Navigating the World of Crypto Casinos
Like anything new, there are challenges for gamblers when they delve into the world of crypto casinos. But although the challenges exist, for casino gamers, the advantages of crypto casinos far outweigh the challenges. Check out what novice crypto gamblers can expect when they move from a traditional online casino into the world of crypto gaming.
Challenges Novice Crypto Casino Gamers Face
Regulation is Different Depending on the Nation of Residence
Depending on where the gambler lives, regulation regarding cryptocurrencies could be nonexistent, or the country of residence could ban cryptos outright. Knowing the specific laws regarding the trading and making crypto transactions in a specific area in the world can be daunting.
Regulation Challenges are Muted by Cryptocurrencies Anonymous Nature
For gamblers, though, the regulation challenge is muted by the anonymous nature of cryptocurrencies. So when we fund our crypto casino account, the only info is the digital code that represents the transaction.
The actual transaction, what it’s for and who it is going to, doesn’t show up. There is no middle person like a credit card company that knows why we are making a cryptocurrency transaction. This means that crypto casinos present gamblers the opportunity to remain anonymous.
Some Crypto Casinos Can Suffer Cyber-Attacks
Cyberattacks exist in the crypto space. Hackers are out there looking to attack crypto casinos. So the challenge exists regarding a crypto cyber-attack.
But Crypto Casinos Have Much Tighter Security Than Old School Online Casinos
Still, although the threat of a cyber-attack exists, crypto casinos have much tighter security than other online casinos. There are three reasons for this.
First, crypto casinos don’t require personal information for you to open an account. So even if there is a cyber-attack, your personal info, your bank account and credit card information, where you live, your phone number and social security number, remain out of the cyberattackers hands.
Second, attacking a blockchain is almost impossible if the chain is Ethereum, Litecoin, Binance, or Bitcoin. The reason is that 51% of nodes must agree to a single attack. So if you aren’t moving a ton of crypto into your account, the chances of a cyberattack on a specific gambler’s transaction is a long shot.
Where to Bet with Bitcoin
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