One of the latest developments in the world of online betting has been the introduction and adoption of Bitcoin across the industry. Bitcoin remains the world’s leading cryptocurrency, and is being adopted by more and more businesses worldwide. Casinos and betting sites have been one of the quickest to adopt the new technology—but many wonder whether it’s really secure to bet with Bitcoin.
There are always security concerns and risks when you are betting online. Whether you’re doing so with traditional banks or with cryptocurrency. Today, though, we’re going to look at a few ways that Bitcoin is in fact more secure than traditional banking methods.
Let’s have a look.
One of the main advantages of gambling with Bitcoin is privacy. There are may interpersonal reasons why someone might want to keep their betting activity private, and ultimately that is within their right to decide. When cutting out the bank from the equation, using Bitcoin to bet independently of your bank means you are secure from broadcasting your activities.
Furthermore, the entire blockchain technology is built on anonymity. With sites that accept Bitcoin to bet with, many of them do not require any personal data to be stored on the site. You will use a username, password and, most importantly, 2FA to log in to your account.
In terms of your personal data, then, you are clearly far more secure when you bet with Bitcoin and don’t have to use lots of personal information.
- Currency protection
Following on from this issue of data protection, Bitcoin is actually one of the most robustly protected currencies you can use to gamble. Anytime you sign up to a betting site that requires you to use something like a credit card or your PayPal account. If that site is compromised while it has those details on record, you have been compromised as well.
Bitcoin uses private, protected, independent wallets like Electrum. You can use encrypted private keys to secure your wallets, and only someone who knows that key could possibly get to your information.
You never need to store this information online when using Bitcoin with a gambling or betting site. There’s no way to compromise you in this way.
So, again, in this way, you’re a lot more secure with Bitcoin than traditional methods and this is why so many betting companies like Coincasinos are offering it.
- Fast transactions
Though it is not exactly common and you typically have good recourse in the event it does happen, bank transfers and VISA payments aren’t always as quick as you would like t hem to be. Sometimes, they can take as much as 5 days to confirm. Sending money overseas takes on average even longer, as banks can delay payments.
Bitcoin does away with this entirely. No matter where in the world the two parties are, transactions take, on average, less than ten minutes.
You can rest assured that your money is secure when you know instinctively it will arrive at the destination within minutes.
And not only do traditional banking methods tend to take longer—they’re also a lot less cost-effective, too.
The costs associated with making transfers via Bitcoin are fractions of the cost of traditional payment methods. This makes them more secure in the sense that there aren’t big operating costs to make the transactions, and thus the entire operation is smoother and simpler.
These rapid, cheap transactions mean that funds need to spend very limited times in the digital stratosphere between parties. Your funds will more or less always be directly under your control, because it is so cheap to move them.
On one crypto transaction of around $19 million USD, the fee to transfer was only around $0.40. Taking control of transaction cost is a great way to secure your money.
Bitcoin prides itself on nothing if not its inherent security. Banks and other traditional financial institutions have made big steps in online privacy and security in recent years, but the fact is that you are still exposed to massive potential risk with your money in these channels. Bitcoin does not eliminate that completely, but it’s certainly at least as secure as the most robust banking security.
It may even be more secure, and as the technology continues to develop, that will only become truer.