Are Bitcoin Casinos Safe?

Bitcoin is a cryptocurrency that allows two people to trade monetary value with each other without a bank involved.

And that has just so much potential. The online gambling industry was one of the first to realise that quickly. As a result, suddenly, bitcoin casinos became a thing.

But if malicious hackers worldwide can steal info from multinational credit card giants, can we say that bitcoin casinos are any safer?

We are glad to tell you that, yes, they are and, also, might even be safer than your average credit card.

Storing Bitcoin

You store whatever bitcoin you get your hands on inside a digital wallet. Getting a digital wallet is as easy as making a new email address.

Once created, you receive a bitcoin private key which is a long hexadecimal code. That key must be stored somewhere only you can access it. You can do so either online or offline. The safest way to do so is offline, inside a thumb drive or hard drive that only you access.

Why? So, you can keep it safe! Without that key, no one will ever be able to access your bitcoins. Hacking a bitcoin wallet is not a thing; they are very well encrypted as you can deduce by that awfully long private key hex.

Using Bitcoin at A Bitcoin Casino

Now, when it comes to doing a transaction with a Bitcoin Casino, it will be the same as doing a bitcoin transaction with anyone. Just open your bitcoin wallet using your private key and click ‘Send Payment’ and introduce the bitcoin wallet address you are looking to pay.

That’s it. If you were to receive a payment in bitcoin from bitcoin casinos, then you would only need to give your wallet address to those bitcoin casinos and let them do the rest. Why is this important?

To show you that there’s no way for anyone but the two parties involved to interfere with your bitcoin transaction. They are safely stored in an unhackable bitcoin wallet and, as long as you keep the private key safe offline, no one else can open it.

Can You Steal from Bitcoin Casinos?

Nobody wants Bitcoin more than the thieves. The stealing of large quantities of bitcoin is something you might have been hearing for a while now.

It has happened before, but it is not like they did it by hacking into your wallet from a laptop from the other side of the world. No, someone simply was careless storing their private key.

This usually happens when storing it online on cloud services that are vulnerable to cyber-attacks. As long as you are responsible, the transaction between you and the bitcoin casinos you choose will be secured.

Choosing Bitcoin Casinos

But there’s a minor catch as well. You have to choose the good Bitcoin casinos to play at. How? Search on their site about any gambling license they hold.

Authorities oversee the quality of the service of online casinos and do the same for online Bitcoin casinos. Licensors such as Curacao Gaming, Malta Gaming Authority (MGA), or the UK Gambling Commission (UKGC) are well-known for maintaining a reputation for such cases.

Any Bitcoin casino holding one of those is likely a safe choice. You can also search for reviews of that same Bitcoin casino for a more in-depth opinion from people that played there already.

Last Word on Bitcoin Casinos

Bitcoin Casinos are as safe as any bitcoin transaction between two private parties is. That’s to say that they are extremely safe as long as you are trading with reputable parties.

You could argue that they are even safer than going to a land-based casino. Robbers cannot open up your Bitcoin wallet by holding you at gunpoint after all.

Simply remember to do a little of due diligence on the Bitcoin casinos you are considering and enjoy the unparalleled safety bitcoin offers you.