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As it stands, the market cap of crypto is around $2 trillion, while the market for online gambling is around $100 billion. Just a few decades ago, neither of these two worlds existed, and in two decades from now, no one has any idea what these worlds will look like.
It wasn’t until a couple of years ago that the two forces of crypto and casinos collided. In theory, it’s a match made in heaven, but why is it useful for the everyday bettor?
The Advantages of Using Cryptocurrency for Deposits
The central reason as to why crypto is useful for crypto deposits is the same reason that crypto enthusiasts claim it to be a useful currency. It’s secure, anonymous, and often faster to transact - especially across borders.
Casinos are often heavily regulated, which allows the best pokie Apps for real money to be played safely. They’re regulated from the payout ratios all the way down to the sign ups and payments. Crypto casinos, though, offer a freedom to bypass Know Your Customer and allows casinos and bettors to interact without the customer declaring their identity. This is perfect for those that want to keep their betting to themselves.
Crypto also boasts the ability to directly send currency to a wallet, and the location of that wallet becomes irrelevant. Often, using overseas casinos can be a problem, but not with crypto casinos where transaction fees are kept to a minimum and they can be fast (though not always). So, many use them for their fast withdrawals.
Ultimately, crypto casinos are mostly for people who are already interested in crypto - this allows them to hold onto their favorite coin even when playing at a casino. In other words, if the coin grows in value tomorrow, they won’t have missed out. But crypto casinos also attract non-technical newbies who are simply interested in the privacy element.
Exploring the Security Measures in Crypto Casinos
Security is often seen as a strong point within the world of crypto. On the one hand, it’s often claimed that crypto is inherently more secure than fiat. This is because of a few different reasons, but they mostly center around the blockchain being run on an algorithm that cannot be messed about with, is free from human error, and avoids using banks, payment processors, and government.
So, when you send your currency to the casino's wallet, you know it will arrive safely and without being charged or tampered with. However, more indirect issues can sometimes arise about how one is holding their currency and if they’re using all the best practices. For example, Hot Wallets held by exchanges are exposed to the risk of hacking and fraud of the exchange, while hardware wallets are safer, but require keys to be remembered and not misplaced.
So, while it’s true that crypto casinos can be safer, they’re not always safer depending on a few different factors - the main one being the know-how of the person handling the crypto. However, a clear advantage when it comes to safety is the lack of credit card details that can get stolen, which is particularly common among users that play casino games on public Wi-Fi. Here, crypto wins.
The Importance of Privacy
Much like security, anonymity can be an advantage, but there are misconceptions. Crypto transactions do allow more direct sign-ups that often require no proof of ID (meaning there is less risk of identity theft) and no casino activity will appear on your bank statement. This is huge for those that have companies or people that monitor their bank activity.
However, it’s not wholly true that they’re anonymous. All transactions are on a public ledger, but without their name attached. However, it may be possible to put a name to the wallet based on patterns of their activity. This isn’t likely to happen unless you’re being investigated by someone with sufficient knowledge and resources. To avoid this, you simply need to avoid reusing the same address.
Are Crypto Casinos Legal?
Crypto casinos operate in a legal gray area in most countries. This means that while often not excliplitly illegal, they’re prone to being unregulated or operating from countries that have flimsy licensing protocol. So, while users have more freedom to find and use crypto casinos, they need to do more due diligence when deciding which one to use.
Final Word
Cryptocurrency casinos can be cheaper, faster, more secure, and more private, but each of those comes with its own caveat. This means more responsibility is placed on the user - from keeping your keys safe to choosing a reputable casino.
