AI art of a casino interior, with roulette table in foreground and slot machines in background

Why Crypto Online Casinos Are Better (and Safer) Than Real Casinos

Cryptocurrency Casinos are web applications that use cryptocurrencies to facilitate online gambling, and most of them are designed to ensure real randomness for players while taking advantage of the (partial) security and anonymity of cryptocurrencies. Since cryptocurrencies do not discriminate against their holders or recipients, and can be programmed to automatically move between cryptocurrency wallets when the correct conditions are met, they are ideal for use in online gambling and betting applications.

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It is now known that all casinos in the real world must operate with the “house advantage”, which is required to pay the overheads for operating the casino. This effectively ensures that players always lose more than they win if they keep playing for long enough. Online casinos do not incur the same overheads as physical casinos, thanks to the fact that no budget is required for maintenance, wages, electric bills, or property taxes. However, online casinos face a different problem – they have to safely process and protect players’ banking information, they have to follow strict KYC regulations or face lawsuits as illegal gambling apps. Therefore, online casinos must collect and store personally identifiable information about all of their customers, which runs the risk of data leakage that may harm their customers.

Related Topics: What are Crypto Banks and Why Are They Important for Mass Adoption?

This is where cryptocurrency bypasses all of these issues, for better and for worse. according to Encoder updatesCrypto casinos are more secure than real casinos because they allow players to remain anonymous and provide peace of mind that players’ banking or contact information will not be leaked from the casino’s database, and that players’ banking institutions cannot interfere with their choice of adventure. Cryptocurrency casinos also do not need to maintain a trading account or any payment channels, as cryptocurrency is their own account and payment channel at the same time, and they are not able to discriminate against its sender or receiver. Crypto casinos can also be run automatically without any profit margins using cryptocurrency smart contracts and blockchain, allowing them to offer players fair odds of winning or losing, as the only cost required to run them is the cost of the web server hosting the casino website and the bot that runs the cryptocurrency wallets.


Crypto casinos are more fair and transparent

Since a crypto casino requires very little overhead and maintenance, its creator can afford to make their games truly fair by providing real randomness. In contrast, real-life casinos jealously guard the algorithms that power the slot machines, and will intervene when the player wins too much in card games. Also, since cryptocurrency is the only way to exchange value, it is much easier and safer to cash out cryptocurrency winnings than to withdraw funds to a bank account, where banks may handle their customers’ gambling activities and can freeze or close their account without warning or explanation.

However, like most things in blockchain technology, crypto casinos face regulatory issues. according to bet and hitOnline casinos must enforce KYC (know your customer) regulations to stop underage gambling, addictive gambling, and money laundering. However, crypto casinos may not implement KYC regulations due to financial restrictions or because the jurisdiction of their creators does not require it, and making these casinos compliant with the regulations is very difficult. Until blockchain identity systems or ID NFTs are used, there will be no secure way to enforce KYC regulations for automated crypto casinos without the risk of customer information being leaked.

Crypto casinos are better than real casinos because they can ensure fair outcomes for players, protect players’ identities, and provide a secure way to send and receive money and winnings. Since they are fully online and use cryptocurrency, their overhead is limited to the monthly cost of keeping the website and script server running, and they can operate independently. However, crypto casinos face regulatory issues that can lead to enforcement action, as many offshore crypto casinos do not follow US KYC regulations, which means that minor players and gambling addicts can easily and illegally access Cryptocurrency casinos.

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source: Encoder updatesAnd the bet and hit

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