Turns out that bitcoin casinos could be even safer for players than traditional platforms.
It’s not unusual as an avid player to be interested in how your money and information is used on any particular gambling site. Legality is not the motivating factor here, but instead your own financial safety. For many gamblers, Bitcoin Casinos have offered an enticing alternative to standard casinos, most notably because of the safety measures that they have. Both as casinos themselves, and for their clients specifically.
While choosing the right bitcoin casino can definitely seem a bit overwhelming, especially if you’re new to the digital currency scene, online casino review sites like Casino Genie can help make that choice a whole lot easier. As these will help breakdown all of the features of any given bitcoin casino and let you make a more informed choice on how to handle your finances. Financiers that are much safer in the hands of bitcoin.
How Bitcoin Casinos Work
Any given bitcoin casino will run on software, similarly to that of standard online casinos. However, the software involved in bitcoin casinos is a bit different, in that it is often purpose built around bitcoin as a currency. The software used is also often built by developers that have a close working relationship with bitcoin anyway, so while most of the games will function in easily recognized ways- as in roulette still functions like roulette, and poker will always be poker- but the algorithms that are used are unique to bitcoin.
This actually sparked a bit of controversy in the early days of bitcoin gambling, as many had concerns over how the games were programmed and where the odds fell. To settle concerns, developers began publicizing the algorithms they use in order to create transparency regarding the bonuses, promotions, and odds that a given bitcoin casino offered. Which is one of the ways bitcoin casino reviews can really help an interested player make a more informed choice about which platform they should pick for entrusting their bitcoin.
Bitcoin as a Global Currency
Which is often not an easy sell, especially as bitcoin has become continually more trusted as a hedge or safe haven asset, than it is looked at as a currency. For many, gambling with bitcoin is akin to gambling with gold. But for many savvy bitcoin investors, bitcoin casinos can be a great way to secure more bitcoin, especially when market prices are too high to reasonably buy in.
Which as we’re currently seeing market prices hover around $16k per BTC, is now more enticing than ever. But what exactly makes bitcoin so attractive? It can’t just be the market price, as the coin has been known for wild fluctuations and some pretty crazy downfalls. Yet, we can still see mass adoption and continued interest in it. What makes bitcoin so interesting, not just for players, but also for investors, is the base functionality of the coin itself. As a completely decentralized, borderless, and pseudoanonymous currency, bitcoin offers a great alternative to traditional fiat and central banking systems. Especially within the current economic climate, as many around the world are using bitcoin to protect personal assets, because fiats are floundering.
Why a Bitcoin Casino is Often Safer Than Traditional Sites
This concept of a borderless, decentralized currency is perhaps one of the main reasons behind why bitcoin is actually a whole lot safer to play with than traditional finances. Traditional finances, when used in conjunction with gambling sites, are often subject to a huge number of restrictions and regulations. From geolocation- based exclusions, to longer withdrawal periods. As of now, Bitcoin doesn’t require the massive amount of time it takes fiat to go through the red tape that often binds up winnings. The digital currency is easily transferred to casino and back to wallet, without having to pass through any centralized banking channels.
Bitcoin transactions are also considered to be pseudoanonymous- which means none of your personally identifying information is transacted alongside your funds. With centralized banking transactions, personal information like your name, address, bank account details, and sometimes even your social security number is sent in conjunction with funds. With bitcoin, none of this sort of information is tied to transactions, instead only a “public key” a largely inconsequential string of numbers and letters, is sent with the transaction. There are two “keys” that are involved with any bitcoin wallet. One is the public key- this basically functions as an address for a transaction to go to or come from. The other is the private key- essentially functioning as a password or signature- one that is shared with no one. Largely because of these factors, bitcoin is the safest bet for sending money, both inside and outside of the bitcoin casino.