Is Using Cryptocurrencies Safe – 2020 Guide

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While there might still be a few people on this planet who have never heard the word Bitcoin, many of those aware of cryptocurrency existence do not know how to deal with it. What has to be done to own some BTC, ETH, XRP, LTC, etc.? How do you exchange back and forth for fiat money? Can you buy goods or book a hotel room using some of the digital coins? And is it safe to use cryptocurrency?

Speaking of the latter question, it has to be secure since crypto is derived from encryption. Blockchain technology is reasonably complex, and every transaction has at least two levels of authentication. Every crypto transaction is recorded at a public ledger, which occurs to be hard for most hackers to tamper with. It’s not impossible, but million-dollar hits do not happen every day. The security of your coins depends largely on the way they have been stored. BTC owner has a digital “wallet.” You can store the crypto on an exchange. The safety of this type of asset is higher when the exchange and the wallet are more reliable.

The fact that cryptocurrency increases its use in a variety of everyday activities tells us something. You can buy not only pizza as they did with the very first Bitcoins but lots of stuff on the Internet. Without a doubt, the gaming industry is among those most extensively employing blockchain innovation and convenience for its own sake.

Hundreds of online casinos accept crypto payments

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Most of the Internet books still use fiat money, which is the traditional payment method. But many customers prefer crypto transactions. More about that you can check on cryptothrills.io. So, in recent years an increasing number of existing online casinos included digital coins as an option to deposit and withdraw. What’s more, there are many bookmaking platforms explicitly built for BTC users (and other stable currencies) such as 1XBit, for example. 

The gambling industry operates on enormous dynamics, and since more and more operators embrace crypto, there must be a reason for that. Some say it is even faster and safer than fiat money. It might be argued, but there are many pros that are hard to deny. You can check out casinorobots.com what are the perks of using digital coins.

What are the advantages of Bitcoin casinos?

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There are many advantages of using digital coins for betting. Experienced punters who have tried both types of payment will confirm the following conclusions:

  • Fast withdrawals. If we name it “The speed of transactions,” it will not tell enough. Deposits are fast with fiat money too. But when you want to transfer winnings from the bookmaker to the bank account or the online wallet, it takes time. It might last up to a whole week before the profit lands in your account. With crypto, it is much, much faster. Most of the withdrawals are confirmed and executed within minutes.
  • Minimum deposit and withdrawal requirements. Online casinos set bottom and top limits for fiat money for both incoming and outcoming transactions. You have to deposit 20 USD or more at some Internet gaming platforms to start playing. For Bitcoin, Ethereum, Tether, Monero, and many others, there might be no requirements at all. Or if there are, the threshold for the minimum deposit and withdrawal is much lower.
  • Low fees or no fees at all. Once again, cryptocurrency beats fiat money in terms of expenses made by customers. Since there is no third party involved, which is the main difference compared to traditional payments, the fees for transactions at a crypto casino are significantly smaller. And there might not be a fee at all.
  • Anonymity is guaranteed. It’s something unimaginable at KYC bookmakers. They want to know who you are, and there’s no way to play if you don’t fill in personal information upon subscription. On the other hand, signing up might not even be a requirement at a crypto casino. Actually, privacy at Bitcoin bookmakers is the thing that many punters value the most.

Is playing at a Bitcoin casino secure?

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So, it is more affordable and more convenient. But is it safe to use crypto at an Internet casino? Generally, the answer is “Yes,” as far as you place bets on a gaming website with a proven reputation. Some say that using Bitcoin might be even safer than playing with fiat money. We will not argue about that. The main thing is to know how to recognize reliable casinos and stay away from rogue ones.

  • Check the license. If the casino has UK, Malta, or Gibraltar accreditation, it must be regarded as trustworthy. The Curacao license does not weigh as much as the previously mentioned.
  • Check the reputation. A problematic gaming website is always reported and even blacklisted. You don’t need to do thorough research – negative backlash will show up right away if there is so regarding a specific casino. Due diligence is a must. 
  • Safe operators tend to partner with organizations dedicated to responsible gambling. Check out the casino if it works with entities such as Gamblers Anonymous or similar.
  • There is a system called ‘provably fair.’ Such a tool enables you to verify the result of every roll, so you can be sure not to be cheated by the casino.
  • Mind the speed of transactions. If the casino is too slow completing transfers, especially withdrawals, there might be something wrong with it. 
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Even if you get enticed by a rogue gaming website, you will know it by the time you want to receive some of your funds back. But it will be better to avoid being hurt in any way. If you’re unsure about the casino, crypto, or fiat money, just start with the minimum deposit to see how it works.

There is no reason to fear cryptocurrency. It is safe to use it and secure to play with it as long as you use common sense.

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