Is Betting with Bitcoin a Smart Investment?

Bitcoin is one of the world’s first and most popular forms of digital commodity and is beginning to make its way through various industries. One of the latter is the art of betting and is making waves with sports betting sites in particular, due to its many benefits for both the establishment and the user alike. As the definition of betting implies, there is always a level of risk involved, but it is up to the user to decide whether the benefits outweigh the costs from start to finish.

When considering buying Bitcoin, the first thing would be to look at currency exchange sites specializing in Bitcoin to avoid unnecessary security risks. Thereafter comes the option of e-wallets that are going to be used for betting- Some need more detailed personal information and some are unable to be used where there are legal restrictions against betting. However, once the right wallet has been found, it makes the effort worthwhile as it becomes one of the simplest forms of online betting through its speed and efficiency.

Bitcoin allows you to bet on just about anything from politics, finance, and sports toentertainment. For investment purposes, it must be noted that the value of Bitcoin fluctuates like that of any fiat currency, so it still needs to be treated with respect otherwise it becomes a big loss. Only 21 million Bitcoin are said to ever be produced, thereby increasing its rarity and value. However, if a casino or establishment (like sportsbooks) close down, the Bitcoins go with them and it would be difficult (if not impossible) to retrieve them. Cloud mining has also gained some recognition as a way to invest in Bitcoin, by allowing the user to contact Bitcoin data centres and purchase some of the capacity that they have for hardware mining, letting the investor sit back and relax more than play.

In order to prevent damage being incurred to the user’s e-wallet, the Bitcoin user would be happy to know that they have full control over their investment and would be able to transact in less than minutes should there be any cause for concern. Other ways of securing Bitcoin include both software and hardware precautions that can be taken, but at the end of the day it all depends on the risk the user is willing to take, and whether they consider it to be of any value for them.

Which Online Casinos Accept Bitcoin?

Bitcoin has become one of the most popular forms of digital currencies (known as ‘cryptocurrencies’). As the ever-expanding market of cryptocurrency grows, as does the availability for their application and especially in the world of online casinos. So much so, that dozens of online casinos using Bitcoin offer a plethora of casino games including slots, roulette, table games and more.

There are many benefits to using the Bitcoin online payment system, for example it uses your e-wallet to transfer funds securely and almost anonymously. Online casinos accepting this cryptocurrency makes the payment process almost instant because everything is done online and there is no one company that owns its transactions or process. However, as all casinos differ, it would be worthwhile to contact the cashier first. In some cases, the player is able to deposit and withdraw with Bitcoin, whereas others transfer the Bitcoin value into casino credit at a set exchange rate which is then also used to deposit your winnings back into the e-wallet (no rise/fall of the fee during your play as would be with bank transactions).

Online casinos can vary in nature through their currency-use as some use only fiat currency, others use only Bitcoin, and the ‘best-of-both-worlds’ accept both currencies (known as ‘hybrid casinos’). The games on online casinos (and particularly those accepting Bitcoin) are exponentially more in quantity than land-based casinos, ranging through all of the traditional favourite casino games. The added advantage to Bitcoin users is that they can play in the comfort of their pyjamas while enjoying a lower house edge. The list below indicates some online casinos that accept Bitcoin.

  • Bovada
  • Slots.LV
  • Cloudbet
  • Betchain
  • Bet Online
  • Blitstarz
  • Aladdin’s Gold
  • Lucky Red
  • Liberty Slots
  • Casino Extreme
  • Fun Casino
  • Sloto’Cash
  • RioBet
  • PlayAmo
  • Ignition

There are also plenty of other online casinos considering working with bitcoin in the future, including Mr Green, LeoVegas and the UK casino Vera and John.

In order to provide customers with more fun competition, a larger variety of games and ease-of-use online, an increasing number of online casinos are adopting Bitcoin as their cryptocurrency of choice. This worldwide phenomenon is causing a dramatic but exciting change in the online casino community with the buzz being that Bitcoin is altering the playing field. Traditional casinos are seeking to merge with these ideas thereby becoming part of this market that makes online gambling more efficient, secure and widely accessible on different platforms. Bonuses and promotions are sometimes tailored to Bitcoin users as well, making online gambling with Bitcoin all the more worthwhile.

What is gambling on the blockchain?

Introduction

The blockchain has completely transformed onlinegambling as we know it. In the grand scheme of things, online gambling has evolved into a huge money making industry. This has sparked some safety concerns for those who are gambling with the big bucks. However, gambling on the blockchain means that the whole process is made increasingly more secure and transparent.

The blockchain explained

A blockchain is a known as an electronic ledger that allows for the transactions made by Bitcoin users, or any other cryptocurrency users, to be publically recorded. In other terms, anyone who needs to see these transactions can easily view them in an organised, chronological document. The blockchain is a peer-to-peer system. This means that all connected computers are able to add information to the ledger in a secure manner before it’s published. This allows for transaction information to be made available without any third-party interference.

