Bitcoin, Ethereum, USDT. If you can pay for a trip or a hotel with digital coins, why not play blackjack or poker? Crypto casino is a new way to play online. They work like traditional casinos, but offer their players the ability to make deposits and withdrawals of digital currencies.
How do they work, what technologies do they use to keep their users safe? We explain how they work and how they are changing the game. Literally.
What is a crypto casino?
Crypto casinos are websites that allow users to gamble with cryptocurrencies such as Bitcoin, Ethereum or Litecoin. They work just like other online casinos, but without the need to deal with traditional banking processes which, let’s be honest, can be a bit tedious.
These casinos rely on blockchain technology to ensure secure transactions and fair gaming.
Blockchain: security in crypto casinos
Blockchain technology is an immutable blockchain that stores all transactions made in the casino. Like an immutable digital ledger, every transaction is recorded and cannot be altered. This makes crypto casinos incredibly secure and transparent. No more fraud.
When you make a transaction using a cryptocurrency, that transaction is recorded on the blockchain. Once recorded, it is visible to everyone, but cannot be altered. This ensures the security and transparency of transactions.
There is no way a crypto casino can manipulate deposits or withdrawals without a record of it. In addition, customers do not have to provide sensitive personal information to make these transactions, which is an additional benefit in terms of privacy.
A cautious operator is worth two
Most crypto casinos use two-factor authentication (2FA) to protect users’ accounts. This means that, in addition to entering their username and password, customers will also have to confirm their identity through a second method, such as a text message, email or authentication app. Getting into your account without your permission? It gets complicated.
If you as a player want to increase your protection against fraud, start with these three factors:
- Never share your login details.
- Use a secure crypto wallet.
- Check that the crypto casino site uses secure encryption (HTTPS) to protect your data while browsing.
Although the world of cryptocurrencies is still relatively new and some of its areas are somewhat gray from a legal standpoint, there are more and more regulations that apply to crypto casinos. These regulations can offer an additional layer of protection for players by ensuring that crypto casinos follow certain rules and standards.
In the UK or Spain, crypto casinos are legal as long as they comply with local regulations. Therefore, before playing at a crypto casino it is important to make sure that it is operating within the relevant legal framework and that it has financial operating licenses and casino licenses.
However, the legality of crypto casinos depends on each country. If you want to know the regulation of these casinos in your country, write to us and we will explain it to you.
Crypto casinos and the future of iGaming
The rules of the game are changing. Crypto casinos have the potential to bring privacy, security and transparency to their players. However, like any innovation, they also have challenges ahead.
The volatility of cryptocurrencies and the ambiguity of regulation in some countries may eventually limit their widespread adoption. And, precisely how they break down these barriers will be the factor that determines their future in the iGaming sector.
But these challenges should not overshadow all their opportunities. To the question: are crypto casinos the future of online gaming? Most likely yes, even if they will not come to replace traditional casinos. At least not yet.