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Market Oracle FREE Newsletter


How Crypto Currencies Are Helping Players Go Private

Personal_Finance / Gambling Feb 27, 2020 - 05:43 PM GMT

By: Submissions


Security and collection of data have long been a major concern of people in the technological age. It is no secret that major companies like AT&T, Google, and Facebook are some of the biggest collectors of personal data both in the United States and around the world. 

With the current age of computers connected to the internet all the time, it has never been easier for hackers to have their way with your personal information. In addition, no one is more worried about their personal information than online casino players. Let’s review some facts, according to experts.

The Problem with Online Gambling 

Online casinos bring the competition and games of regular casinos to your home, what’s more to say. However, this convenience comes at a cost, more specifically the cost of your security information. While traditional casinos have security guards and cameras to ensure that no one gets away with stealing money from customers, this is a lot more difficult in an online casino. 

Online casinos are essentially a well of credit and debit card information, making them prone to hackers. Moreover, no matter how good a company’s security infrastructure may be, hackers will manage to find their way inside. Therefore, in the event that the website is hacked, a frequent player will be at a massive disadvantage. 

The Rise in Popularity of Cryptocurrencies 

2017 saw one of the best years of Cryptocurrencies since its inception in the 90s. With the price for Bitcoin jumping to over $20,000, it looked like anything that had Cryptocurrency in their name was an instant success. And for online gamblers, this was the best thing since sliced bread. 

Many online casinos started accepting Bitcoin as a valid form of payment after the skyrocket of 2017. Now, more online casinos have started accepting various other forms of Cryptocurrency like ripple and etherium. But other than casino websites now accepting Cryptocurrencies as a form of payment, casinos that only use Cryptocurrencies – crypto casinos – eventually came into play. You start from free bonus or free credit playing and finish by safe paying, using cryptocurrency. 

Why safe?

Crypto Casinos: Regular Online Casinos but Better 

Crypto casinos are just like regular casinos nut with one major difference; they are much more secure. The technology in Cryptocurrency is confusing enough, and when combined with casinos, they make for one of the safest solutions to hackers. Blockchain, the foundational technology of Cryptocurrencies, is a decentralized system that is almost impossible to penetrate. 

Decentralized means that there is no specific place where these websites store the financial information of their players. So by only accepting Cryptocurrencies, they can keep a player's financial information secure. Moreover, thanks to the implementation of Cryptos, these online casinos no longer have to deal with banks. This essentially takes out the middleman and allows for a direct link between the player and the company. 

No More Personal Information

Crypto casinos also forgot most of the formalities that come with other casino sites. Most online casinos will ask for personal information on lengthy and tedious forms. This can be very off-putting for players. Not only because of the tedium of the form itself, but also because of just how much risk these forms put the players under. 

On the other hand, crypto casinos only require an email address, and players can pay to play anonymously. This method of playing keeps the identity and personal information of players safe from hackers and other threats. 

In conclusion, crypto casinos are completely changing how players play casino games online. With the threat of hackers immanent to online casinos, Crypto casinos are the solutions that online players have long been looking for. With the risk of your information being misused out of the way, you can now play without worrying about potential hacks. 

By Messy Tou

© 2020 Copyright Messy Tou - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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