As the world progresses, there is a need to take cognizance of security systems and never underestimate their importance. As we all know, gambling includes the use of money; as a result, we must exercise prudence when engaging in this operation. Online casinos regularly face tests from hackers trying to access customers’ accounts and siphon their funds.
However, these platforms have been able to shut them out over time. This success is due to the high degree of security on these platforms. Nevertheless, bookmakers are constantly looking for new ways to tighten the safety of their platforms. For additional information have a look at this guide.
After years of trial, these platforms found that the currency type was the primary weak point in their systems. Therefore, to curb this issue, many changed currencies, which led to the formation of the first Bitcoin casino. Since cryptocurrencies are now the order of the day in Canada, this change came without difficulty.
Bitcoin is a currency that caters to many issues faced by using regular currencies. Hackers targeted fiat currency bookies because their transactions were easy to trace. Also, the security offered by banks was minimal, making it very easy to access bettors’ bank accounts.
With Canadian punters now operating on crypto casinos, many are curious about the level of fund security offered. Consequently, this post will be helpful to you by giving you a reason to trust crypto casino security systems.
Regulations Surrounding The Use Of Bitcoin
Bitcoin, like fiat currency, can be used for gambling. No restriction restricts cryptocurrency gambling of any form or law that objects to its use in casinos. In comparison to fiat currencies, gambling with crypto is more regulated. However, this is because the Bitcoin currency is not as old as the fiat currency.
The Canadian government has always shown its support for cryptocurrencies, especially Bitcoin. Therefore, the only serious regulation surrounding Bitcoin and casinos in Canada is the age limit. Underage gambling is a criminal offense, hence the tight rules surrounding crypto casinos. These platforms stand to lose a lot if caught allowing underage bettors to gamble in their casinos.
How Bitcoin Casinos Offer Punters Fund Security In Canada
By solely using the Bitcoin currency, there is already a high degree of security. Cryptocurrency is a blockchain-based technology known for its safety and high level of encryption. Furthermore, all transactions done with Bitcoin are stored on the blockchain, making it extremely difficult for hackers or any third-party personnel to access. Hence, the security offered to bettors starts from operating the Bitcoin currency.
Another way in which crypto casinos offer fund security and are also regulated is by their gaming licenses. It controls its operations, ensuring all the necessary things a casino should have present.
Furthermore, these licenses provide an increased layer of security for punters. Hence, one of its aims is to protect customers’ funds and monitor their operations to ensure complete transparency. In addition, multiple licenses are operating in the crypto gambling industry. For example, most crypto casinos use one of the three listed below.
- Curaçao e-gaming license
- Malta gambling authority License
- United Kingdom gambling commission license
However, some of these casinos could also hold a remote license and any previously mentioned foreign licenses. The most commonly used is the Kahnawake gaming license.
Lastly, crypto casinos’ websites are secure since they are encrypted. Lack or poor encryption was an issue common among fiat currency casinos for a long while. Indeed, this was down to these gambling platforms cutting costs when setting up their casino sites. Therefore, when external bodies try to access crypto casinos, they face three layers of security. For this reason, it becomes tough for punters to get their funds stolen or their personal information accessed.
Security Tips For Safer Gambling On Bitcoin Casinos
Gamblers are also responsible for their safety when playing at a casino. They are to ensure that there is no loose end on their part. Hence, they must be willing to apply certain precautions. So here are some recommendations for safer betting for players.
Enable 2-step Authentication
Most Bitcoin casinos ask their customers to enable two-step verification when transacting on their platforms. With this feature, bettors would require an authentication code when making withdrawals. So even if they find a way to log into your account, which seems nearly impossible, they would only be able to access your funds with the code. Therefore, this feature benefits your Bitcoin casino account and your BTC wallet.
Avoid casinos that ask for your details
Bitcoin casinos are not big on requesting personal details from bettors; thus, anonymous betting is possible. Hence, you can create your account with a phone number or an email address. Some require a username and a password, and you can begin gambling immediately. Therefore, no government identification which could lead to you is needed. So, it is advisable to be suspicious of crypto gambling bookies that ask for your details and identification. These details could be stolen or sold, which leads to problems for you.
Avoid using similar passwords
The mistake of using the same password for many things is widespread. For example, it would be best if you had a specific password for your Bitcoin casino account as a gambler. Besides, if you use the same password for everything, it puts you at risk. If any of your online accounts get hacked, they can easily access your account with the same password.
Avoid public wifis when processing transactions
Using public wifi when gambling is risky as it creates a backdoor to your device that hackers can easily access. The information on your phone can be copied easily, with all your passwords accessed.
Therefore, only use wifi in trusted places you frequently visit, or best use your cellular network provider. In this modern age of technology, you can never be too safe when processing transactions. Hence, avoiding any external network gaining access to your device is wise, as they could install malware.
Choose stronger passwords
The password used on a Bitcoin casino should be unique and not easily guessed. Avoid personal names, significant dates, or pets in your password, as this is the go-to way for hackers to guess your password. Therefore, always use random numbers and unusual characters when constructing passwords.