The benefits of using the blockchain

Many people are starting to consider gambling on the blockchain the next step for online gaming. What makes the blockchain unique is that once it has been published it’s extremely hard to edit or remove. In addition to this, in an instance where someone would like to add information to the blockchain all the other users can verify the transaction information using evaluative algorithms. This makes the blockchain credible and safe because a number of different parties need to verify the transaction information before it is approved. This means that gambling on the blockchain has the potential to make online gaming the safest it has ever been.

Why is the blockchain revolutionary?

Safety and ease of use has always been a concern for online gamers, regardless of whether any blockchains are in the equation. However, the blockchain has improved too many aspects of online gaming to be ignored. It has instilled trust in the gambling community by decentralising transaction verification and information. It has also allowed for security to be more blatant and tighter. As a result of the growing use of blockchains there are a number of companies such as VDice and Firtstblood who have started to reap the benefits of being blockchain hosts.

Conclusion

Ultimately, gambling on the blockchain is the future of online gaming. Apps that make use of blockchains have started to make millions of dollars. This makes it much easier for peer-to-peer Bitcoin exchanges to take place easily and safely. Any online gamer should definitely consider learning more about gambling on the blockchain and putting it to use.

What is provably fair betting?

If you’re an avid casino user, you may have heard of provably fair betting. It’s important to understand what it is and how it works, especially if you’re playing with an unpredictable currency such as bitcoins. Simply put, provably fair betting refers to a system in which specific algorithms are used by the casino site. This means that at a later stage the games can be reviewed in terms of fairness by the service provider.

 

The importance of provably fair betting

Provably fairbetting is crucial because it acts as a means to rightfully determine the credibility of casino site games. By making use of this type of betting the casino is able to prove their reliability by making their game algorithms available for review. Therefore, if the user has any suspicions they can check for themselves whether they are being cheated or not. It would be terrible to come across an online casino that makes its users lose on purpose. Therefore, its best to make sure that you use an online casino that isn’t afraid to be transparent.

How does provably fair betting work?

There are multiple methods that can be used to determine if a casino game is “provably fair”. The most popular option includes assessing 3 main factors. These factors includethe server seed which is provided by the casino site, the client seed which the user provides and the nonce (a number that increases with each bet being made). Essentially, one should check the server seed and client seed details throughout the betting process in order to make sure they do not randomly change without explanation. In addition to this, the nonce should go up by 1 after each bet. Make sure that the nonce starts at either 1 or 0 as this is the norm for most casino sites.

Conclusion

This may seem a bit tricky at first, but it could be well worth your time in the long run. Moreover, if verifying the bets by yourself seems like too much of a tedious task, there are online verification clients that can do it for you. It would be ideal to make sure that the verification client is in now way affiliated with the casino site. It is clear that provable fair betting is relevant and necessary. In light of this, try your best to grasp how it works and learn to do some of the simpler verification procedures by yourself.

Are Bitcoin Casinos secure?

Introduction

Bitcoins have become an incredibly popular virtual currency that is being used by millions of people across the world. It is for this very reason that there has been an increase in the number of Bitcoin casinos popping up. Bitcoin casinos operate in a similar manner to any other online casino that you may have heard of. However, when it comes to using Bitcoin casinos some may be quick to question just how secure it is.  For the most part there’s nothing major to worry about if you know how to use bitcoins and are aware of their volatility.

What makes Bitcoin casinos secure?

If you’re comfortable with using bitcoins there are some reliable and secure Bitcoin casinos. In addition to this, they provide all of the casino games that are available on RedFlush that people have come to know and love. These games include slots, poker and a number of other card and table games The security features of many Bitcoin casinos include anonymity, being able to use your very own bitcoin client for transactions and private keys maintaining the security of your bitcoin wallet. Ultimately, You can maintain a considerable amount of control over your bitcoins. They are often kept in your personal bitcoin wallet and not by the casino site itself.

Security precautions

It would be foolish to pretend that there are absolutely no security risks associated with Bitcoin casinos. It’s best to take precautions where possible. Firstly, it’s a good idea to check the reputation of the Bitcoin casino site you plan on using. More often than not you can find some user reviews online by searching sites such as Reddit. This will allow for a better understanding of how the site operates and if other people have had a good experience while using it. Secondly, make sure that the site you are using publishes their game statistics. However, even if they do so be weary of the fact that scam sites may post fraudulent statistics. Thirdly, using bitcoins is a virtual process. However, this doesn’t mean that you should expect bad customer service. It’s a red flag if the casino site is difficult to work with and communication is poor.

Conclusion

There are many reliableBitcoin casinos to choose from. As well as this, there are sketchy operations to look out for. If you are interested in using a Bitcoin casino there’s no need to shy away. It can be a profitable experience if you’re sure of what you’re doing. Ultimately, do your research and proceed with caution.