Cryptocurrency has proven itself as a valid online payment method, particularly in the gambling space. Some of the best online betting websites have incorporated the major cryptocurrencies and use crypto as a way to enhance more users onto their platforms.
For example, in the recently concluded US Open final, many who chose tennis betting with Bitcoin had hundreds of options in crypto casinos. Unfortunately, unscrupulous crypto casinos have emerged, and without proper regulations in many places, concerns are raised about the safety of punters.
In this article, we will explore the safety of crypto casinos by looking at the advantages and drawbacks of using crypto to gamble and ways betters can protect themselves while gambling online.
Types of Crypto Sports Casinos
Crypto sportsbooks are online sports betting casinos that prioritize cryptocurrency as a mode of payment. There are two main types of crypto casinos.
- Exclusive casinos. These are casinos that only use cryptocurrency and other digital assets for transactions.
- Hybrid casinos. These are casinos that accept both fiat currencies and crypto. They are the most popular online casinos as they offer betters different options.
Benefits of Crypto Gambling
There are many advantages of engaging in crypto gambling, as we will see below.
Security
Secure online transactions are the primary reason why many choose to participate in crypto sports betting. This is mainly because cryptocurrency transactions are a lot harder to track than regular fiat electronic payments, making them pseudonymous. Additionally, due to its decentralization, crypto is also protected against hacking and other fraudulent activities.
Faster transactions
Unlike fiat currency, cryptocurrencies are processed much faster. As long as the better has crypto in their wallet, they can deposit and withdraw their funds quickly, without the involvement of a third party funding.
Fewer transaction fees
Traditional online payment methods usually have transaction fees, some of which are quite exorbitant. These fees can eat into a punter’s bankroll, reducing what can be spent on playing. On the other hand, crypto transactions attract lesser fees, making it an ideal option.
Risks of Crypto Gambling
In as much as crypto is a viable option for gamblers, certain factors can negatively affect crypto gambling.
Crypto casinos are unchecked
With the growth and acceptance of cryptocurrency, crypto casinos are cropping up in large numbers. Even in places where gambling is legal, crypto casinos remain unchecked, and since crypto is not regulated by government authorities, it is difficult to hold crypto casinos accountable for any unfair gambling practices.
Crypto is volatile
Cryptocurrency prices are highly volatile and subject to rapid fluctuations based on global events. Considering this aspect, employing cryptocurrencies to finance gambling endeavors or receive payouts can be a challenging endeavor, given their propensity to experience sudden and unpredictable price swings.
Fewer crypto casinos
While cryptocurrency has gained acceptance as a payment method in numerous locations, it still has a considerable journey ahead. Furthermore, as online casinos are beginning to incorporate cryptocurrency as a payment option, they remain outnumbered when contrasted with traditional fiat-based casinos. Thus, players who prefer crypto may not have as many options as they would prefer.
Safety tips when crypto gambling
Opting for a cryptocurrency-based casino for your sports betting endeavors? You can enhance your security by adhering to these safety guidelines.
Understand crypto
Comprehending the fundamentals of cryptocurrency is the initial step in ensuring your safety. Familiarize yourself with the secure handling of digital currencies, including their proper usage, storage methods, and how to safeguard your cryptocurrency wallet.
Choose the right casino
While it may seem understated, an online casino can make or break your wagering experience. The right casino should be reputable with a great track record, which you can easily find out online. Other factors to consider include:
- Ensure that the online casino is licensed and regulated in your country. You can get this information on the casino’s website.
- Registration process. The right crypto casino should have a simple sign-up process.
- Offers different crypto options. When choosing a casino, it is preferable to look for one that accepts a wide variety of cryptocurrencies. However, if you are new, you can start with a Bitcoin casino to
- The security of a crypto casino is paramount. It should have measures put in place to protect the privacy of its users.
- Check if the bonuses and promotions are legitimate. Though bonuses make the betting experience sweeter, fraudulent crypto casinos use bonuses to attract new customers. Always do your research before registering at a casino.
- Customer support. Check to see if the customer support team is available and how well it responds to users’ queries.
Safeguard your information.
Ensure the security of your information by refraining from divulging private details, including private keys and financial information. Be especially cautious when asked for such information through unsolicited or random links.
Get a separate wallet
Another way to keep yourself safe is by using a separate crypto wallet and funding it just for betting activities. This way, you can keep your other digital assets safe in case that one is compromised.
Final thoughts
Cryptocurrency use in the gambling sector is expanding, and most online casinos will likely adopt it as the norm in the not-too-distant future. Digital currencies are a safer option than many traditional online casinos since they provide gamblers the benefits of faster, more secure transactions as well as lower costs. Nonetheless, players must exercise caution by selecting reputable casinos to ensure their safety and security.