Not only has the online gambling industry been expanding rapidly, but the storm has also taken the finance sector. Cryptocurrencies started back in 2008 with the creation of Bitcoin and have since expanded to offer hundreds of different cryptos.
Another sector that has adapted to the popularity of cryptos is online casinos. Most online casinos offer cryptocurrencies as a payment method, and some crypto-exclusive casinos have also started popping up. Using cryptocurrencies, you can now play live blackjack against a human dealer at online casinos.
Six Top Safety Tips
Using cryptocurrencies like Bitcoin, Litecoin, Ripple, Ethereum, and many more come with benefits and risks. While it’s an easy method to use when depositing and withdrawing, you should be sure to use it safely.
Being a web-based currency, it’s easy for scammers and hackers to steal your money if you’re not careful. We look at six safety tips that you can follow to ensure you have a safe time playing at a crypto casino.
Trustworthy Crypto Casino
The first thing to ensure is whether the online casino is trustworthy. Being trustworthy means it’ll be licenced and is thus regulated by an independent licensing authority. Licenced casinos are required to follow all applicable gambling regulations of the licensing authority. The third-party licensing authority is also a way for players to report an online casino or settle a dispute, which the online casino isn’t able to.
Another way to check if the casino is trustworthy is to read reviews and player feedback on the casino. It’s easy enough to see if a website isn’t legitimate by seeing what others have to say about it. The majority of the trustworthy crypto casinos are tried and tested many times over and are safe to register at.
Credible Crypto Wallet
When it comes to playing with cryptocurrencies, it’s not a surprise that using a credible crypto wallet is a must. A cryptocurrency wallet is used to store your cryptos and can’t be used to buy or sell them. It needs to be credible, secure, and only available to you alone.
If you’re planning on gambling using cryptos, it might be best to look into using a crypto wallet solely for your gambling. This makes it safer when gambling, as you can separate your gambling cryptocurrencies from your invested cryptos. It also allows you to control your spending better, as you can easily see your transaction history.
Reputable Crypto Exchange Platform
The most important aspect when playing with cryptocurrencies is to ensure you use a reputable crypto exchange platform. This is the platform you use when buying and selling cryptocurrency or exchanging your fiat currency for cryptos. Most crypto fraud and hacking occurs not at the online casino but through the crypto exchange platform.
That’s why it’s crucial you use one that has a good reputation among other crypto users and online. They should be well-known, use the highest level of data encryption, and be 100% secure.
Multiple Strong Protections
There are many other ways to ensure you’re protected as best as possible. The first and most important step is to create a strong, unique password. This password shouldn’t be similar to any other passwords you use. It should include several characters, numbers, capitals, and more to make it as difficult as possible to break.
Further, many online casinos offer an optional two-factor authentication system. We highly recommend you use it if offered, despite the extra time it takes you to log in. This makes it more difficult for hackers to get into your crypto wallet account.
Understanding cryptocurrencies is essential if you’re going to be gambling with them. Unlike fiat currencies, cryptos are highly volatile, and their value can change up to several times a day. This volatility means it won’t have the same value every time you gamble with it, and possible significant wins can become small as the value is low.
It also makes a difference when you withdraw it, as you need a basic understanding of the market to know when best to play and withdraw your cryptocurrency. It’s best to have an app that allows you to track the value of your cryptos, so you know when it’s best to play with them. It’d help if you also remembered that all crypto transactions are final and can’t be reversed.
Secure Device and Browser
Lastly, ensure you’re playing on a secure, private device and that your browser is protected. Whether you’re using Safari, Chrome, or any other browser, there are several security extensions you can use to ensure your playing remains safe. Using public devices is a big no, and we recommend only gambling on your personal device while you’re in a safe location.
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