Cryptocurrency has progressed considerably in the last few years and can now arguably be considered to be on the fringes of the mainstream. A number of major industries now accept cryptocurrency payments, including the thriving gambling one. It is in the world of online gambling in particular that this acceptance has been widespread, which is leading to a debate about how safe it is to use crypto for online gambling payments.

One of the big arguments that are often cited in favor of cryptocurrency financial transactions is that they offer greater security. This is because such transactions are carried out using blockchain tech that is not controlled by one central server, making it harder for cyber-criminals to hack, which is almost certainly a factor behind the rising popularity of online casinos that use cryptocurrencies.

People set up accounts with these sites and often win significant sums and crypto transactions are secured with 2FA as well as passcodes that are only available to people who hold the currency, while the process only involves the transaction going between two crypto addresses.

By contrast, traditional financial transactions require a range of sensitive information to be transferred between internet sites, including bank account and/or credit card numbers, offering greater scope for this data to fall into the wrong hands.

Of course, no online financial transaction is entirely safe and secure, with the largest crypto exchange – Binance – having lost $40 million after it was hacked earlier this year, but using cryptocurrencies does at least minimize the risk.

The use of cryptocurrencies at online casinos set up to accept them also enables the casino uses to make all financial transactions anonymous if they choose. Cryptocurrency transactions do not require you to provide an email address or contact number, which again enhances security and further accounts for the increase in their popularity; as does the fact that the actual processing of transactions can be almost instant – no one wants to have to wait to get their winnings.

Although there are clearly a number of advantages to using cryptocurrencies at online casinos, there are also potential downsides to be aware of. One of the biggest of these is that tracing those who manage the blockchains of transactions can be extremely difficult, due to the very anonymity mentioned earlier.

This is not ideal should a problem occur during or after the process. Checking that the cryptocurrency casino you are considering gambling at is properly secured with the likes of SSL encryption tech and firewalls is something to make sure of before signing up. Any casino that has the proper registration and licensing should also have this technology in place.

There are clear benefits to using a cryptocurrency casino, including stronger security and the option of anonymity, but the latter of these can also be a potential downside. It is absolutely essential to check up on any such online casino to ensure it is reputable, licensed and secure.

The post Is It Safer To Use Cryptocurrency For Online Casinos? appeared first on ZyCrypto.

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