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Are Crypto Casinos Safe? How to Protect Your Assets

Two cards on the casino table

Many cryptocurrency lovers have most likely noticed that crypto casino is a growing trend and they are definitely growing in popularity, especially as these assets are one of the best ways to keep your money safe and your portfolio diverse. This is great news for everyone who wants to gamble and potentially increase their riches while having fun. It’s even better for those who want to focus on cryptocurrencies and forget about fiat currencies.

These “crypto-only” casinos are popular because they only use cryptocurrencies as payment. This means that they don’t accept credit cards or conventional currencies. Therefore, you won’t have to worry about mailing checks or long verification processes for a simple transaction.

However, new technology often brings new concerns, particularly regarding financial problems. Many people worry about hackers managing to steal their funds and not being able to get them back. Still, the truth is that there are several aspects to understand when talking about crypto cybersecurity, and we’ll go through them in the following article.

How Safe Are Crypto Casinos?

Most cryptocurrency casinos are licensed to gamble. However, this license usually isn’t issued by the most respected regulatory bodies in the gaming industry, such as the UK Gambling Commission or the Malta Gaming Authority. Most of these casinos have licenses from Curaçao, which has fewer regulations for casinos and less sophisticated player safety systems than the previously mentioned regulatory bodies.

One of the main reasons people choose crypto casinos is that some of them are entirely anonymous. Although not having to provide any personal information may sound like a huge advantage to some people, this can actually be a potential danger, as anonymous casinos tend to be unregulated.

Still, anonymous casinos aren’t always bad. Yes, they may not be regulated by any official body, but you can still find some of them with several provably fair games, which is the safest way to gamble online. Nonetheless, keep in mind that some of them don’t feature these games and can be scam websites.

However, this isn’t a problem exclusive to cryptocurrency casinos, as you can get scammed by using all sorts of online casinos. This is especially true when considering the high number of online casinos out there. Many trustworthy websites allow players to feel safe when using them. Still, there are also scam gambling sites with the main purpose of stealing people’s money, and they tend to have unreasonable rules in their terms of use to make sure they get as much money as possible.

The harsh truth is that some crypto casinos’ anonymity increases the potential for unethical behavior like this, but the regular online gambling sector also has these problems.

Hackers are one of the most prevalent security issues crypto casinos have. Although these casinos feature various security methods to keep their customers safe, a determined hacker could discover a way to get past those measures.

Another security issue is the possibility of fraud. It can be challenging to find and punish anyone trying to commit fraud with cryptocurrencies because they aren’t regulated by a determined entity. Therefore, a casino could suddenly vanish with all of its clients’ coins, leaving them with no way to recover their money.

Tips and Tricks to Protect Your Assets

Only Play at Licensed Casinos

All licensed casinos have undergone a rigorous review and received the necessary approvals, so they are the best options for gambling. However, these licenses are expensive, so unreliable or fly-by-night casinos are unlikely to spend money on licensing.

Having a license gives casinos a reputation of reliability and allows players to feel more at ease when using them. Additionally, licensed casinos are more likely to last over time, so you can be sure that they won’t suddenly disappear with your money.

Moreover, the most important aspect of this is that provably fair games are more likely to be offered at these casinos. If they don’t provide games that can be proven to be fair, they’re generally not worth your time.

Make Sure Your Casino Features Provably Fair Games

Provably fair games will reduce your chance of being scammed by an online casino, but this doesn’t mean you’re 100% safe. These games have random number generators that determine the results, and the casino cannot influence the outcome. Once the game is done, you can examine the game’s source code to determine whether the results were random.

It’s crucial to remember that provably fairness doesn’t always mean that the game will be fun. That’s why many people prefer playing their favorite online blackjack, roulette, or slot machine games rather than trying out some new games solely for their provably fair features.

Examine Your Withdrawal Settings

You must always check your withdrawal settings to avoid being scammed. The best way to do this is by reviewing the parameters for each withdrawal method before withdrawing your money from a crypto casino to an external wallet. If you don’t do this, your cryptocurrencies may be subject to additional limitations or hidden costs, which might delay their arrival. Make sure you know all the potential issues that may arise before moving forward with a withdrawal request.

Check the Security Measures

Look for a cryptocurrency casino that has strong security measures. The first step to learning more about this is to visit the casino’s website and read customer reviews. If possible, learn whether the business complies with the law by looking for an external license. That information must be available on the casino’s website.

Finally, examine their security protocols. The best casinos feature two-factor authentication and a secure password. This will prevent hackers from gaining access to your account, even if they manage to find your password.

Bottom Line

Cryptocurrency casinos are a great way to have fun with your favorite crypto assets without leaving your house. However, you must know all the security measures to protect your assets and prevent scams.

Moreover, remember that these casinos are a matter of luck and are never certain, but isn’t that the fun part anyway?

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