Safer Gambling: How Crypto Casinos are Ensuring Security for Players
Keeping your data safe and secure whilst playing online is crucial if you intend to get the best out of your real money wagers. But most online casinos have lots of rules and limits that are linked to the bonuses and other promos and can take away some of the fun. In recent years, crypto came along and took some of the limitations away, facilitating the overall online gambling process for players.
In this article about safer gambling, we will therefore dive into the different ways how modern crypto technologies protect visitors of online casinos, making sure they feel comfortable to deposit their funds and play with money, or in this case, crypto. As online casino wagers are mostly about making real money wins, the experience starts with the very first deposit. Let’s dive into it.
How Crypto Guarantees Security
Security and trust are an important base for online casino players as most people are mature enough to have an idea where and where not they want to deposit money. Not feeling comfortable with the overall look and feel of the website and the banking page in particular will hold a player back from depositing their funds. This was a challenge for online casino operators for years, but with the regulation of online gambling and both casino operators and game providers turning into stock listed companies, things have advanced. This is mainly thanks to advanced technology with the introduction of crypto casinos leading to a whole new wave of casinos that meet the highest security standards.
As these also offer a lot more discretion than non-crypto casinos, players have increasingly started to move their credits for regular casinos to the specific group of crypto casino sites. In addition to offering more discretion, crypto casinos are also known to enforce improved security measures into their systems making them more secure than average online casinos. We have reviewed three of the most important measures applied by crypto casinos in terms of security, giving you a better idea of them below:
1. Encryption Transactions
Safety remains the most important challenge for online casinos, and with every type of business that operates online there is still a chance that it becomes a victim of a hack or data leak. With crypto casinos, there is still a risk when it comes to hacks or fraud, don’t get us wrong. Still, crypto casinos are known for their convincing security measures to protect players' funds and sensitive data. All transactions are performed as fully encrypted transactions, avoiding unauthorised access to both the crypto and personal data. In contrast, non-crypto casinos are pretty much forced to work with third parties to perform transactions which is why encryption is not possible. These are typically safe too, despite the involvement of third parties, but the chances of hacks are higher than with crypto.
The process of encryption in crypto casinos basically turns plain text information into a coded format, this is referred to as ciphertext. To put it simply: only the one who has access to the exact encryption key will be able to decrypt this piece of data. The encryption works with two keys — a public key and a private key.
The combination of these two keys together are used to first encrypt and then decrypt the data of the transaction. A second encryption measure in crypto casinos is what is referred to as symmetric cryptography. With this way of data encryption, the platform applies a single key. This basically means that both the sender and receiver will need to have access to the same key in order to exchange the crypto. This provides fast transactions at online casinos: immediate deposits and an almost instant withdrawal.
2. Signatures
Crypto casinos also use so-called signatures to protect the players' data. A digital signature can be best described as a mathematical representation of a message which is generated via a private key. The signature is then verified using the corresponding public key. This is done to verify that the transaction has not been interfered with and that the transaction's sender is effectively the real owner of the particular, private key. The interesting fact about signature is that this piece of technology makes it possible that multiple parties approve a transaction. As there are multiple parties involved it becomes a lot more difficult for cyber criminals to get a hold on funds. Signatures avoid that third parties can track and monitor the information which includes governmental bodies and banks. Players are guaranteed that their credits are securely stored.
3. Multi-Layered Account Security
Crypto casinos have also introduced a whole range of multi-layered security measures which are obviously meant to protect players’ accounts from potential hacks. This procedure isn’t exclusively reserved for crypto casinos as other online platforms also work with multi-layered security measures. To give you an idea, crypto casinos work with easy to perform, yet effective authentication methods. Two-factor authentication (2FA) is an example of such a method, and requires users to come up with a secondary code or verify their identity. These codes are generally sent to someone’s second email address, mobile phone number, or are directly generated via a 2FA generator. This extra layer of online security effectively lowers the risk of hacks and unauthorised access.
Conclusion
Online gambling is not perfect when it comes to security and the same is true for crypto casinos. But in recent years, the online gambling industry has earned itself a reputation as a billion dollar industry that is regulated across many countries and houses stock listed companies. As such, security has been significantly increased with a special role for crypto casinos that are known to be the most secure type of online casinos. As risks always exist when getting involved with online data traffic, users still have different things to watch out for. The good news is that it has become reasonably easy to recognise what website offers an overall transparent and secure service and what website is owned by a dodgy operator.
Still it needs to be taken into account that although the online gambling operator is primarily responsible for player safety, users will also need to ensure that they pay attention and protect themselves. Players have a crucial role in keeping their experience safe. For instance, online gambling enthusiasts can protect their funds and information by sticking to licensed casinos only. Most crypto casinos hold a licence from Curaçao, a regulator that is currently undergoing a transformation, adapting its policy to the new gambling law of the island. In its new form it will continue to work with crypto, providing both operators and players with a secure gambling environment. With many licenced casinos available and technology advancing, crypto casinos continue to ensure security.
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