5 Essential Tips For Safe Bitcoin Gambling
Bitcoin gambling is the newest trend in iGaming. Through the cryptocurrency, online casino games are now played with more efficiency and with ease.
However, despite the gambling experience upgrade, players still tend to stumble upon unfortunate instances that eventually give the Bitcoin gambling industry a negative reputation.
Still, a safe Bitcoin gambling experience is achievable as long as bettors take note of these five vital tips that are in accordance to the preferences of the majority of the Bitcoin gambling community:
- Learn the effective way of using of ‘cold’ and ‘hot’ wallets
Bitcoin wallets serve as a prime arsenal for everyone who engages in the cryptocurrency world. Regardless if it is for Bitcoin casinos or any Bitcoin-related business, having a Bitcoin wallet is a must.
Due to its importance, the Bitcoin ecosystem now houses several online Bitcoin wallet providers that offer various unique security measures for users.
However, since hot wallets are connected to the Internet, they are extremely vulnerable to online attacks and Bitcoin criminals. Still, online storages can be useful for handling small amounts of Bitcoin.
To ensure the safety of Bitcoin funds, especially for larger amounts, users can rely on offline storages or ‘cold’ wallets. Unlike online wallets, offline Bitcoin wallets grant users more security since perpetrators have virtually no means to compromise kept funds. The only way to hack into these wallets is by obtaining them physically.
Effectively storing Bitcoin—whether bought or won—can be easily accomplished by using both kinds of wallets.
- Gamble on legitimate Bitcoin casinos
The Bitcoin casino market is arguably one of the most populated departments in the cryptocurrency ecosystem. Therefore, Bitcoin gamblers are provided with a seemingly infinite number of platforms to choose from.
Due to these numbers, though, fraud websites can easily camouflage themselves even with cloned Bitcoin games to trick bettors into wagering Bitcoin for nothing.
In order to avoid falling prey to these scam Bitcoin casinos, it is best to conduct and in-depth research about the brand before gambling.
Although it may be time consuming for the most part, bettors can still be assured that they are betting their Bitcoin on a legitimate and trustworthy platform in the long run. Another thing to remember is that this kind of incident also does happen in real-money online casinos.
- Utilize Bitcoin-dedicated forums and information websites
In conjunction to the avoidance of illegitimate Bitcoin gambling platforms, Bitcoin forums such as BitcoinTalk and information-dedicated websites can be of help.
By constantly tracking the updates, announcements, and bulletins posted by these websites, gamblers will be able to inform themselves of the newest Bitcoin casino bonus deals, games, Bitcoin casinos, and even the black-listed platforms to avoid.
- Wager on provably fair games
Provably fair Bitcoin games are products that are exclusive to Bitcoin-powered casinos.
Compared to real-money casino games, having the provably fair feature ensures the authenticity of game results by openly presenting the algorithm that is generated by the Bitcoin casino.
By viewing this data, users are assured that their games are not manipulated by external factors. Thus, gamblers can avoid being treated unfairly with the provably fair Bitcoin casinos.
- Be smart when gambling with bitcoins
Since the online gambling industry is a naturally vibrant niche, scammers tend to take advantage of this nature in order to trick gullible players. Usually, these victims tend to shell out large amounts of Bitcoin funds with the promise of greater returns.
Although it is not detrimental to be gullible at times, it is still best to be wary, especially when it comes to offers that are too good to be true.
Regardless if it is real-money or Bitcoin gambling, betting smart is the ultimate weapon to negate unfortunate circumstances.