Is it safe to use Bitcoins at online casinos?
Heard about Bitcoins? They’re taking the online casino industry by storm. Actually, strike that. They’re taking the whole banking industry by storm.
If you’re new to Bitcoins, here’s the quick rundown. Bitcoins are transferred from person to person and can be used in almost every country in the world. Bitcoins are actually a type of currency, and it’s generated by anyone on the Internet by what’s known as a miner.
When you have Bitcoins, they’re stored in your digital wallet. You can transfer them to other people, and when you do, a digital signature is attached to it. The transaction gets verified by the miner and then stored in the network. Bitcoins are great for a few reasons: There’s no 3rd party system needed to transfer money. You literally move the Bitcoins from you to another person or party without using very well known methods such as Neteller or Skrill.
So are they safe? Yes and no.
They’re safe because they can’t be counterfeited. And they’re safe because you don’t have to worry about using a credit card and having your number compromised if you fail to use proper antivirus protection on your PC (or if you’re playing at a sketchy online casino). But they’re not safe because Bitcoins are like cash. That means if you lose your Bitcoins, you’re toast. The money is gone and you can’t get it back.
Right now, not too many online casinos accept Bitcoins, but you’ll probably see casinos move to the digital currency in the coming year or two. There are several reasons for this:
- It saves the casino from being the victim of fraud. Online casinos have to deal with players who use stolen credit cards to deposit. With Bitcoin deposits, they don’t have to worry about that. And that means a safe place for everyone.
- It can help speed up withdraw times. Right now, many online casinos have to take their time with cashouts due to regulations and anti-fraud initiatives. With Bitcoin withdrawals, delays would be nonexistent, making players even happier.
- It makes deposits much easier for players. Online casinos hate forcing players to jump through hoops to make a deposit. With Bitcoin, getting cash on the site is fast and easy.
While Bitcoins have their benefits, not everyone is quite on board. People still love the simplicity of credit cards, so even if Bitcoin does take off, you can bet that all the traditional deposit methods will remain — especially at Palace of Chance.
