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Online casinos and crypto trading have exploded in the cultural zeitgeist over the past two decades, and it’s therefore unsurprising that the two meet regularly online. Specifically, we are seeing a boom in ‘crypto casinos’, where visitors can pay for slot games, poker, and more with digital coins of their choice.
While still considered a ‘niche’ corner of the online casino industry for some, the rise of the crypto casino is showing no signs of halting. What is stopping some players from trying this new breed of gaming opportunity for themselves, however, are safety concerns.
Are crypto casinos just as safe as fiat sites, or are there special considerations to keep in mind? Let’s explore this common concern in detail.
Crypto casinos and security – the bottom line
Ultimately, you’re just as safe using cryptocurrency to play games for real money online as you are using fiat money, whether through debit cards, e-wallets or bank transfers.
A legitimate casino accepting crypto wallet payments should have a secure payment processing system that ensures that your coin transfers are fully encrypted. However, the same applies when you choose to pay with a bank card.
There’s likely to be some confusion and misconceptions over crypto security, as taking care of wallet keys is a much more stringent process than simply saving a password. Provided that you’re securing your keys as usual (via hardware, software, or using traditional pen and paper), you’ll have no concerns logging in and paying at a crypto casino.
What is most important to look for are the security credentials of your chosen casino – so let’s dig a bit deeper.
What makes a crypto casino safe and secure?
Many of the rules that apply to researching crypto casino security apply to fiat sites. For example, the first thing you should always do is head to a casino with an HTTPS address. This ensures that your transactions always take place on a secure protocol that’s highly unlikely to face interception.
This is a basic rule that should apply to all your browsing. However, focusing on casino security in particular, you should always look for regulatory compliance as a secondary measure.
This is also fairly easy to do. A casino that’s legitimately regulated by the UK Gambling Commission must advise as such on all pages of its website. You’ll commonly find regulation stickers and notices towards the bottom of a casino’s front page.
You may also find that casinos offer regulation from Malta, Alderney and Gibraltar. Not all licences assure legal gameplay in the UK, so always check the fine print just in case.
Secure, legitimate casinos will also provide details on payment processors. These are commonly easy to spot, again at the front of a website, but should be readily signposted elsewhere.
Are crypto casinos safer than traditional casinos?
Again, there’s no real difference – sadly, some may assume that the volatility of crypto lends itself to underhanded practice, but this is a misconception. If anything, DeFi is designed to offer individuals more security, as traditional fiat currencies are typically wide open to fraud and money laundering.
A casino that offers cryptocurrency payment methods such as Bitcoin or Ethereum as payment options, for example, at least demonstrates forward-thinking. Crypto casinos are generally quicker to pay into and won’t often require the processing periods that you would expect for debit cards elsewhere.
Processing will differ from casino to casino, but again, it’s a security measure. Players should want casinos to carefully check payment and withdrawal checks, as otherwise they are wide open to a variety of fraud.
How can I protect myself while playing at a crypto casino?
Always choose a casino with full UKGC regulation, a secure payment processor, and HTTPS. Failure on all three of these fronts indicates that you’re dealing with a potentially shady operation. In fact, just one box unticked here should be reason enough to keep your money out of the way.
As with all crypto transactions, always make sure to keep your wallet keys secure. Moreover, check a casino’s policies with regard to refunds. As crypto payments won’t carry the same protections as cards and bank transfers, there may be additional risks you need to prepare for. It’s good practice to read through any terms and conditions you come across!
Always make sure to read into what other players legitimately have to say. Is your chosen casino well-regarded by the majority of people? Does it respond well to complaints? If the reviews and responses don’t seem right, don’t be afraid to look elsewhere. It may also be worth using a casino comparison tool to help narrow down your choices.
Do practice simple online hygiene. Never log in and make deposits on a device or browser you’re unfamiliar with. Make sure that you connect via Wi-Fi or data that’s fully secure. Public Wi-Fi hotspots and older home routers are exploitable by hackers, and your data could be intercepted.
Always set ‘strong’ passwords – more than just your pet’s name and a random number. Browsers such as Safari and Chrome can help you create longer, more secure passwords and store them for ease of login at a later date.
Above all, trusting your gut will help immensely when choosing the right crypto casino. If something about your prospective site doesn’t feel quite right, you’re under no obligation to proceed.
Conclusion
The idea that crypto casinos are less trustworthy than traditional online gaming sites is a misconception. There are many different benefits to using crypto for online games, with security and privacy being two of the most important!
Above all, players looking to enjoy crypto casinos should be careful about choosing regulated sites that offer secure payments. If a website seems a little haphazard or doesn’t offer enough detail about security, it’s prudent to move on.
Trust what other players have to say – as well as what experts suggest is for the best. More and more crypto casinos are popping up all over the web, and while many of them will be legitimate, it’s always wise to be careful with your keys – and to read all the terms and conditions before you sign up.
