Bitcoin, the electronic interchangeable currency that is being recognized by more and more merchants is perfectly acceptable for online wagering as well. But the unique status of bitcoins (a virtual and currently decentralized type of currency) creates some issues for those who use it as well. Bitcoin currently lacks the protection of other forms of currency, which means that if it is lost or stolen during a transaction its legitimate owner can’t be compensated for its value. Anyone conducting any type of financial transaction online should always use an abundance of caution, with bitcoin users being especially careful.
Online casinos and bitcoin would seem to be a natural match for a number of reasons, primarily the ease with which this currency can be used for both wagering and making payouts. And a number of existing casinos are not only making accommodations for bitcoin trnsactions, new “bit casinos” are appearing all the time that deal exclusively with bitcoin. As online casinos increasingly enter the mainstream with more regulations to protect gamblers, bitcoin users can feel reasonably safe playing at many of these sites. But because some “bad apple” casino operators remain, there are precautions gamblers should take before playing with bitcoin. These include being aware of:
Age Of Casino
It’s brand new and offering lots of deals and perks? Stay away from it at least for awhile, and let someone else try it out.
Casino Security
Online casinos that have no security, weak security, or are evasive about the provider of their security systems should be avoided.
Accounts
One of the advantages of bitcoin gambling is that it makes opening casino accounts unnecessary. Be wary gambling at sites that encourage you to or insist that you must open an account there. Also avoid the temptation to use these casinos as “wallets”, no matter how often you play there.
Safe Bitcoin Casinos
Two online casinos which are not only recognized as proven safe for bitcoin gamblers but for online gaming in general are Bovada Casino and slots.lv. Bovada Casino is a licensed and registered gaming entity that accepts international gamblers, including those from the United States. The casino has a strong reputation for both security and winning opportunities for players. And it not only welcomes bitcoin users, but bitcoin users that want to play big. The ease with which bitcoin values can be changed makes it very convenient for high rolling players, and Bovada offers such players multiple opportunities with casino bonuses ranging from $250-$3,000 and hundreds of games to choose from. slots.lv is a newer casino that is affiliated with Bovada and uses the same gaming license. It has gotten high marks from reviewers for both its security and gaming selection and offers player bonuses of up to $5,000. Both sites also offer bitcoin player tutorials.
Bottom Line
Online gambling with large bitcoin wagers can be safe. Players should use caution with bitcoin transactions and educate themselves about sites before gambling at them, as with any other type of gambling.
