Crypto on Demand as Online Casinos Invest in Secure Payments

Gambling with bitcoin and casino chips

Bitcoin has been disrupting the online industry for the last decade. From e-commerce and marketing to Fintech and gambling, the crypto world is impacting the world more than some care to admit. At the same time, customers are demanding more from online businesses.

In the casino sector, more and more people are gambling on their smartphones and tablets. Studies show the trend will continue to balloon for the next several years. Customers also want secure payments, a service most casinos tend to get wrong.

Decentralization, an established site that reviews the best Bitcoin online casinos, says crypto is the future of the gambling industry. Netent Casinos cites crypto’s anonymity, decentralization and corruption-free nature as a significant reason why the iGaming industry will continue to accept crypto for payments.

And sure enough, almost no e-wallet or credit card company offers the level of security crypto provides. For starters, it eliminates third-party handlers, allowing players to transact directly with gambling platforms. Against that backdrop, crypto also lowers transaction fees.

Crypto’s ability to provide anonymity also benefits the thousands of gamblers who would rather not reveal their transactions with casinos to anyone. The only other solution that offers such privacy is hard cash. But considering no gambling sites accept physical cash, crypto stands alone as the ideal alternative.

Data Privacy

Transparency in data collection has been a pertinent topic for the last couple of years. From congress and Facebook to the European Union and Asia, the world is pushing hard for transparency when it comes to dealing with people’s data.

But as history shows, most companies don’t make an effort to safeguard customers’ data. That’s where crypto comes to the rescue. Although it only protects players during payments, virtual currencies ensure gamblers’ right to financial privacy is respected.

A Pew Research study shows a growing number of online users are actively taking measures to protect themselves when browsing the Internet. They delete cookies, shield their IP addresses and steer clear of platforms with retrogressive data privacy laws.

Preventing Identity Theft

Online casinos have been working tirelessly to comply with government-imposed know your customer rules. However, it has also increased the threat of identity theft worldwide. In 2018, about 14.4 million people fell victims of identity theft fraud in the USA. Moneywise, Internet users lost $4 billion to identity thieves in 2018, a slight decrease from 2017. 

Using crypto to play casino games can lower the risk of identity theft to nil, especially for platforms that ask for minimal verification. With traditional payment methods, however, there’s always the risk of revealing your banking information to someone.

Of course, there’s no denying there are ways to trace Bitcoin payments these days. But because Bitcoin and altcoins don’t force to reveal your social security number or account numbers, they keep you out of the reach of identity thieves.

Protecting your Computers

Many gambling sites use advanced security measures and renowned payment methods. As such, casino players seldom worry about picking up malware from their favorite casinos. Despite that, using a safe payment and observing online safety tips is still the best way to keep your PC safe from viruses.

Using crypto alone can’t save you from an aggressive hacker. Indeed, even crypto platforms have often fallen prey to malicious hackers. However, transacting with Bitcoin helps you avoid giving out the personal information attackers look for.

For example, you don’t need to provide your name, addresses, social security numbers or even your profile pictures. That way, you give hackers almost no reason to come after you. And because you probably also have anti-malware programs, you make it difficult for malicious Internet users to attack your PC.

More Online Casino Safety Tips

Protecting your data when playing casino games take more than using crypto for payments. It’s a continuous effort experts say takes a combination of doing the following:

Playing on Licensed Platforms

Regulation isn’t hitting the crypto world alone. Casinos need a license to operate in almost every country these days. Of course, scam platforms don’t heed to these requirements and partner with dubious software providers to scam gamblers.

In light of that revelation, ensuring you play at an online casino with a genuine license is essential. Find casinos licensed by the UK’s Gambling Commission, Malta, Gibraltar, Alderney or New Jersey. These regulators only license professionally managed platforms.

SSL Encryption and Public Audits

SSL encryption is a basic security requirement nowadays. If you come across a gambling site without the feature, avoid it. Identifying an SSL license is simple. Look for the famous padlock sign on a casino site’s domain name.

While SSL helps encrypt your data to keep it safe, public audits verify that a casino offers fair games. The best auditors check both games and a casino’s payment systems. So, when they approve a platform as fair, it’s because it allows you to win fairly and also processes your wins.

Passwords and Two-FA

A strong password makes it more challenging to hack your account. Two-Factor Authentication makes it almost impossible for someone to access your account without your authorization. With 2-FA, you must enter your password and a code sent to your email or phone number to login.

Most experts believe 2-FA is one of the most effective ways to secure your online accounts. They admit some people find the model challenging to use. But they agree it offers better security than passwords alone.

Reading Terms and Conditions

Some dodgy casinos have been stealing from players for decades by enforcing dubious terms. They know most players ignore terms, and as such, use them to deny players their profits. For example, a questionable company could have a law that bars players from specific countries from using their services.

However, the casino still allows players from these countries to deposit money and play games. It’s only after players win and ask for payments that they are told they’ve been playing illegally. Casinos are full of such controversial laws. As such, always read the terms and conditions of gambling platforms before you use their services.

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