchasing goods in the nearest large store. However, more than one thousand businessmen all over the world accept bitcoins in exchange for their services. In many countries, it is also considered legitimate to exchange ordinary money for bitcoins.

Bitcoin as a legal cryptocurrency

Is it True That Cryptocurrency is Safe to use as a Payment Method as Well?

Those who are interested in buying bitcoins should remember that, despite its legitimacy, it has some weak spots. For example, as soon as an ordinary financial institution converts the currency to bitcoins, it will have a decentralised status after the procedure is complete, which means that your digital money is not protected. So, if the bitcoin currency is stolen or “lost” because of a failed transaction, the recipient will not be able to count on the compensation.

Bitcoins and Gambling

For the first time, the use of bitcoins was recorded as a “prize” in online games. While the currency is at a slow start, these “bit casinos” (bitcoin casinos) are at the high ebb. Those players who prefer to use this currency in online gambling pay attention to the fact that it can easily be converted to any nominal value. They also believe that the use of bitcoins will make the casino business more transparent because players can track the activity of a gambling club on the website.

And Yet, is it Safe to Use Bitcoins in Gambling?

Today, many people consider this form of placing bets and making payouts to be the future of gambling. But still, experts recommend users not to be too risky and to be careful while playing in a bitcoin casino. Firstly, it is necessary to avoid those that frequently change their address. Secondly, while the players are not sure of the casino, they should use a small number of coins. And also, it is wise to play only in those bitcoin casinos that have strict security protocols. Do NOT visit a website that does not have a security system or it is very unreliable. And run away if it changes frequently.

Secrets of the Popularity of Bitcoin Casinos

Bitcoin casinos are very in-demand and enjoy the confidence of many players. And the only reason for it is the use of crypto technologies. That is why we recommend each owner of a casino to think about opening his own crypto gambling club or at least connecting to the current website the possibility of making payments in bitcoins.

From the point of view of gamblers, virtual currencies are almost a panacea for the main difficulties of online gambling, including:

  • the need to disclose the personal data;
  • the insecurity of the monetary transactions;
  • close monitoring of financial transactions by the government agencies.

In the case of bitcoins, these problems disappear since cryptocurrencies do not fall under the control of the banking systems and do not depend on the laws of any country in the world. So, with absolute certainty, this currency can be called an independent one, and its value is determined by laws of the market, that is, by the supply and demand.

Crypto casinos have a number of unique characteristics that help them to always remain popular:

Characteristic Description
Anonymity Bitcoins, like ethereums or altcoins, can be transferred from one wallet to another without the participation of intermediaries. At the same time, the limited data appears in transactions ― only the account numbers. No name, no passport data or other personal information is indicated. This mechanism allows gamblers to avoid the control of the regulatory bodies
Operation without a license The vast majority of bitcoin casinos operate without official licenses. The reason is simple: they do not need a permit to make financial payments. It results in two features: operators spend less money on the launch of their business but also allow themselves to give more welcome bonuses to players. However, if you intend to receive payments in fiat currencies as well, then the license will definitely be necessary
Financial security So far, there are no technologies that would allow bitcoins to be stolen from your wallet unless you yourself made a mistake during the transaction or gave your personal data to the third parties. Simple attentiveness ― and you can be 100% sure that no fraudster can take your money

All these moments clearly show that crypto casinos will continue to develop and will occupy an increasing part of the online gambling market. Why do not you join the popular trend while the competition is not too severe?

Conclusion

Bitcoin casinos are becoming more and more in-demand day by day, and all this is due to the technological effectiveness of the cryptocurrency, which is widely used in gambling.

Modern technologies can not yet hack or somehow change the cryptocurrency code so it is perhaps the most reliable way of carrying out transactions between operators and players. And these are far from all the advantages of using BTC in the operation of gambling establishments.

Posted by

Andrew Price

2WinPower Partner, owner of the gambling establishments network.

16/01/2017

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