In the last few years, cryptocurrencies have grown in fame and popularity, such that the number of Bitcoin casino transactions has increased dramatically in recent times.
Casino players have begun to understand the advantages of crypto gambling, when in comparison with gambling with fiat currencies (such as the euro and the dollar). However, some players are still hesitant in using crypto and Bitcoin casinos, as they have their doubts regarding its security.
The players’ fear is justified by the existence of insecure and fraudulent casinos, and the knowledge that if they fall victim to any online scam, they will lose their money, plus they are still risking the theft of their personal and financial data.
Thus, it is necessary to ensure that you are betting on a trustworthy online crypto casino.
Security at Bitcoin Casinos
While theft and hack issues are common in the world of cryptocurrencies, it should be noted that these are largely limited to crypto exchanges.
As far as casinos are concerned, Bitcoin casinos, can even be seen as safer than traditional online casinos due to the cryptographic nature of Bitcoin.
Bitcoin transactions are encrypted and verified multiple times. The private keys used for transactions are extremely long, making them very difficult to decode and undoubtedly more secure than using a credit card.
Legitimate and reputable crypto casinos
The boom in popularity of cryptocurrencies has become an opportunity for scammers. All types of currencies that are trendy at a particular time, such as Bitcoin, Ethereum, Dogecoin and other top cryptos, are great to scam potential victims.
Therefore, it is crucial for Bitcoin casino players to be sure of the casino’s legitimacy before they sign up.
Overall, there are no specific laws related to cryptocurrency gambling, so there is no official position defining its legality, or illegality.
Some international gambling jurisdictions already issue licenses to casinos that accept Bitcoin (such as Curaçao and Malta), which means that these jurisdictions accept responsibility for controlling cryptocurrency gambling. So, as long as the online casino where you play presents a license issued by one of these countries, you know that it is responsible for following the rules and regulations of the chosen jurisdiction, and thus operating under a legal framework.
Choose secure login details
Even if you trust the legitimacy of the Bitcoin casino where you will play, and know that they will do their best to protect your funds and keep your information private, there is one very common security breach that has nothing to do with the casino, the login details chosen by players.
It is imperative that you choose a secure and unique password, and one that is not associated with any of your other accounts.
You should check whether or not your email address, personal information and passwords have been compromised in any previous cyber attack, even if it occurred on a website with no connection to the Bitcoin casino where you want to play.
If in doubt, create a new email account that is exclusively used for playing at the Bitcoin casino.
Not everything about Bitcoin casinos is better or safer than traditional online casinos. No KYC casinos, by offering their users a level of anonymity that is simply not available when using fiat currencies, are susceptible to being scammed by underage customers.
For the most part, Bitcoin casinos are safe. Like all gambling companies, Bitcoin casinos are licensed and regulated by a Gambling Commission, which means they have the same duty and care for their players as land-based or traditional online casinos. Thus, the player needs to make sure that they play at a licensed Bitcoin casino, just as they would have to do playing at a fiat currency online casino.