This completely digital currency works with a rate and that rate is determined by how much Bitcoins are traded. This means that users have a direct influence on the value of this cryptocurrency. For some, this concept is still too complicated, but yet others are grasping it with both hands. One branch of business where Bitcoin immediately caught on is that of online casinos.
How safe is gambling at Bitcoin casinos?
What is Bitcoin?
Perhaps it is useful to first explain what exactly Bitcoins and cryptocurrencies are. These completely anonymous but also public digital currencies were created to offer a safer, faster and more reliable way to conduct online transactions.
When you pay with a cryptocurrency, you don’t have to provide any personal information, which means it becomes very difficult for hackers to steal and use your data. Every time you receive Bitcoins, they are stored at a different address somewhere on the server.
So you do not have a fixed place where all your money is, as is the case with a bank account. Your Bitcoins are stored all over the Internet. In addition, there is no intermediary, such as a bank or a government, but you yourself are in full control of what happens to your money. Therefore, transactions can often take place almost instantly, regardless of the day or hour you make them.
The Blockchain
However, in addition to being anonymous, Bitcoin is also public. This sounds contradictory to the extra security Bitcoin offers. The server where all transactions are stored is called the Blockchain and it can be viewed by anyone. Every Bitcoin user has a copy of this Blockchain which are therefore updated every moment of the day.
There are currently millions of active copies. You can compare the Blockchain to a digital ledger. However, you can never find out from this ledger what the personal details are of those who carry out the transactions. All you see is the random address where the money comes from and where it goes.
Hackers have a hard time
If a hacker wants to make a transaction with your Bitcoins, he has to manually make a change in each copy of the ledger, which of course is practically impossible.
This is another reason why Bitcoins and other cryptocurrencies are stored considerably more securely than the money in your bank account.
The advantages and disadvantages of cryptocurrencies
Bitcoin is the largest, the most widely accepted and the most stable cryptocurrency on the market today. Payments are therefore fast, reliable and secure. In addition, they cost much less, as there are often no transaction fees and the whole system of paying and receiving Bitcoins is very user-friendly.
However, there are also disadvantages to using cryptocurrencies. First, the exchange rate fluctuates considerably more than that of “regular” currencies because it is determined by the users. In addition, it is impossible for the government to influence crypto-currencies as they can with their own currency. Because of this, many countries are not yet convinced by this payment method and some governments may decide to ban it.
And lastly, unfortunately, Bitcoins are all too often accepted by companies and casinos that don’t act entirely cleanly.
Gambling with Bitcoins at online casinos
Online casinos, of course, the whole Bitcoin concept sounds like music to their ears. Anonymous fast payments; players can practically start right after signing up. In addition, paying out or refunding Bitcoins is also much easier and cheaper for businesses. For these reasons, there are casinos that focus entirely on cryptocurrencies and do not accept other currencies. And because the transactions are faster and cheaper, these casinos can hand out larger bonuses, both for new and existing members.
The flip side of the coin
Even though this all seems ideal, both for players and online casinos, there is of course a downside and that has to do with the type of casinos that offer their services with Bitcoins.
In many countries online gambling is still prohibited and Bitcoins are also not yet widely accepted by the government. Unfortunately, illegal or unreliable casinos often advertise their services.
It is often not recommended to spend your Bitcoins at online casinos at this time. It’s not all negative though; currently more and more countries are making plans to make online gambling legal, including the Netherlands. This means that the supply of legal, fair and reliable online casinos will increase significantly and with it gambling with Bitcoins.
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Start right now?
If you want to start using your Bitcoins at online casinos anyway now, you’re not the only one. Fortunately, there are ways to check if you’re dealing with a reliable and honest casino and they do exist.
Here’s how to go about it
- In order to play at online casinos in the Netherlands you need to choose a casino that holds a Dutch license.
- To make sure your personal information is secure, look for the SSL connection which should be secure and encrypted. A fair casino will never be ashamed of the measures it has taken to offer a fair game. This information will be easy to find and the casino will advertise openly.
- If the casino meets these three points, then chances are you are dealing with a fair casino, but gambling at online casinos is always done at your own risk.