Are crypto casinos safer than their fiat alternatives?

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Cryptocurrencies were once seen as a radical alternative to fiat currencies which would forever change the way we think about currencies and international monetary systems. When Bitcoin first launched in 2009, it was hailed by many as a new way forward, liberated from the confines of restrictive national monetary regimes. 

However, these days crypto is used more as an investment instrument than as a currency. Hundreds of different cryptocurrencies are traded every day in largely unregulated exchanges and used to purchase other investment instruments such as NFTs

One industry that has embraced crypto use as a currency with open arms is the online casino and sports betting industry. Unlike any other merchant or services platform, online casinos have welcomed the boom in crypto payments as a way to appeal to new groups of gamblers, to optimize their tech offerings and to create extremely secure payment platforms. 

The rise of crypto casinos has led many to wonder – are crypto casinos safer and more secure than their fiat alternatives? And if they are, should everyone switch to using crypto? 

What are crypto casinos? 

Simply put, crypto casinos are casinos which offer payment methods in various cryptos. These cryptos are typically the biggest, most stable and widely used, including Ripple, Ethereum, Litecoin and Bitcoin, among others. The best crypto casinos also offer connections to the biggest crypto wallets and crypto exchange wallets to make the payment process as easy and convenient as possible. 

There are a few reasons why some gamblers only want to use cryptos when they use online casinos. One of the primary reasons is privacy as crypto is much more private and anonymized than using a bank card, eWallet or bank transfer. This is particularly appealing for people who live in countries where gambling is restricted that can only access online casinos via a VPN or other technology. 

Other people enjoy using crypto to gamble because crypto itself is a volatile currency which is traded in a context which is not dissimilar from gambling. Some gamblers enjoy the double thrill of gambling with a volatile currency which can change value from one hour to the next. 

Finally, the security of crypto is also extremely appealing for many gamblers, particularly those who have fallen prey to hacking attacks in the past. This is because crypto is an incredibly secure way to pay, particularly if the user has a high-quality crypto wallets. 

Casino security 

While crypto is an incredibly safe way to pay when using online casinos, all the best online casinos now have state of the art security tech to protect their users. One of the first things which any user should look for when registering for a new online casino is licensing. Online casinos should be registered by at least one regulatory body, and they should display their licensing number on their website. 

Regarding technical security, many online casinos have security measures in place for both mobile and desktop versions of the casinos. Casinos often use SSL, or Secure Sockets Layer, encryption to protect the sensitive data of their registered users. SSL encryption allows data to be exchanged in a secure way from gamblers to the casino operators and ensures that the data is unreadable by third parties. There is also TLS or Transport Layer Security, which is an even more reliable version of SSL. 

Is it safer to pay with crypto? 

While crypto is a generally safe and secure way to make payments on online casinos, it is not necessarily completely safe. There are several different payment methods, such as eWallets, which also provide safe and secure ways to make payments online, and which provide a secure buffer between the operator and the individual’s bank account. 

Regardless of the payment method you use, it is important to practice online safety when making payments online. This means being very cautious when using a new payments portal, including using two-factor authentication where possible, choosing difficult passwords and paying through eWallets when you can. 

If something goes wrong when making a payment online, there are typically customer support channels where you can seek assistance. Some of the newer crypto wallets are not necessarily as well protected as others, so it worth doing your research prior to registering.

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