Is Bitcoin a Safe Bet for Online Gambling?
Many players wonder whether Bitcoin is a safe way to gamble online. The question is a valid one. Safety, security, and privacy are the three most important things to consider when opening a gaming and sports betting account.
The good news? Yes, bitcoin is safe to pursue online gambling. In fact, it’s the safest and most private among all ways to gamble online. Check out reasons why.
Exploring the Security and Privacy Benefits of Betting with Bitcoin
Bitcoin remains a proof of work blockchain
There are three ways to strengthen the security of a blockchain. The one that most now use is called proof of stake. Ethereum is a proof of stake, or PoS, blockchain.
What proof of stake means is that stakeholders get rewards, usually in the form of interest, to put their ETH, or whatever the crypto is, onto the chain to help secure and help it function. Multiple stake validators on the chain, by multiple we mean thousands, validate each and every transaction as legit.
The problem with proof of stake is that the security of the blockchain wobbles when stakeholders pull their stake.
Bitcoin doesn’t have the proof of stake issue because it is proof of work.
What, exactly, is proof of work?
Proof of work means that validators work to create the block for every bitcoin transaction. Work implies a expelling of energy and bitcoin’s proof of work consensus is no different.
Every transaction must gain consensus from 10,000 nodes
Every BTC transaction, it doesn’t matter how small, must gain consensus from at least 10,000 nodes. Nodes, or computers, must all agree to the validity of the bitcoin transaction.
It would take 51% of the nodes to decide to steal a transaction. The chances of that happening are close to zero because the nodes aren’t in constant contact with each other. Also, validating BTC transactions happen superfast.
So within seconds sometimes, all 51% of the nodes would have to decide they want to steal your specific transaction. That won’t happen.
Proof of work comes in after validation
The proof of work part of Bitcoin transactions happen after validation. Once the nodes say the transaction is valid, miners compete to create the transaction block for the blockchain.
The reason smaller transactions on the Bitcoin chain take longer than larger transactions is because the larger the transaction, the more rewards to the miner.
The miner that creates the block first gets the reward
The miner that creates the block first gets the reward. So the miner has no incentive of stealing the transaction. More importantly, because the blockchain is transparent, everyone will know if a miner steals the transaction, which means fraud is close to impossible as well.
Bitcoin digital codes, the 38-characters, don’t provide any information. The code is the code.
The code represents bitcoin transactions, but it doesn’t provide any information about the transaction. So from the viewpoint of validators, miners, and anybody who wants to check out the blockchain, all they see are codes.
Nobody will know who you are or that you generated the code. Nobody will know what the transaction represents. This ensures as much privacy as possible./p>
Ways for players to add even more security and safety when they gamble with bitcoin
- Use a single digital code for each deposit: Stick to the NitroBetting rule: One code. One deposit. Don’t reuse deposit codes.
- Understand how much money your betting in dollars: To ensure you don’t bet more than you can afford, always convert mBTC into dollars. Don’t accidentally bet your entire bankroll because you thought you were looking at dollars and not mBTC.
- Use a responsible and well-respected send/receive bitcoin company: To ensure you don’t bet more than you can afford, always convert mBTC into dollars. Don’t accidentally bet your entire bankroll because you thought you were looking at dollars and not mBTC.
Where to Bet with Bitcoin
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
READ MORE: Advantages of an Anonymous Betting Site