In recent years, Bitcoin and various cryptocurrencies have become extremely popular worldwide. This popularity has extended to various sectors, including online gambling, where a significant increase in the number of new Bitcoin casinos has been noticed.
Early on, players understood the benefits of playing at Bitcoin online casinos as compared to traditional online casinos. One of the biggest advantages of gambling at Bitcoin casinos is the high level of privacy. Besides privacy, the player can also enjoy fast, anonymous, safe and secure transactions.
Let’s see how Bitcoin casinos are safer than traditional online casinos:
Choose licensed crypto casinos
This point is key when looking for a crypto casino where to play. A Bitcoin casino is safe if it is licensed and regulated by a reputable gaming authority, such as, for example, the Curacao Gaming Authority or the Malta Gaming Authority. So before you sign up for a Bitcoin casino, check its gaming license, which typically displays at the bottom of the homepage.
Verify the casino’s reputation
Before signing up at any online casino check its online reputation. If you find several negative reviews regarding a particular casino that accepts Bitcoin, proceed with caution.
Secure coin storage
The easiest way to use your crypto online is through a digital wallet, or an app. Hardware wallets, also known as cold wallets, on the other hand, are far less user-friendly, however they are considerably safer. So, you need to decide whether you want to prioritise: a more convenient, easy and quick access to your funds or if their safety is more important.
Privacy and anonymity at sign-up
Most traditional online casinos request their players for personal data and banking details during the sign-up process. Players have to leave personal credit card information, and confidential data, which can be dangerous.
Many Bitcoin casinos do not require any personal information when signing up, and of course, transactions using cryptocurrency do not involve bank verifications, so they are also completely anonymous. All that players have to do when they are signing up, is to supply an email and/or phone number and make a deposit via a crypto wallet.
Bitcoin casino transactions are highly secure, due to the different layers of encryption and verification that take place throughout the process. On the player’s side, the technology used in transactions, brings many other benefits, such as fast payments and reduced fees.
Using crypto for casino payments is one of the most secure methods out there. We have already seen that transactions are anonymous, fast and low cost. The only obvious disadvantage of using crypto as a payment method is the volatility of its value.This is not related to the online game itself, but to the cryptocurrencies themselves.