Until recently, crypto money was just a new obscure word for many people. Nevertheless, digital currency, and primarily BTC, has gradually become more and more popular. Today it is a full-fledged way to pay for goods and services in many countries.
Users often discuss benefits to playing in casinos with cryptocurrency, but everybody should know also about some disadvantages such as:
Digital currencies are often volatile, (their value is unstable).
Slow processing of financial transactions (yet faster than with fiat currencies). It happens that the withdrawal of funds from a BTC account takes longer than expected. This is due to the fact that some platforms process cryptocurrency withdrawals manually for security purposes.
No licenses. Gambling platforms that allow the use of crypto coins do not need to have a license issued by a particular jurisdiction. Of course, licenses come with an application fee, so online casinos can save on licenses.
There is a chance of losing an e-wallet or accidentally deleting a currency.
Bitcoin is volatile
Crypto money is often a volatile currency. The exchange rate is changing rapidly – for the better and for the worse – sometimes. The price fluctuates unpredictably every day. This is due to the increasing demand for cryptocurrency and the number of bitcoins in circulation.
The value of BTC can change significantly, which is why often people find it unsafe to convert fiat currency into crypto coins.
It is a work in progress
Bitcoin has been around for much more than a year, but everything connected with it is constantly undergoing some kind of change. The more often and more widely it is used, the more accessible it becomes. On the one hand, its functionality is more advanced. On the other hand, the Bitcoin network was not designed to handle a large volume of financial transactions. As a result, there are scaling issues.
Not a “household” payment method
Among all the possible payment methods in an online casino, paying with cryptocurrency is not always on the list. And this despite the fact that the popularity of BTC all over the world is steadily growing both on gambling sites and bookmakers.
It is untraceable
The privacy of Bitcoin is most often positioned as a benefit. At the same time, it can also become an element of illegal activity. For example, fraud. It is necessary to reduce risks as much as possible and use built-in monitoring means that allow specialists to find suspicious activities.
Classic payments made with credit cards and bank transfers have mechanisms to cancel the financial transaction. Unfortunately, users cannot do the same with crypto money. As soon as a person transfers the amount, it will disappear. If the gambler makes a mistake and types the wrong e-wallet code during the transaction, he will lose money.
Scamming Gambling Website
Fraudsters always choose virtual casinos and other similar platforms as their target. They manipulate an online gambling site or use it for their own purposes.
Crypto Casino operators are trying to make the games as fair as possible, but scammers are making their own adjustments.
There are a number of options that scammers use to win. In any case, both the casinos themselves and other players can be victims.
Internet thieves often fail their plans. Players are becoming more careful for fear of scamming. Organizations are taking steps to protect themselves from all types of virtual payment fraud.
The average cost of a cyberattack to a business two years ago was nearly USD 4, 000,000.
Gambling platforms are predictably at greater risk of being targeted. One of the reasons is that online casinos have become especially widespread during the pandemic.
There is a trend – there are scammers. The more gamblers, the more difficult it is to track fraudulent activities.
Online casino scams are a terrible reality. They come in different types and sizes.
Online gambling sites need to be protected from fraud.
Laws and regulations in many countries are changing and this allows many gamblers to take advantage of the opportunity to use both sites and cryptocurrencies for online gaming.
The legal status of online casinos changes periodically. The risk of accusations of illegal gambling activity increases or decreases depending on changes in the law.
There are risks that increase when using crypto money, while using fiat currency in the same context is not risky. The possibility of arrest and charges may depend on the type of online gambling.
Some legal issues arise from the use of crypto money.
Often, BTC is seen as a controversial issue, as it is associated with possible criminal activity.
There is a lack of knowledge about digital money and the exchange of this type of currency on the Internet.
Even with proper gambling without any other legal issues, a person can increase their risk of being sued for using cryptocurrencies.
When faced with allegations of illegal online gambling, it is vital to hire an attorney to create a defense against the accusations well in advance.
Online casino privacy has a downside. Often this makes fraud more accessible.
Cryptocurrency exchanges are vulnerable to cyberattacks.
Identity theft is a very big problem. Fraudsters use data to abuse bonuses, open new accounts and steal money.
Gamblers are more likely to prefer casino sources they feel safe on, which means they will avoid those that they think could be easily exploited by online criminals.
No one wants to interact with a platform that has been involved in a scam attempt. That is, even if the fraud attempt was futile, this resource is compromised and people remember about it.
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