The next frontier for US casinos is cryptocurrency. Blockchain currency is at the forefront of gaming innovation and industry leaders are looking at how they can implement it to improve the experience for players, particularly relating to cybersecurity.
Casinos are already making great strides to leverage the unique structure of blockchain. For example, casinos like Metaspins Casino ensure that every cryptocurrency transaction is stored on the blockchain. Miners verify the transaction and it becomes public knowledge because it’s stored across the entire network.
With crypto practically everywhere, many are asking: “Are crypto casinos safer for players?”
What is a crypto casino?
Crypto casinos offer similar experiences to traditional online casinos. Many of the games are the same and veteran players will gain comfort from the fact that the interfaces are just as intuitive.
The US gaming market has exploded in recent years. In 2022, Americans spent more than ever in the nation’s casinos and mobile apps, with more than $54bn being wagered throughout the year.
The primary difference is cryptocurrency is the currency of choice. Deposits and withdrawals take place with major currencies like Bitcoin and Ethereum. Analysts state that crypto gaming will be worth $93bn worldwide by the end of 2023.
Blockchain technology powers casino games behind the scenes to provide a fairer and more transparent experience. In other words, players have the peace of mind that comes with knowing crypto casinos invest more in player security.
But why are crypto casinos safer than their traditional counterparts?
Provably fair games
The primary difference players will notice is that the casino games are provably fair, meaning you aren’t just relying on the word of the casino operator.
For example, casino games in a crypto casino generate a unique key with every spin, roll of the dice or hand that is dealt. Within this encrypted key is the outcome of the round. After the conclusion of the round, a second encrypted key is generated.
Players can use this second key to unlock the information contained in the first to prove the outcome of the game. If it matches, it means the game is fair. It’s an easy way for the players to verify the casino operator’s integrity.
Safer transactions with cryptocurrency
Blockchain is designed to be safer than traditional channels. All data within the distributed ledger of blockchain is structured to contain information about all transactions, with every new block connected to the previous ones. It’s one of the best ways to address various cybersecurity threats to users.
Every piece of transaction information is stored across all user devices connected to the blockchain. In other words, crypto casinos don’t rely on a single, vulnerable data server to manage player and gaming data.
The absence of a single point of failure means that crypto transactions are infinitely more secure than with traditional fiat-based casinos.
Better personal data protection
Anyone who has signed up with a traditional online casino knows how much personal data you need to supply to open an account. Providing sensitive information, such as credit card numbers, utility bills and photo ID is the price of opening an account.
According to one study, one in eight of all businesses fail as a result of a successful data hack. When you sign up with a traditional casino, you’re relying on the casino to protect your information – and that’s an incredibly high-risk strategy.
Crypto casinos require minimal information from players to enable them to open an account. In many cases, you can sign up with nothing more than your date of birth and an email address.
Licensed crypto casinos still must follow KYC checks to allow you to withdraw, but the inherent security of utilizing crypto means casinos need to do less to provide comprehensive protection for their players.
Are crypto casinos safer?
Many detractors believe that the only difference with a crypto casino is that you can use Bitcoin to play your favorite games. The tokens themselves are merely the currency of choice, like playing with a casino and deciding between US dollars and euros, but this is a gross simplification of how it works.
Crypto casinos utilize the potential of the blockchain to power themselves. Blockchain technology applies to the way games are played, how player data is stored and even how outcomes are generated.
Does this mean you can sign up for any old crypto casino and start playing?
No, it’s still strongly recommended that you do your research to ensure you’re playing with a legitimate crypto casino. Going crypto doesn’t take away the casino’s obligation to be licensed and to demonstrate their commitment to the rules of fair play.
Crypto casinos are growing and major brands are exploring how they can implement blockchain solutions to enhance their gaming experiences. The next frontier of gaming is here and there has never been a better time than now to take advantage of it.
Have you played at a crypto casino yet?