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Most will have an idea of the benefits that cryptocurrency can provide when gambling online, as they have been described an endless amount.
Briefly, for those that are unaware, crypto has become popular because they can offer users anonymity, as well as the advantage of allowing players to be able to access services that they may not be able to in their own country. For instance, Americans have been able to play on one of the most popular crypto casinos, in particular, the slot games, with virtual currency when they reside in a state that is yet to legalize iGaming.
However, while many of the advantages that can be experienced can be seen as positives, there are a number of things that need to be considered. With the use of virtual currencies such as Bitcoin, Ethereum, and Litecoin, concerns about security and privacy can be raised.
They are far from embedded into society than traditional fiat currency, which can present problems. Given their decentralized nature, they can also be unprotected should something happen that requires outside assistance.
Hackers and Scammers Target Crypto Users
As they are solely online and there is no physical aspect to them, cryptocurrency has become a top target for scammers and hackers.
Money has always been the key motivator for those that conduct illicit activities on the internet, and crypto has become one of the more popular financial options to try and steal. Fiat currency can be harder because transactions are typically protected and may come with added security measures, which may allow financial institutions to block certain transactions or claim them back when fraudulent activity takes place. Hackers will create websites and use other phishing scams to try and steal the money. Users need to be aware of these and can protect themselves by making sure they only ever use a trusted and licensed casino.
Lack of Regulation and Transparency
As already mentioned, concerns should be held in regard to the lack of regulation and transparency that is offered. Although many see this as a major benefit, there are downsides that can often be overlooked. Crypto are not subjected to strict financial regulations, as there is no governing body or financial institution protecting transactions that are made. Scams involving crypto are often on the rise because of the lack of regulation, as scam artists know that they can often get away with stealing the funds and there is not too much that can be done about it.
Privacy and Anonymity
We highlighted privacy and anonymity are the chief advantages that many enjoy when gambling online with cryptocurrency. Still, there can be a common misconception about just how private and anonymous each transaction actually is, even if you use a VPN or a proxy. Digital tokens do not guarantee 100% anonymity, as they can still be traced and tracked because of their transparency. It is important to keep personal data as private as possible and not overshare information that you don’t want others to know. Crypto may not require users to provide data, but it is always important to be cautious.
How can you stay safe using cryptocurrency?
If you want to use cryptocurrency to play your favorite casino titles because of the advantages that can be enjoyed, then it is important to make sure you remain as protected as possible.
Using a secure crypto wallet can be crucial, as this will reduce any risk of potentially being hacked and losing everything. Most secure wallets will typically require two-factor authentication, while users should keep their private keys safe and unlinked to their wallet.
Lastly, they can make sure they are able to stay protected and safe as much as possible through education. By understanding what risks can be presented and effective ways to reduce the likelihood of them happening, users can ensure any crypto transaction that they make is risk-free and can not be tampered with.
Verdict
Although cryptocurrency use when online gambling can provide numerous benefits compared to fiat currency, it is always important to keep in mind that there can be concerns about security and privacy. Crypto transactions might be anonymous and provide convenience, but they can still be tracked in some capacity, as privacy is not 100% guaranteed. However, if you want to use them, you can do as long as you take the required measures to keep your funds and data protected.
