Is it Actually Safe to Use Cryptocurrency at an Online Casino?
Cryptocurrency is hardly a well-kept secret. The interest in this alternative currency has been growing since the first crypto transaction back in 2010 (for two Papa John's pizzas, would you believe). At the time, these pizzas cost 10,000 bitcoins - which translates to roughly $671 million at today's conversion rates!
While it might seem crazy a valuation, it’s the original pioneering transactions like this that have allowed cryptocurrency to grow to the values we’re used to today. If that guy had held onto his 10,000 bitcoins, they might still only be worth the $25 it would’ve cost to buy those pizzas. Anyway, I digress, what we’re most interested in today, is how this currency stacks up in the world of online casinos. To properly understand, we’ll have to do a teensy bit of history.
Ever the frontrunner, one sector that was early to adopt cryptocurrency was the iGaming industry (online casinos to you and me). The earliest crypto transaction at such a site was made way back in 2012. Since then it’s estimated that there have been around 1,000 crypto casinos launched worldwide. But is it safe to play at them? We’ve done the digging, so you don’t have to. Below we’ll walk you through the safety and security features of crypto and how this pioneering currency seems to lend itself to the world of casino gaming.
How cryptocurrency can help you to play safely
There are all kinds of ways that people think crypto keeps you safe when gaming, but there’s one that really does cut the mustard - and it’s right at the heart of how crypto works - blockchain technology. The blockchain is by its very nature ‘immutable’- once a transaction has been recorded on the blockchain, it can’t be removed, edited, or tampered with in any way. It’s there permanently.
This makes it super straightforward for casinos to ensure that you are being paid out correctly. If something does go wrong when you’re playing at a casino - we sincerely hope it doesn’t, things can be solved pretty quickly. It goes a little like this: a dispute is raised (from the player or the casino), then the transaction in question can be found, and it’s easy to determine who’s at fault. Thunderpick casino is a fitting example of an online casino that's successfully using cryptocurrency payments to ensure top-notch player safety. Their FAQ section is packed full of interesting info on the perks of using crypto as a payment method.
Now you know about blockchain's immutability/permanency, what else is there to learn about? Well, there are also a handful of other safety benefits that come along with crypto.
One benefit that particularly appeals to a lot of the casino gaming community is anonymity. When playing at online casinos using Fiat currency, you need to share your personal details to make deposits and withdrawals. Just the same as if you use your debit card to pay for anything online. Whether it’s buying a new shirt, paying for a hotel room, or spinning the roulette wheel - you’ve got to share your card details. However, when playing using crypto, you don't. Why share your data if you don’t have to? By using crypto you can reduce the risk of security breaches. These breaches are often associated with third party banking, so crypto strikes once again, enabling you to enjoy playing more securely.
Explore more benefits of playing with crypto
With safety features out of the way, it’s time to take a look at some more unique benefits of using cryptocurrency. It kind of goes without saying that cryptocurrency is a more modern alternative to traditional currency. This means that it tends to be adopted most readily by the newest online casinos in the industry. So, if you choose crypto casinos, you're playing on sites that have been built using the latest technology. This enables them to offer exciting and innovative features that might not be available at some of the older casinos.
As well as the latest features, you can also sometimes receive help from some pretty special exclusive cryptocurrency bonuses. Casinos that run on a dual currency system often offer both a standard currency bonus and a crypto bonus. As the value of cryptocurrency is known to fluctuate, most crypto casinos offer a higher bonus value for those depositing using this method. However, if you want to capitalize on both bonuses, why not? We certainly won’t stop you!
So, what are the best casino games on offer at crypto casinos?
Overall, crypto casinos generally offer all the same kinds of games that traditional casinos do. The good news is, finding the best casino games is largely down to your personal preference. Slot games stay the most popular choice, as they’re simple to get started with and offer a huge variety of themes. Plus, you’ll usually find thousands of them at online casinos.
Listen up slots’ players: if you're looking to make your bankroll stretch just that tinyyyy bit further when playing slots then we’ve got a tip for you. It’s easy to find out the RTP of the slot machine and this tells you roughly what percentage of your bets you’ll win over time. It’s not 100% accurate, as it’s based on information gathered from thousands and thousands of spins - but it’s a start.
Live dealer games are the most recent trend to sweep the casino world - anyone who’s a casino fan has heard of them at the very least, if not spent a few hours sat at the virtual table. These new-fangled games live stream a real croupier as they spin a roulette wheel or deal a hand in blackjack. You’re invited to watch and interact with them, just like you would in an actual casino. You'll be able to find a range of titles from top providers at crypto casinos, all with professional, friendly croupiers.
Of course, some people prefer the simplicity of RNG table games. These games rely on something called a random number generator (RNG) to ensure the fairness of the deal, or wheel spin, depending on the game that you're playing.
Keep in mind: it’s never a bad idea to brush up on your strategy before playing. Whether you’re a roulette fan, or a blackjack pro, there’s plenty to be learned about the strategy of the game. In fact, when played with the correct strategy, the house edge in blackjack can be brought down to less than 1%.
A few more tips on playing with crypto safely.
While cryptocurrency casinos offer a safe alternative to casinos accepting traditional currency, there are still some ways that you can make casino gaming even safer still. One of the simplest ways is to always check for a license on the casino's homepage. You’ll find it displayed clearly, most often at the bottom of the homepage.
The App Store, or Google Play store can be absolute treasure troves of useful information. Check out the reviews of other players - see what they have to say about any casino you’re thinking of signing up to. Learning from the experience of others is a good way to weed out the wheat from the chaff - or in this case the best crypto casinos from the ‘not so good.’ A whole slew of positive reviews really helps to ensure you're only playing at sites that treat their customers well.
A final note from the writer, play with the cryptocurrency that you're most familiar with! It might sound a little obvious, but if you're invested in Ethereum, search for casinos that accept that currency, the same goes for Bitcoin, Dogecoin, Litecoin, etc. This way you’ll be comfortable with the currency and can concentrate on the important part - actually playing.
For me, crypto casinos are a terrific way to combine my relaxation of choice
(a few rounds of blackjack) with a type of currency that I feel comfortable using (Bitcoin). By snagging the larger crypto bonuses and running in a space that I know well, I’m able to have fun and feel safe while I’m doing it. I hope that using these tips to play to your strengths (with your cryptocurrency of choice) will make your first foray into crypto casinos an enjoyable one - and safe too.