One of the most popular ways to use blockchain technology is cryptocurrencies, which are widely regarded as the future of transactions for being reliable, transparent, and decentralized.
In today’s time, cryptocurrencies are used virtually everywhere—you can buy real estate with crypto, spend it on luxury cars, and even use it for gambling. In fact, when it comes to gambling, many players prefer to use crypto over fiat currency since crypto casinos are considered safer than traditional ones.
To show you what makes them that much safer, we focused on three main areas where crypto casinos excel in security.
Provably Fair Games
Unlike traditional casinos, crypto casinos allow players to enjoy provably fair games, which is one of the best ways to ensure the casino you are playing in is transparent and trustworthy. What separates provably fair games from regular casino games is that you can verify the outcome of each hand or spin.
For example, as soon as the round starts, the game generates an encrypted key that contains the outcome of the round and sends it to all the players. After the round is over, the game generates a second key. The players can then use the second key to unlock the information stored in the first and verify the outcome of the game.
Additionally, you can always verify the integrity of the casino or its provably fair games by checking it out yourself. The good news is that you can easily do it with the help of free Bitcoin bonuses, or any other no-deposit bonus, for that matter. By signing up, you can collect the free money offered by the casino and check out provably fair games in action firsthand.
Cryptocurrency Transactions Are Much Safer
Blockchain is defined as a distributed ledger of transactions that is spread across the entire network. The data is structured in blocks that contain information about all the transactions, and every new block that’s formed is connected with all the previous blocks, hence the name.
Simply put, rather than storing data on one server or a few ones, which is most often the case with entities operating with fiat currency, every transaction that occurs on the blockchain is stored across all the user devices connected to the blockchain.
As far as cryptocurrencies go, every cryptocurrency transaction occurs on the blockchain. As soon as the transaction is verified by miners, it becomes public knowledge, and it is automatically stored across the entire network.
Therefore, since no single point of failure or no single user can alter the record of transactions, cryptocurrencies are considered to be significantly more secure than fiat currencies.
So, how does that makes crypto casinos safer? Well, it’s simple—rather than using fiat currencies, crypto casinos process payments in cryptocurrencies like Bitcoin, Ethereum, or Ripple, to name a few. This adds an extra layer of security to every transaction, making crypto casinos much safer than traditional ones.
Crypto Casinos Protect Your Personal Data
Traditional online casinos require a ton of information before you are allowed to register and make an account. You will often have to provide your real name, date of birth, address, and much more. Not only that, but you will also have to provide bank statements and sensitive information like credit card details, for example.
The more information you leave with the casino, the more susceptible you are to identity theft, credit card fraud, and a number of other scams that occur on the web.
On the other hand, most crypto casinos require a bare minimum before you can register. In a lot of cases, you will only need to provide an email address and a date of birth to start playing. Of course, even crypto casinos, and especially the licensed ones, will still run KYC checks before allowing you to withdraw money from the casino as a way to prevent fraudulent activity.
In the end, however, crypto casinos will require a lot less information from the players, making them a preferred choice for many.
The Wrap Up
Crypto casinos are a go-to option for players who value user security, fairness, and transparency. Even though they work much the same as traditional ones, they are widely regarded as a safer option, which is just one of the reasons crypto casinos are quickly becoming a fan-favorite.
Before you register at one, however, make sure that the casino is licensed and has a good reputation among the players. Other than that, have plenty of fun and remember never to spend more than you can afford.