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Gambling 05 Jun 2017

Is Bitcoin Gambling Safe? Your Guide to Peace of Mind when Betting in Bitcoin

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Home Gambling Is Bitcoin Gambling Safe? Your Guide to Peace of Mind when Betting in Bitcoin
Most bettors are naturally concerned about safety when gambling online. We all want the peace of mind that comes with knowing how our sensitive information, financial info and privacy is protected in an online environment, and even more so when gambling at a bitcoin casino where even the currency is digital. Choosing a site to trust is no small task, but if you know what to look for, and how casinos work to protect you when gambling with bitcoin online, you’ll discover it’s far more secure than you think. In fact, gambling at your favourite bitcoin casino is as safe as shopping online at your favourite store.

Summary: How to stay safe when gambling with bitcoin
1. Find out more about how online casinos protect your sensitive data using specialised software like provably fair and RNGs
2. Learn about the benefits of bitcoins, such as fast transactions and low fees
3. Pick a secure bitcoin wallet with the latest security features
4. Discover how to make a secure bitcoin casino deposit
5. Know the signs of a reputable bitcoin casino and how to choose one

How Online Casinos Protect You

Because of the sheer scale and size of transactions happening at online casinos around the world every minute, the credibility and reputation of an entire industry relies on credible casinos and their ability to deliver dependable and secure service. These are just some of the features that help ensure your safety when playing at an online casino:

SSL: Secure Sockets Layer is an industry standard technology that facilitates a secure connection between two parties online by encrypting data. That means when you transmit credit card details, for example, you can do so safely without a third party being able to intercept.

RNGs: Random Number Generators are independently monitored algorithms that exist to ensure fair play by keeping gambling entirely randomised online. Any casino that uses this technology is subject to regular verification by independent parties.

Provably Fair: This is an algorithm used in bitcoin gambling sites that puts the randomisation of games into the hands of both the casinos and the gamblers. Each time a dice is rolled or a wheel spun, for example, the outcome is determined by a random number generated by both the casino and the player, and it can even be double checked afterwards.

Bitcoin Safety

It’s a digital currency that can be transferred to anyone in the world and it has no central authority which governs it, so is it safe to use for gambling? Although experts may debate the stability of investing in bitcoin due to market highs and lows, the actual safety of using the currency has never been in question, and if you’re wondering whether it’s safe to use for online gambling, the answer is a resounding yes.

A few of the major benefits of bitcoin are the fast transaction rate, low fees and the fact that it’s impossible to commit fraud as there’s no physical card or card number to steal.

Bitcoin Wallet Security

The bitcoin network is open to the public on the blockchain, a digital ledger that records all bitcoin transactions publicly and chronologically, which means users have complete control over the security of their money via wallets.

In the bitcoin world, it is customary to have two different wallets through which you can manage your currency.

A Hot Wallet This is connected to the internet and usually works though a cloud. Much like PayPal or Skrill, you are able to sign up for an account online and then use it to manage your bitcoin currency for all transactions and day to day activity. This is the wallet you’d use to link to your online casino account.

A Cold Wallet

This comes in the form of a nsecure app which you can download onto your desktop or mobile and can be used to store bitcoin savings. These kinds of wallets are generally not connected to the internet and are therefore less vulnerable to hacking.

Since bitcoins are a digital form of currency and can’t be physically stored, bitcoin wallets are used to store secure digital keys that enable you to access your public bitcoin funds and use them for transactions.

Four kinds of bitcoin wallets you can use:

Desktop: As the name suggests, these wallets are stored on your desktop and designed to work with your OS, integrating key features to ensure safety and anonymity.
Mobile: Using an app, you can use bitcoin on the go by using your phone for direct transactions. These apps can’t download the entire bitcoin blockchain, as it is too large, so they simply download segments of it.
Online: These internet-connected wallets can be accessed from anywhere and are used to store your private keys in the cloud online, enabling you to transact on multiple devices. It is important to ensure that whichever machine you use this kind of wallet on is private, as you don’t want to give others access to it.
Hardware: These devices enable you to physically store your bitcoins, keep private keys electronically, and facilitate transactions.

Remember that although all reputable bitcoin wallets offer security measures like two-factor authentication and one-time passwords to keep you safe, It’s important to ensure you never share your private information with anyone. Keep all account passwords and addresses safe.

How to Make a Safe Bitcoin Casino Deposit

Once you’ve setup your preferred online bitcoin wallet you can fund your account using bank transfer, credit card, PayPal and more, or you can buy bitcoin from other users in the community. Once you’ve found a casino that accepts bitcoin as a currency all you need to do is sign up for an account, link your bitcoin wallet and make your first deposit. Throughout the entire process, you are not only protected by the security features of your wallet of choice, but by a double layer of protection provided by the online casino.

Find out how to make a deposit on FortuneJack

How to Choose a Safe Bitcoin Casino

With so many options to choose from, it’s easy to feel overwhelmed when it comes to choosing a bitcoin casino that’s credible. Here are a few tips to keep you safe:

  • Choose licenced casinos transparent about their security features
  • Read reviews and ratings from independent review sites
  • Speak to other players and learn more through word of mouth
  • Look for a casino with a large variety of games
  • Choose a casino with reputable and efficient customer support
  • Review the welcome bonus on offer carefully
  • Play at casinos with games powered by reputable software providers

Follow the reviews: Always read reviews before you choose to deposit. Find out what other players think, what independent reviewers’ experiences were, and what level of customer service you can expect. This is a sure way to gain a better understanding of your favourite casinos.

Look for industry standard security features: Whether provably fair gambling or the SLL logo, always take a look at the privacy and security features at a safe online casino to put your mind at ease.

Now that you know a bit more about how online bitcoin casinos work to keep you safe, isn’t it time you tried it out for yourself?

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