Safety of Cryptocurrency, is still an unknown entity for so many Australians. Many gamblers are quite reticent to tread into the Bitcoin Casino realm, while others have been playing there for years and have only experienced good things.
People who are curious about the platform should just take the plunge and try it out, even if it is with a small amount of currency. Of course, wisdom must be exercised, but that holds true for gambling in any context.
Crypto vs Normal Casino
Cryptocurrency is a decentralised virtual currency form that is not regulated. This is usually what makes gamblers wary of it. Being unregulated does not automatically mean that the currency or associated casinos are unsafe.
For Australians, all standard currency online casinos are unregulated by the state, because online gambling is technically illegal in the country. While there are many licensed (in other jurisdictions) operators that accept Aussie players, if the chips were down, there is little recourse available to you. Yet, droves of Australians still have great remote casino experiences.
The trick is to find a casino with a good reputation. In crypto circles, there are many brands like this. Many of the top ones are licensed, which means that they do fall under a margin of the regulations when it comes to ethical business practice.
The Efforts of Casinos
The best Aussie crypto casinos all use licensed software from top game providers. This ensures that the RNGs involved in each game provide unbiased and fair results in every game round.
To show just how fair Bitcoin gambling can be, some Bitcoin game providers, like BGaming, even offer provably fair gaming to its casino customers. The game maker provides you with access to the open-source code of the casino game on the blockchain using sophisticated monitoring technology. This way, you can keep an eye on the RNGs algorithm to make sure that it remains unbiased and unmanipulated on each spin of the reels or deal of the cards.
Safety of Cryptocurrency Security Protocols
Bitcoin’s weakness lies with its anti-money laundering policies. The problem is, it doesn’t have any. This won’t affect you or your safety on a casino site, though. The actual payment mechanics that affect you are airtight and reliable.
There are a few advantages of using cryptocurrency that safeguard you:
- Transactions are verifiable: Once a crypto payment is made to or from the casino, it will be verified on a public ledger called a blockchain. You can make sure the payment was passed by checking the blockchain.
- Transactions are un-hackable: Once you or the casino makes a payment, and it is verified, it cannot be reversed or rerouted. Hackers cannot interfere with the payment process.
- Transactions are anonymous: The blockchain protects your identity. All transactions can be completed anonymously.
- Transactions need 2-Factor Authentication: Most bitcoin wallets now have two-factor authentication on all the transactions you make. This means that you will need to enter your private key as the first measure of security and then another unique verification code, that is sent to your phone or email account, as a second layer of protection.
It is evident that blockchain has ticked many boxes when it comes to customer satisfaction and safety. The only thing it doesn’t offer, that centralised banking does, is insurance against fraud. On this note: Trading and transacting in cryptocurrency is legal in Australia and there are even a few registered Australian exchanges that are regulated. Fraud on any of these platforms is a federal offence and will be investigated by the Australian government.
So, what is the area of contention?
The main areas of contention include buying Bitcoin from an exchange and then storing it on an online software wallet.
There are ample stories of Bitcoin exchanges that have been hacked, and where the data of thousands of buyers are leaked. Most of these stories are true, but these frailties are common among new technologies, which always experience teething problems.
Fortunately, these rare instances have also provided exchanges with learning curves. Buying crypto online nowadays is a far safer experience than it was last year.
For the safest measures, we advise that once you have bought crypto at an exchange, that you move your funds to a separate wallet that is secured by:
- 128-bit Secure Socket Layer Security
- 2-Factor Authentication
If you do this, you will have the same degree of security as users with the best e-wallets on the market. PayPal has just recently embraced cryptocurrency, making it a viable option for you to use.
In truth, cryptocurrency casinos give Aussies a greater degree of freedom to gamble than normal fiat currency casinos. The privacy protocols work together to accomplish this.
Play in safety with one of our DiceDealer approved crypto casinos and enjoy top gambling entertainment in the decentralised marketspace.