Why Crypto Casinos Are Considered Safer

The iGaming industry has boomed in recent years, with legislation becoming more lenient and the accessibility to online casinos rising across America. The boom has seen the industry expand and a significant rise in platforms operating in the market catering to specific needs and niches. Crypto online casinos are an example of innovation that has entered the digital iGaming market in recent years. They use blockchain technology combined with cryptocurrencies. Many have been awaiting the wider adoption of this kind of casino. 

Whilst crypto casinos are new, they have exploded in popularity as people trust the digital currencies due to their safety, anonymity and transparency, which traditional casinos have long since been scrutinized over. Increasingly, crypto casinos are being viewed as a much safer alternative than their traditional counterparts. But why are crypto casinos considered safer and how does this affect the wider iGaming and online casino industry moving forward? 

Decentralization

Cryptocurrencies are heralded for their decentralized nature, which means they require much less personal data from individuals and are irreversible when transactions are committed. In comparison, traditional online casinos store swathes of sensitive personal information on their servers. This can include banking details, personal information and your betting history. With such a reserve of data, traditional online casinos can be a target for malicious individuals looking to hack or scam people. For those looking to play online poker with cryptocurrencies, all you need to do is input your wallet details, and everything else is covered. Without excess data, there’s less likelihood that fraudsters will be able to commit identity fraud or breach your data. It also prevents any companies from harvesting your data and selling this on as well, which is becoming increasingly common. 

Crypto casinos offer enhanced security through: 

• No centralized servers
• Much less data is required
• Only need your wallet

Transparency

The whole cryptocurrency network is based on the blockchain on which it operates. The blockchain is a decentralized online log that records each and every single transaction in a secure environment. The blockchain operates across a network and once a transaction has entered the blockchain, it is irreversible. This means that people can see exactly what has happened with the transaction and where it is going. It avoids any doubts about fudging and unusual activity from malicious individuals looking to intercept payments or companies tampering with transactions. 

This level of transparency combines with the increasing prominence of ‘provably fair’ systems. These are algorithms implemented by online casinos to prove that the game was fair and not manipulated by any outside forces. For many, this level of transparency changes the game when it comes to online crypto casinos. For a long time, people have increasingly been skeptical about online gambling due to the unknown behind the games and the transactions. Many believed it could not be fair and that games were rigged. Crypto casinos eliminate this and provide a better level of accountability that garners trust in the punters using the platforms. 

Privacy

With the digital age maturing, many in the public have had growing concerns about privacy. Those who gamble often prefer to keep their activities private and not visible to any prying eyes. Whilst traditional online casinos require ID checks to adhere to domestic regulations, many crypto casinos have moved away from this and eliminated the need for this. This offers the users of these platforms increased anonymity and a greater feeling of safety as they no longer need to worry about data breaches or hackers getting hold of valuable personal information. 

Extra privacy offered by crypto casinos includes:

• Anonymous registration and No KYC options: this means users only need to include their wallet details to transact on the platforms and don’t have to offer ID verification for withdrawals of funds. 
• Avoid prying eyes, as no data needed to be uploaded.
• Offers people in places with more restricted gambling laws to participate in the online gambling scene.

Faster Transactions

Crypto casinos also have speed on their side. The ease of the blockchain and the removal of the need for ID checks mean that crypto casinos can offer a much quicker transaction process compared with traditional online casinos. Often, casinos will take days to process withdrawals (and even longer if it is a larger sum) as they rely on banks and third-party providers to aid in these transactions. These transactions can also have additional fees attached to them. With crypto casinos, depositing and withdrawing into your account is often instant and means you can withdraw money instantly or place bets much quicker than before. These transactions are also all underpinned by the blockchain, which, as we have discussed, minimises the chance of manipulation and fraudster interceptions. 

Accessibility

One of the biggest draws for many to crypto casinos as opposed to more traditional casinos is how easily crypto casinos can be accessed worldwide. They have created a much more inclusive and equal platform for players to gamble across the globe.

They have managed to remove many of the geographical barriers by:

• Not having any specific location restrictions because of the decentralization, which means players can access from whichever country they wish 
• No issues with local banks as they are not bound to domestic financial institutions. 
• The use of a worldwide currency rather than being tied to local, domestic currencies. 

Smart Contracts

Crypto casinos use self-executing smart contracts, which are programmed without the need for human input. They live on the blockchain and are enacted when certain conditions occur. Without the need for human input here there is a minimisation of the chance of human error or chances of interception from malicious hackers. 

For gamblers using crypto casinos, smart contracts offer automatic payouts and have that incredibly appealing tamper-proof gaming. The removal of the need for any manual or human interaction means there is less chance of debates or withholding of winnings, meaning there is no outside interference and there is less chance that fraudsters can have access to any transactions or information. Just like when a good poker player removes luck from the equation and utilizes skill, this digital code is precise, which builds trust through the safety measures it offers to players using crypto casinos and leaves nothing up to luck. 

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