Cryptocurrency is one of the assets that has grown exponentially and is said to have grown twice faster as the internet itself. Due to their abrupt growth and the lockdown imposed for nearly two years since 2020, there was an increase in the growth of crypto and bitcoin casinos.
But are they safe and secure for gamblers? Or is there any chance that they are illegal or can steal your money? We are going to answer these questions in this article and find out whether it is safe for you to gamble in a crypto casino.
Is It Safe to Gamble in Crypto Casino?
Generally speaking, crypto casinos are much safer than traditional online casinos. But it completely depends on the platform you are using. Gambling Commission is the organization that regulates both online and live casinos. They also provide rules and regulations to crypto casinos too.
If you are gambling in a trusted and regulated crypto casino like 12Play, you are much safer than trading in a typical online casino. But why is that any different from playing in a normal online casino?
Crypto casinos are much safer because of the blockchain technology that is used for transitions in cryptocurrencies. Each of your transactions will be recorded in a safe place and can’t be erased or manipulated. This reduces the chances of money theft.
Some people use these online betting platforms to launder their money. But in crypto casinos, it is nearly impossible. Also, people who tried to launder money or steal from others ended up in jail, thanks to blockchain technology.
Also, you can make transactions much faster and smoother with crypto casinos. Your funds will be moved almost instantly into your account, and you can make quick payouts that are way faster than traditional online casinos.
Disadvantages of Crypto Casinos
Due to the anonymity of cryptocurrencies, crypto casinos can operate without needing any personal information from their users. Though it might sound good, on the other hand, there will be no age restrictions implied. Even a 9-year-old kid can get into a crypto casino and start to gamble and get in a load of trouble.
But not all online crypto casinos are anonymous. Most of these casinos are regulated by the Gambling Commission. But the ones that are unregulated have the potential for danger. Even some regulated crypto casinos are banned in a few countries because cryptocurrencies are illegal in their country. So, if you are in a crypto-banned country and still gamble in a cryptocurrency, you might eventually end up in prison and can’t get out of there by justifying your ignorance.
To Sum Up
Crypto casinos have dominated the online betting platforms for over three years. Gambling in a regulated crypto casino is far safer than playing in a normal online casino. Illegal activities such as money laundering and theft are almost impossible in these casinos. However, there is an underlying threat laying dormant. If you are using a regulated crypto casino, there is no need for concerns.