Due to the increased public interest in cryptocurrencies, many businesses started accepting these novel digital currencies, and the casino industry is a prime example. Nowadays, many online casinos are now offering crypto as part of their payment options. In addition to making payments easier and faster, cryptocurrencies also improve security due to transparency.
However, since they’re untraceable, you need to ensure you rely on a trustworthy crypto casino; otherwise, you may risk losing your funds. Check out the top security factors you should consider when choosing a crypto online casino in NZ.
A licensed business is guaranteed safe and trustworthy, and online casinos are no different. Gambling licences are issued by governments around the globe and help casinos solidify their reputation and safety among gamblers. Having a licence means that an online casino was extensively reviewed by gambling commissions, from security measures to privacy policies and other factors. Some of the most reputable gambling commissions include the United Kingdom Gambling Commission (UKGC) and the Malta Gaming Authority (MGA).
Safety and Security Measures
As we mentioned, gambling regulators oversee the safety and security measures used by casinos. So, what are they? Essentially, casinos rely on four basic security procedures, as we’ll explain below:
- 128-bit SSL (Secure Sockets Layer) encryption – Encryption turns your data into unreadable files that other computers can’t decipher unless they have a key. These security measures ensure your data is always inaccessible to potential hackers.
- PCI Security Standards Council – This organisation is responsible for defining the safety standards behind payment procedures in many industries, including casinos. If an online casino has PCI-compliant payment methods, rest assured they went through extensive testing.
- KYC Procedures – KYC, or Know Your Customer, is a standard technique used to verify the identity of users. Before withdrawing from an online casino, you’ll need to verify your ID and address to avoid fraud.
- GDPR guidelines – The General Data Protection Regulation (GDPR) is mandatory in all Europe-licensed casinos. It dictates that these institutions must reveal how the players’ data is treated and stored.
Word of mouth and reputation go a long way when discussing online casinos. On top of searching for licences and security measures, you should look up a casino’s reputation. This can be done by studying their history or reading online reviews.
Even though crypto payment methods are new, some reputable online casinos offering them have a history spanning decades, contributing to increased safety.
The good news is that crypto casinos are here to stay. The network behind crypto, the blockchain, is highly transparent and can be accessed by anyone, allowing players to verify their transactions on the fly.
However, enjoying this new form of online gambling requires paying attention to several key security features. You’ll be one step closer to grabbing potentially rewarding prizes by ensuring your chosen casino is safe.