Bitcoin Online Casinos are Safe
Because of the massive amount of personal information most online casinos want about their players (like copies of ID’s, utility bills and other things), a lot of people feel a bit uncomfortable with getting involved. After all, it opens the doors to being tracked or having identities stolen, as well as kills any anonymity that would otherwise be experienced within the real money casino. Luckily, Bitcoin helps alleviate this by opening the doors to a whole new way of online gambling casino in a way that is both safe and secure.
Bitcoin is a virtual currency does not need a central authority, such as a government or financial institution to authorise the payment and uses a public wallet along with a private key that only the user knows to pay for goods and services.
Work bitcoin transaction
Bitcoin is actually rather simple once you understand the basic way it works.
Coins obtained from the mining process are stored in a bitcoin wallet, similar to e-Wallets such as Neteller and Skrill only they store Bitcoins rather than real cash, and these can either be sold or used to pay for goods and services provided the payment method is accepted.
You can purchase a percentage of a bitcoin though many sites have a minimum, and you will find that you can use percentage of a single bitcoin to pay. For example: one bitcoin equals $AU320 (this can fluctuate quite significantly), and you can deposit from as little as 0.01 of a single bitcoin at many bitcoin casinos.
A bitcoin requires a bitcoin wallet address and a private key, both consist of a random sequence of numbers and letters. The private key needs to be put in a secure place where only you can access it, while the public address can be viewed by anyone. People can view how many bitcoins you have, but they can’t access it – provided they don’t have your private key, which is why it is incredibly important to keep it safe.
To pay, or deposit in this case, you would send the bitcoins from your wallet to a bitcoin address using your private key, and the miners, which we mentioned above, would then verify the transaction by solving the block key using the special software.
Function of Bitcoin
Anonymity is considered to be one of the bitcoin currency’s best features. Bitcoin only broadcasts the public wallet address and no information regarding your name, or any other forms of identification including your location – so you can make a deposit without the online casino ever really knowing who you are. This also makes the whole process faster, since there is no need to verify your identity.
It does allow for players who are in gambling jurisdictions that do not allow online gambling to make a deposit since there is no location details involved either.
A side effect of the fast transactions is that it allows players to gamble in an online casino and withdraw their funds as soon as they are finished playing for the day. The funds can keep being sent back and forth daily so that the real money casino is not holding any of the money. This is one of the biggest perks of Bitcoin casinos, as the tiny withdrawal costs ($0.01 per cash out) enables players to deposit and withdraw multiple times per day into their own Btc Wallet rather than holding funds at the site. Players are essentially able to keep full control over everything they hold, rather than risking the casino shutting down while still holding it.
On top of this, the coins can be sent from anywhere. There are Bitcoin wallets and services for all major platforms of computers, cell phones and tablets, allowing for the transferring of money from anywhere at any time, as long as there is an active Internet connection.
Bitcoin resolves a lot of the problems that surround gambling online. It allows players to gamble completely anonymously, allows for making deposits and withdrawals (of any size) quickly and easily, and opens the doors to provably fair gaming to ensure that the casino is not attempting to cheat players using rigged games. When it comes to gambling online, Bitcoin makes it safe, and it is the perfect compliment to any internet casino.