Through Bitcoin gambling, the financial currency used is the Bitcoin (BTC) instead of the standard fiat currencies. This means that the gambling space is different and the only difference lies in the kind of currency used. But, that is not all, the money won after a game, or your withdrawals come from a Bitcoin wallet. Wallets are safer than most solutions for fiat currencies because they are based on the blockchain platform. Note that if you are playing Bitcoin dice at a site that uses Bitcoin as its alternative mode of payment, these such sites will convert Bitcoins to fiat currency when you deposit bitcoins. However, we do not recommend taking this option because conversion attracts a high conversion fee.
Taking this into account, and also because you can play any game, not just dice, here are some of the reasons why we recommend the use of Bitcoin.
Most of the sites that use Bitcoin as the primary digital currency employ a strategy called provably fair. What this means is that most, if not all their games are verifiable using an algorithm that analyzes and the verifies that all the odds on that online Bitcoin casino are fair. So, even if you are on a losing streak and you cannot help but wonder how, this aspect of the site will prove that there is no manipulation responsible for your loss.
These Bitcoin casinos can calculate the element of provably fair in different ways, but the main element is that you can verify the game by entering the ID of the game and other related information.
For Bitcoin gambling, you must have a digital wallet. The wallet is what you use to buy Bitcoin. It serves as a store, and it protects your funds. The best bit about the digital wallets is that they have a public and a private key. These keys keep your data safe on different levels. The public key is your unique key that identifies the wallet.
On the other hand, the private key is the one you should hold dear. It is recommended that you have the private key in hard copy and keep it safe. The private key is what you need to transact. The beauty of it is that it’s often safe from hackers, especially if you are using a hardware wallet and one can only get your credentials by asking you for it. This means that if you are a playing dice and are on a winning streak, your winnings stay safe in your wallet.
Once you transfer Bitcoins to your account in the online casino, you will get an online wallet. The wallet has a Bitcoin address, and the transfer of your money is immediate and almost free. Also, all transactions are verified in the Bitcoin network in minutes. The best bit is that these wallets eliminate the need for middlemen who would charge you high transaction fees.
It’s something most of us treasure – wanting to keep your identity private. If you have doubted the ordinary online casinos that use fiat currencies, then you will like the casinos that only trade in the digital currency. These sites are based on the safe blockchain infrastructure. There are different levels of security involved, and they all aim to keep your information private.
Ease of use
The Bitcoin gambling sites allow you to test the customer services as well as the payout times. That means that you will know everything about the site before you start betting real coins. The best sites will also allow transfer of money every day of the week, 24/7.
However, regardless of the level of security that you get from the using Bitcoins, you must always read the terms of trade before you start playing – some sites are unreliable, and others have bad terms and conditions. You also need to read the wager requirements carefully.
We also recommend playing at known and established Bitcoin casinos to avoid being a victim of scams.