—TechRound does not recommend or endorse any financial, investment, gambling, trading or other advice, practices, companies or operators. All articles are purely informational—
There’s a good chance you’ve heard people saying crypto is the safest option for online transactions, but what does that mean? Why does the coin you use make a big difference to how safe you stay in the digital space, and how are crypto casinos leading the charge in maximising what Bitcoin and other cryptocurrencies have to offer?
Crypto Is Encrypted
As the name “cryptocurrency” implies, it is predominantly made safe through complex encryption methods. Crypto depends on the blockchain, which, expressed simply, is an electronic store of transactional data that depends upon chains of information to operate.
Essentially, the blockchain links up a multitude of different devices, and whenever a transaction is made, it must be confirmed by these devices, making it extremely difficult to hack or defraud. Data cannot be changed once it has been stored; there’s absolutely no way to edit it. Transactions can’t be undone or reversed or deleted (your only option is to create a new transaction that sends the funds back). Here’s a bit more info on how blockchain encryption works, with some images to make it clearer.
You don’t need to fully grasp the intricacies here to recognise that a database that can’t be altered after the fact is automatically safer than one that is editable. Blockchains prevent anyone from hacking into the system and making changes, and because they’re based across so many devices, it’s generally impossible for any individual to influence them except through legitimate transactions.
And that brings us to the casino. Since the earliest days of digital casinos, operators have been perpetually looking out for ways that they can maximise their users’ security and build trust and that’s what Bitcoin and the other cryptocurrencies offer.
Bovada Bitcoin Casino is one example of how this works in reality. On this platform, you can use a wide range of both cryptos and fiat currencies, giving users the options they need to feel secure. It’s no longer just, “Hey, add your banking info.” The message now is, “Choose whichever currency best suits your needs based on your research.” Users can look into the various options, figure out which seem most secure, and proceed accordingly. The control is given to the player, and that’s a winning model in the world of the internet.
So how does this work? Well, let’s say you want to play a game of slots. You check out the top slots of the year and make a choice regarding which title feels most appealing to you.
Next, you decide which cryptocurrency (or fiat option, if you prefer) suits your needs for that moment. Different coins have different pros and cons, meaning it’s worth spending a bit of time looking into your options. With that done, you can play the game as normal, and if you win, you’ll be able to cash out faster, another benefit that crypto offers over traditional banking (most crypto transactions take place in just a few hours).
That speed is something else that adds to security in an interesting way. If you’re waiting several days for a transaction to take place, it’s very easy to forget to check; life is busy and other things come up. Something going awry might not get noticed very fast. With crypto, though, the transactions tend to be much faster… meaning noticing a problem is more likely to happen. That’s another big win on crypto’s side.
Your Main Account Is Separate
Many people feel uneasy about entering their banking details online, even if they trust the site in question, there’s still a sense that something could go wrong. This is another huge appeal of Bitcoin and other cryptocurrencies: they minimise the need to input personal information on the web.
To make a crypto transaction, you usually put the receiving wallet’s address into your wallet and send the funds no entering of account numbers or wondering if your bank account is going to get compromised. Your crypto wallet also contains very little information about you; Bitcoin transactions are pseudonymous. While they don’t have the total anonymity that some claim, they minimise exposure of your details, which makes a lot of people feel more comfortable using them.
Furthermore, most people won’t use a crypto wallet for their main source of funds and everyday transactions (a standard bank account still tends to be the preference for paychecks, grocery shopping, etc.).
That means using crypto online creates a layer of separation between your main funds and your playing funds, allowing you more security and in fact, more convenience. You can set aside a specific amount for gaming in your crypto account, and keep everything else siloed, which is a big win for a lot of savvy gamers.
Bitcoin and coins like it, then offer big advantages to players, and casinos that have recognised this and begun offering these kinds of payments are ensuring their players can maximise their security (and often convenience too!). We’re likely to see even more of this in the future as new platforms move in this direction and the existing ones expand their offerings.
—TechRound does not recommend or endorse any financial, investment, gambling, trading or other advice, practices, companies or operators. All articles are purely informational—
