Cryptocurrency Gambling Deposits To Defeat Scam Websites
How To Gamble With Cryptocurrency
With the emergence of Bitcoin and cryptocurrencies over the last decade or so it’s no surprise that casinos have been quick to accept them as a payment method for cryptocurrency gambling. Not only because it’s another form of currency. But also because blockchain technology has been taken up by online casinos as a means of offering transparency for all database transactions.
Openness To Inspire Trust
An example of this would be that there are now several open-source lotteries where the RTP% would normally be kept undisclosed. But today, this is now public knowledge. Nevertheless, many sceptical players would probably think this is some sort of scam. But by making use of the blockchain, all parties can see how casinos process their transactions. In other words, there is no way to hide anything. If as a gamble, you happen to lose when playing online, thanks to the blockchain you can now see exactly how your money goes into the system. So you can see exactly how much the website earns from your deposit or your losses. If you visit any casinos to win the jackpot, you’ll see that it’s now in use as a means of instilling trustworthiness into their products.
Blockchain technology is in its relative infancy with regard to online casinos and betting. We predict that it will become much more mainstream in the near future. Right now there are a number of projects that will disrupt the gambling space by making all payments based on blockchain technology. Not only does this offer openness, but also the security benefits that will give casino players greater peace of mind. Keep in mind that anything that benefits players, will also benefit the online casinos.
Using A Regulated Casino For Cryptocurrency Gambling
Here at Jackpotfinder.com, we are constantly going on about the importance of gambling at reputable casinos. One mark of a casino’s reputation is its gambling licence. For example, if a casino is regulated by the UK Gambling Commission or the Malta Gaming Authority, then you can be certain the games have been tested for fairness and security. But in this age of constantly moving internet entities, you will come across more and more online casinos which offer games that are without proper regulation. In the past, these websites had no way of proving how they choose winners. Or even if the winnings are returned to players. Imagine if you win the jackpot online and then see nothing in your online account. To that end, we would have to point out that you should be careful as these could well be scam websites.
Blockchain Is Transparent
In some ways, these problems do have a solution with the use of blockchain. This means there’s no need for any other outside regulators. It all comes down to the transparency of transactions that are traceable by any member of the public through examining the blockchain. With this, you can see everything that happens to your deposits and your money as you gamble. Not only that, but you can trace exactly where your losses are going and see exactly how much the website earns from your gameplay. This total transparency is taking place under the watchful eyes of the gambler. As opposed to a third-party organisation such as a licensing authority.
Cryptocurrency Gambling: Gamblers And Techies
At the moment there isn’t a large intersection of individuals who happen to share an interest in both crypto and casino gambling. Let’s be frank, gambling has been in existence long before many crypto fans were born. And because crypto is a relatively new concept then it tends to attract tech-savvy and younger individuals. And these youngsters tend to stay away from gambling as they are more interested in other ways of getting a return on their investment. As opposed to leaving it to Lady Luck. Having said that, many of them are quite happy to invest in crypto and all types of altcoins. When in truth this is nothing more than gambling.
These young people might view cryptocurrencies as a way of transacting in the same way that another person might use a Forex Exchange. There is a hope that by investing in crypto and holding it for a long time, they may see an excellent return. If you’re looking for a great return on your online betting, then head over to King Billy Casino. They will have a huge welcome bonus waiting for you of 151% up to €/$500 plus 51 bonus spins!
Cryptos Versus Fiat
When it comes to being scammed or defrauded online, then both fiat currency and cryptocurrency have a similar risk. There are a huge number of websites that aim to steal money or simply refuse to make a payment. And there are many different ways of achieving this. But if there are means of reducing risk for both fiat use and cryptocurrencies, then this will help promote gambling websites as being safer.
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Casinos Value Their Licences
If a licensing authority is auditing games there’s probably a good chance that you will not fall prey to a scammer. Of course, the website itself could try to scam you by claiming that you failed to provide the proper documentation or maybe by not paying out players when they win. The penalties for cheating players are so financially painful and also costly to a casino’s reputation. Because the casino has to jump through so many expensive hoops to obtain the licence in the first place, none would be willing to simply lose it through willful abuse.
Blockchain Is Safer For Gamblers
But when it comes to making casino deposits, it’s going to be much safer using a crypto-based online gambling website. Simply because the blockchain and cryptocurrency allow players to check the funds. Then again, having said that, it’s probably easier for a crypto-based scammer to actually relieve a gambler of their funds. An example of this would be that they add a normal payment gateway to their website. Or they have an escrow account. By doing this, the online casino can steal your money. Sometimes they can simply refuse to pay out because those funds are not under regulation. This is certainly not the best of jackpot winning strategies.
Cryptocurrency Gambling: How To Fall To A Scam
Of course, any Tom, Dick or Harry can create a website and then host games on it. They can then call this a gambling casino and broadcast the fact that they happily accept cryptocurrencies. Along with offering huge crypto welcome bonuses. Once the crypto has been put into the player’s wallets, they simply unload all those tasty wallets. And disappear into the sunset for expensive cocktails on their mega yacht. Although the development of the use of cryptocurrencies is going to probably have a greater effect on more mainstream casino websites. Thanks to the fact that nearly all large, popular and regulated online casinos accept Bitcoin, then you have a much better chance of losing your funds through some unscrupulous scam.
Gambling And Blockchain Regulatory Issues
One of the most important aspects of regulating any online gambling is to trace the source of the funds. For example, if you deposit into your casino account using a bank transfer or any number of credit cards, then those are easily tracable. That’s simply because you require a bank account. Also, virtually all reputable casinos now require a complete verification check where you’ll need to provide personal and banking information. Most governments now require banks to have measures in place to prevent money laundering. To that end, the banks run software looking for unusual banking activity.
Easy Money Laundering
Crypto allows the player to simply deposit money into a numbered wallet ID for whatever jackpot games they wish to play online. So it’s not possible for its source to be audited. This means that the funds could actually come from any sort of activity and from anywhere around the globe. One of the reasons why traditional banks are wary of cryptocurrencies is because it’s probably one of the best ways to launder money. A regulator could well request proof of the source of crypto. But they certainly can’t force a gambler to disclose this truthfully. Likewise, if the online casino requests a source for the funds, they still have no way of checking the truth.
Cryptocurrency Gambling: Tighter Identity Checks
Many government regulators would like crypto to have more regulation in the same manner as fiat currency does. As far as online casinos, this would mean the players presenting IDs. As well as the definitive proof of the origin of the funds. This isn’t done at the moment on cryptocurrency websites simply because it isn’t a prerequisite. Another factor is the location of the online casinos in themselves. Some are in countries like Georgia and Armenia where there is virtually no regulation. Also, the sites are not monitored at all. In situations like these, regular payment gateways would not offer their services. Simply because they would consider these online entities to be too risky. But a crypto-based casino doesn’t need any permissions from anywhere or anyone to accept and receive payment.
Crypto By Definition Defies Regulation
Many online regulators are trying to impose stricter policies on crypto-based transactions. But it’s going to be an uphill struggle. That’s because the very nature at the heart of crypto is its decentralization. This means that there is no one central authority overseeing it. As such, we presently have a situation where an unstoppable force meets an immovable object. But for the online casino player, if they decide to go the crypto route, then we suggest that they should still stick with well-known and reputable online casinos. We find that King Billy Casino is one of the safest. They also accept a huge number of cryptocurrencies including Bitcoin, Dash, Ethereum and Lite Coin.
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