In the last few years, cryptocurrency has come out of the shades and have become a global powerhouse. In fact, it has become so popular that the number of Bitcoin casino operations has increased radically in recent times.
Punters these days have started understanding the advantages they can enjoy with Bitcoin in comparison to conventional currencies. Thus, they are using it to enjoy the benefit it has to offer. Nevertheless, some gamblers have been concerned that cryptocurrency or Bitcoin casino might not be safe.
Importance of safety while gambling
For gamblers, unscrupulous online casino operators are a part and parcel of the online gambling world. They feel that if they happen to be a object of a scam, they are only going to risk their finances. However, they tend to forget that they will be risking their freedom, too.
Several online casinos that don’t have a license will invite tier customers to participate in the additional lottery services. It might appear to be a good thing but usually, these lotteries aren’t regulated or licensed. Since they are illegal, taking part in these will also be illegal.
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In case the authorities find you playing illegal lotteries, ignorance will not serve as a good defense in the court of law. So, you might have to pay strict penalties. Along with this, there are usually risks of gambling at an unsafe site. So, it might lead to financial and data theft.
So, to make sure that you are abiding by the rules, it is necessary to ensure that you are gambling at a trusted online gambling site. Trust and safety are two things that you, as well as the casino operator, need to contemplate.
Are Bitcoin casinos licensed and regulated?
Almost all casinos that are operating online will have a license. However, not all of them come with a license. Also, the gambling rules of the country where the casino operates plays a significant role.
In order to satisfy the authority where a casino gets its license from, an operator needs to demonstrate their ability to protect the sensitive data customers are sharing with them. Also, it has to operate in a socially responsible manner.
What’s unfortunate is there are a few casinos that can slip the net and provide services to customers even without a license. In case you are worried about the safety of a site, you can check licensing and regulation details.
Get to know the terms
Since you have to make sure you are safe, understanding and knowledge are the two biggest allies. However, Bitcoin casinos are a new thing and it might be confusing to several outsiders. This is more so because they use phrases and terms that aren’t widely known.
Here are a few words and phrases you will get to hear prior to using a Bitcoin casino.
- Blockchain: It is a term that is used for describing the technology used for facilitating cryptocurrency transactions. But in simple words, Blockchain is an encrypted digital ledger which is considered by many to be more secure than the old financial transfer software.
- Peer-to-Peer: You might log into a Bitcoin gambling site only to find out that it doesn’t mention cryptocurrency anywhere. The transactions might be referred to as P2P or peer-to-peer. It just means that the financial transactions aren’t created by a central banking institution. It is often used as an abbreviation for cryptocurrency transactions.
- Token: Cryptocurrency tokens are a kind of virtual casino token which is found on their blockchain, signifying an asset. Gambling sites specializing in cryptocurrency will offer a punter with a token. This is the same as promotions or loyalty points. It is often how free bets and free spins are distributed. Cryptocurrency tokens are accessible only to someone having the private key. Casinos do this to ensure security. The private key will make sure that the person using the tokens is old enough to play and the casino account is a verified one.
- Fast Cash-Out: One of the primary benefits of using an online casino accepting cryptocurrency is the cash-out speed. In case you are lucky and you secure a win, crypto is transferred to your Fiat currency and then into your wallet immediately. However, with a conventional casino, it might take about 3-5 days.
Money laundering and fraud
The gambling industry is under great pressure from the government authorities of different countries to stop money laundering by increasing commitment. Many popular gambling sites have been reprimanded for this and have even been fined by the government.
A conventional online gambling site might be struggling to monitor money laundering or fraud. However, Bitcoin casinos don’t face such problems. Every transaction made through this payment method is going to leave a permanent trail.
Also, like other casinos, it has to check the source of the funds. So, players have to show some kind of proof that the money comes from a legitimate source.
But not everything about Bitcoin casinos is safer. These casinos offer anonymity. This means that they might be susceptible to being cheated by underage customers. Nevertheless, this gets balanced by the arduous process to obtain cryptocurrency.
So, if an underage punter plans to gamble, they will try to do it with conventional currency.
So, if a Bitcoin casino is licensed and regulated, it is safe for playing. It means it offers the same care to the punter’s conventional currency online casinos.
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