Top Reasons Crypto Casinos Are More Secure than Fiat Casinos
Security is a major concern when using services that involve frequently moving money from one account to another. A prime example of this is online gambling because you are making deposits and withdrawals almost weekly. These are all concerns being addressed by banks and blockchains worldwide for your safety.
There are benefits from both but many casinos are turning to blockchain payments. Why is this popular among gambling websites? Here are some key reasons:
Blockchain history is tamper-proof
Decentralised ledger technology (DLT) works by recording every action in blocks. This means every node in the blockchain has a record of ownership for all crypto and there’s no way to tamper with it for the sake of theft or making false reports. If the crypto is in your wallet, then you are the definitive current owner until you transfer it.
Crypto’s tamper-proof history means transactions can be traced to their source. Therefore, online crypto casinos see it as a better payment method to battle money laundering. Frameworks to regulate digital assets for anti-money laundering are already in place for international users and casinos adhere to its policies. As a customer, you can rest assured that your money isn’t being used for criminal activities.
Crypto assets are protected by encryption
Cybersecurity is an ever-growing concern as more people gain reliable access to the internet. Various techniques are discovered to gather information which can put innocent users at risk of identity theft or theft through data tampering. That is not an issue with blockchains because encryption protects these networks from bad actors online.
Encryption ensures the blockchain because its ever-changing lines of code is nearly impossible to breach. The only vulnerable points in a transaction are its two ends, the sender and recipient of a deposit.
Even then, they will need to have access to your wallets, either the one you use personally or the other where you deposit funds for crypto casino games. Both are protected by you who keep your login credentials safe from strangers.
Decentralisation removes reliance on trust, improving privacy
Online casinos that only support fiat payment methods cannot offer you the option to be anonymous as a user. The best they can give you is confidentiality where you can use a username hiding your identity but you will still need to provide your contact information. It also usually comes with a know-your-customer (KYC) protocol asking for your personal information.
Crypto doesn’t have such requirements. You only need to make a personal wallet where you can store and manage your digital assets and an account in a crypto casino with its own wallet. In both cases, you are only identified by the two wallets’ public addresses rather than your name. Your transaction history is transparent but not traceable to your identity.
The only way people will know who owns the wallet addresses used in making deposits and withdrawals with a crypto casino is if you publicly declare that you own them. This is useful to avoid being targeted by bad actors if your transactions are large enough to catch people’s attention.
Services casinos offer to further protect your crypto
All of the points listed above are the advantages you get from a crypto casino but not a fiat casino. On top of that, you can also enjoy additional security measures from the gambling platform. These are standard among casinos but it helps that you use them to further bolster your assets’ protection:
Two-factor authentication (2FA) verification
The 2FA verification system is optional for all users. Register a personal contact information that no one else has access to like your phone number or an email address nobody knows about. Enable the 2FA feature using this contact information and you’ll receive confirmation codes/prompts every time you log in to your casino account.
This extra step is useful when someone manages to get your login credentials and try to log in to your casino account. They won’t be able to access your account without the confirmation code sent to your private contact channel, protecting your funds from hackers.
Implementation of responsible gambling measures
Online casinos can help you control your activities as a gambler like imposing limitations on your deposits and bets. This applies to all kinds of payment methods including crypto. It is also possible to request a self-exclusion or cooldown period. Until this is lifted, you are not allowed to access your casino account.
These are important security measures not only to protect your funds but also yourself. It’s important to keep a healthy gaming habit and the best crypto casino sites are willing to help you in maintaining discipline.
Quick customer services
Customer services need to be responsive to answer your queries. This is crucial for convenience because delaying a solution to your concerns will result in frustration. However, it’s also important when you suspect that someone else is tampering with your account.
Customer services can help you in dealing with unwanted logins. Your options include freezing your funds until the invasion is resolved and suspending your account while you update security systems.
Enjoy safe gambling experiences at crypto casinos
At the end of the day, all that matters in life is your safety from online threats. Online casinos know this and are therefore looking for the best ways to help you enjoy your betting experience and winnings as a gambler. Embracing crypto as a payment method is one of their best decisions and you can look forward to more development in this space moving forward.
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