{"id":164,"date":"2014-07-18T02:43:14","date_gmt":"2014-07-18T02:43:14","guid":{"rendered":"http:\/\/bitcoinsportsbooks.com\/?p=164"},"modified":"2018-05-18T13:48:20","modified_gmt":"2018-05-18T13:48:20","slug":"safe-gambling-bitcoin","status":"publish","type":"post","link":"https:\/\/www.bitcoinsportsbooks.com\/blog\/2014\/07\/18\/safe-gambling-bitcoin\/","title":{"rendered":"How Safe is Gambling with Bitcoin"},"content":{"rendered":"

A question that is often asked when it comes to gambling with Bitcoin<\/a> is how safe it is. 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 casinos. Luckily, Bitcoin helps alleviate this by opening the doors to a whole new way of gambling online in a way that is both safe and secure.<\/p>\n

Bitcoin is Anonymous<\/h2>\n

One of the best things that Bitcoin brings to the table for those that do not want to give out their personal information is its anonymity. Any payments that are sent to players or from players are done without any information being broadcast other than their public wallet address, which is easily changed at any time (and is not linked to any identities, other than what players share on their own). This means payments can be both sent and received without knowing who the players are, and helps speed up the process since it means there is no verification process for deposits and withdrawals. On top of this, it allows for online gambling in jurisdictions where it is not allowed or where there are legal grey areas, since there is no way to know where players reside.<\/p>\n

Bitcoin is Fast<\/h2>\n

When a Bitcoin transaction is sent, it is received by the other party pretty much immediately. There is no need to wait days or weeks (or, in some case, months) for the other party to get the funds, and there is no risk of them being confiscated in the middle of their transfer or otherwise denied. Once it is sent, the transaction is completed and finalized.<\/p>\n

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 casino is not holding any of the money. This is one of the biggest perks of Bitcoin casinos<\/a>, 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.<\/p>\n

On top of this, the coins can be sent from anywhere. There are Bitcoin wallets<\/a> 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.<\/p>\n

Bitcoin Casinos Are Provably Fair<\/h2>\n

For the most part, Bitcoin casinos use a system called \u201cprovably fair\u201d. This is used to help give proof that all results in the games are truly random, and the casino is not altering results to help themselves win more money (at the expense of the players). To help with this, most casinos offer up a special script for verifying their rolls, and players can run their own evaluations to ensure that everything is matching up as it should.<\/p>\n

To help add another dynamic to the provably fair system, some casinos take it a step further and have client seeds that the players are able to alter. This adds even more assurance that the rolls are random, since the players themselves are able to have an impact on the results.<\/p>\n

Bitcoin Has Cheap Transaction Fees<\/h2>\n

The cost of transacting with Bitcoin is very cheap, and in some cases absolutely free. This grants two major benefits when it comes to online gambling:<\/p>\n