The early days of digital currencies were confusing, uncertain and chaotic. The first Bitcoin purchase saw that thousands of these coins were used to purchase a pizza, worth less than $ 100, which would later be worth millions.
When these payment methods were finally adopted by the online gambling industry, they did not have the framework to make them work and ensure they were always safe. Furthermore, the first use was on the dark web, where it became the currency of choice for criminals who sell drugs and weapons, and this association and limited structure scared consumers off.
Over time, however, the framework has improved. And now, cryptocurrencies are one of the safest ways to play online.
Ethereum and Bitcoin casino: better protection, risks and security
Is Bitcoin Gambling Risky?
There is always a risk that you can be hacked and lose your money. But it could be as easy with Bitcoin as anything else. Indeed, it could be argued that fiat currency is even more risky, as it is a centralized currency and relies on the power of the economy. So using casinos that accept Bitcoin as a payment option and allowing players to make these payments (deposit or withdrawal) is certainly no more risky than playing at any other online casino.
The problem with Bitcoin, Ethereum, and other cryptocurrencies is that they can be quite volatile. However, although this has been the case in the past, the value of these coins has decreased slightly in recent years. Furthermore, most of the changes are positive and even when there are large falls, they tend to appear after significant increases.
Security and safety
It seems that every time cryptocurrencies appear in the foreground, it is due to the fact that there has been a sharp rise or fall or because there has been a major hack. These hacks affect many potential users and prevent them from using cryptocurrencies. And that’s a justifiable concern, because it’s possible to lose all your coins in just one hack.
However, these hacks occur on cryptocurrency exchanges, not gambling sites. Gambling sites are incredibly safe and are also regulated by the authorities of countries such as the UK, Sweden, Malta and Curaçao. These sites are very rare to hack and, in the unlikely event that they are hacked, your cryptocurrencies should be safe.
The best cryptocurrency gambling sites protect against these risks by storing coins in the “cold room”, which means that they are added to wallets that only a few people have access to, wallets that are not kept close at hand. Your funds are also provided by regulators, especially in countries like the UK and Sweden, where strict rules exist governing how gambling deposits are controlled and protected.
In other words, there is no risk with the online casino itself. The only risk comes from you. If you don’t store your wallet securely, allow third parties to access it, or use questionable cryptocurrency exchanges, your money is at risk. But the same could be said for credit card or bank account details.
As with all payment methods, it is also important to use regulated, certified and secure online casinos. These deceptive casinos are more likely to use cryptocurrencies than credit cards and web wallets, as these methods are easier to follow, while cryptocurrencies give scammers the anonymity they want.
Note: It is also important to remember that not all countries allow online gambling and some only offer partial gambling activities only in certain regions. Therefore, it is vital that you make sure that you play in accordance with the rules and regulations of your country and that you do not violate any laws while playing online.
Bitcoin and other cryptocurrencies are not completely anonymous, as is often claimed. Money can be tracked to some extent, but it’s not as easy as tracking card or wallet payments, and this anonymity is great if you’re worried about tracking or stealing your data.
Anonymity scares many users, because it is mistakenly believed that only those who have something to hide benefit from it. But we live in a world where every move we make is monitored, every payment we make is logged, and every information can be stolen and used against us. Anonymity is not only beneficial, it is becoming more and more essential.
Cryptocurrencies are safe, convenient and anonymous, but that’s not all. They are also one of the fastest payment options you can use at an online casino.
Transaction processing takes only a few minutes, after which the money belongs to you to do what you want.
The only delay is the waiting time, which is the period in which the casino remains in retirement before releasing it. This is a common practice that applies to all withdrawals, but it generally takes less than 24 hours and many of the top crypto casinos don’t have time to wait.
The increased acceptance of cryptocurrencies has led to some major improvements. They are safer than ever, but now the largest casinos and payment aggregators in the world are adopting them, leading to an increased popularity of both btc and ethereum casinos.
Just three or four years ago, “cryptocurrency casino” generally meant a slightly suspicious website that had no other payment methods and offered proprietary software from developers you’ve never heard of. Today, a cryptocurrency casino is like any other. It can include games from the biggest developers and is offered alongside many traditional payment methods. Playing with cryptocurrencies is as acceptable and ubiquitous as PayPal playing and given all the perks presented above, this can only be a good thing.