Crypto and Casinos: How the Two Are Coming Together

Business | August 12, 2022, Friday // 10:35|  views

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Online casinos and online gaming are hugely popular, with millions of people playing their favourite games every day. The industry is worth around $72 billion and is expected to reach $130 billion by 2027. With so many assets held within the industry, cybercriminals are consistently attempting to find vulnerabilities, which can lead to clients and casinos being robbed. Fortunately, there is a solution emerging to this issue and many more; cryptocurrency and blockchain are capable of stepping up to the task. Throughout this article, we will explain how crypto and blockchain are colliding with the world of online casinos.

What is Cryptocurrency and Blockchain?

Crypto, which is a digital currency, has been around for 13 years since Bitcoin was first created. Blockchain is the infrastructure that allows cryptocurrency to exist, and they were both created around the same time. Blockchain tech is a decentralised ledger that stores and encrypts changes (transactions) that are visible across the entire change. To verify transactions, random tasks including solving puzzles are carried out by voluntary users in the community. When a transaction is made, there is no way of editing the change, which makes the blockchain secure; if the chain were to be hacked, it would be visible to all members of the chain.

Blockchain is used for cryptocurrency because it moves the power away from large corporations and passes it to the public. Outside of crypto, blockchain has many applications including NFTs, tracking business wages, and running online casinos through decentralised apps. When it comes to online casinos, cryptocurrency offers a secure form of payment that looks after the data of service users.

Online Casinos and the Public

Online casinos are designed to be fun and are enjoyed by millions of people worldwide. However, there have always been concerns regarding security and the safety of data held by online casinos. Unfortunately, this bad name has been given to the industry by fake websites attempting to phish for information. Therefore, it’s important to practice due diligence when choosing an online casino to use.

Read the following sections for tips on how to stay safe.

How to Stay Safe Using Online Casinos

Staying safe when playing online casinos is important, especially if you’re looking to have an enjoyable experience. Before you open up your web browser and pull up the first casino site you find, you should learn how to verify the authenticity of a website. Once you’ve learned how to do this, you will reduce the chances of being victimised by online attacks.

The Secure Connection

Whenever you open a website up, you should check the address for a little padlock to the lefthand side. If you click on this, you will see that your connection is secure and any personal information inputted is protected. This is only the first step to guaranteeing your safety online and can still be forged to make websites look legitimate.

Check Reviews Online

Online reviews are a great way to find out if a website is real or not. If you make your way to a site like Trustpilot, you will find the majority of businesses here along with countless testimonies. You will need to read between the lines sometimes because reviews don’t always reflect true insights. After all, people tend to write reviews when they’re disgruntled.

Look for Bonuses without Requirements

Many online casinos offer bonuses without requirements, like those on Jackpot.co.za, which means that you won’t need to pay anything in the first instance. All you need to do to access the great promotions like the ‘Welcome Package’, which includes 50 Free Spins, is sign up for an account. Having a free bonus to welcome you means that you can test out select games and decide whether you feel secure on the website.

Check for Licensing

Many online casinos need to be endorsed by gambling commissions, which help to verify the authenticity and operation of websites. This information will typically be available in the website footer of an online casino. Check the advert for spelling errors and carry out some research into the licensing body.

Below we outline the different ways in which you can benefit from using cryptocurrency at an online casino.

Security and Safety

When you carry out the due diligence above, you reduce your risk of being victimised by cybercriminals and losing your money. Another way to stay secure online is to find an online casino that accepts cryptocurrency as a payment method. Paying by cryptocurrency means that you don’t need to hand any of your personal information over to the casino, which also means your debit or credit card is kept secure; the only details you will need are your public keys that allow the transaction to take place.

Removes Border Boundaries

Cryptocurrency is a decentralized currency, which means that movements cannot be tracked by governments and banks. Therefore, using a cryptocurrency for payment online means that your bank can’t detect that you’ve played at an online casino, which is especially useful in countries that restrict online gambling. To add another layer of protection when removing borders, you can use a VPN to slip under the radar of your internet service provider (ISP) and cybercriminals.

Transparency

Crypto casinos are transparent by their very nature, which means that users know exactly what they’re signing up for. There can be no hidden costs when using crypto casinos because the transactions can be accessed by members of the blockchain. Transparency is important to people because it removes the risk of being conned by small print; crypto gambling platforms mitigate this risk.

Speed of Payments

When you win playing an online casino, the rush is incredible, and you look forward to the payout. However, when using traditional debit card providers including Visa, the process can take up to five days. This is extremely slow when you compare that to Bitcoin, which can take anywhere from a couple of minutes to a day. The reason bitcoin transactions are quicker than traditional payment methods is that crypto was built for the digital world, whereas other payment methods were never supposed to be used online.

Fewer Fees Involved

Not only are bitcoin payments quicker than traditional payment methods, but they are also cheaper. Transaction fees for bitcoin are significantly lower than traditional payment methods, with card providers often taking a significant cut for processing transactions. The cost-effectiveness of crypto is beneficial for online casino owners and users.

To Conclude

The online casino industry is worth billions and is only expected to grow as time moves on. With so much cash involved, users and casino owners need to feel that their money is safe. When choosing an online casino, due diligence is needed by the user to ensure that they’re about to hand their details over to a safe and secure business. Cryptocurrency removes some of the risk involved with online casinos because there is no need to hand over credit cards or other personal details, which means less phishing. As well as being secure, crypto is cheaper for businesses and users, offers greater transparency, and is much faster than traditional online payment methods. Going forward, as crypto becomes more accepted in the world, it will become a permanent fixture in many online businesses. 

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Tags: crypto, casino, online, games

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