In recent years, mobile gambling has become very popular around the world. Many players have started favouring mobile casino sites over land-based gambling venues. In fact, studies have shown that mobile casinos are on their way to become market leaders in the gambling industry.
Mobile casinos accept numerous payment methods and currencies, and one of them is bitcoin. Perhaps, the greatest advantage of bitcoin gambling is that it provides a transparent and clear platform ensuring the odds are legit and clear to players.
This article aims to provide an overview of using bitcoin for mobile gambling.
What is bitcoin?
Bitcoin is a cryptocurrency that uses peer-to-peer technology to operate with no central authority or banks; managing transactions and issuing of bitcoins are carried out collectively by the network.
Bitcoin enables monetary transactions with minimal or no commission fees, and there are no regulations imposed on the circulation and exchange of bitcoin.
Advantages of using bitcoin when gambling
First and foremost, using bitcoin to play online casino games keeps the player completely anonymous. As there’s no need to submit your personal information when using bitcoin wallet, it can protect you from identity theft while gambling online.
Also, bitcoin is a virtual currency that is not owned by any governing body. This means that only you can control the transactions of your bitcoin via bitcoin wallet. In essence, bitcoin is decentralized without a ‘middleman’ involved. Therefore, bitcoin mobile casinos are free from prying by any regulatory authority.
Bitcoin gambling has eliminated the possibility of casino operators using tricks that give them an upper hand in winning. This provides a transparent and clear platform, which ensures a mutually positive business relationship between players and casinos.
What’s more, players can seamlessly deposit funds into their mobile casino account. And the winnings will be credited directly into your bitcoin wallet when you cash out. This means that players have low or zero transaction fees.
A new concept known as provably fair has been introduced in bitcoin casino games. Provably fair describes an algorithm that can be analyzed and verified for fairness on the part of the casino service provider. In a provably fair system, the casino operator will publish a method for verifying each transaction in the game. The benefit of this system is that the third-party verification and auditing is necessary.
How do you know if the bitcoin mobile casino is safe?
With the popularity of bitcoin increasing with each passing day, it’s essential for you to verify that the mobile bitcoin casino is safe. Bitcoin has been labelled as volatile, and some mobile gambling sites have a poor reputation.
Below are the things to keep in mind when choosing a bitcoin mobile casino to gamble:
- Check that the bitcoin mobile casino is licensed and regulated by the respective authorities.
- Check out user reviews and assess the provably fair status.
- Always read the terms and conditions of the casino
- Some sites allow you to try casino games for free – give them a try.