Crypto-Casinos Are “Impossible To Cheat Because The Game Is Hosted On A Blockchain” – Online Casino Reviewer – Bitcoin News Interview
According to igaming expert Keane Ecclestone, crypto-casinos are becoming increasingly popular with gamblers who value their privacy and security. While some perceive crypto-casinos to be riskier than traditional online gambling platforms, Ecclestone believes bettors can gamble safely by choosing casinos that use their licensing information. Punters can also minimize risk by choosing crypto casinos that have multiple positive reviews, Ecclestone added.
Crypto Casinos vs Traditional Online Gambling Sites
Crypto-casinos, just like many other innovative services or products that have sprung up through the growing use of cryptocurrencies, have seen an increase in the number of people using them. There are many reasons why bettors flock to online gambling sites and many of these reasons have to do with the shortcomings of traditional casinos.
Despite their obvious advantages, crypto-casinos have their flaws that potentially increase the risks for users. The perception that online crypto casinos are riskier is compounded by the fact that many of them are unregulated or operate in jurisdictions where such regulations do not exist.
To overcome some of these shortcomings, Keane Ecclestone, an igaming and crypto writer, recently co-founded an online platform, Casinos Cryptos, which ranks crypto casinos based on factors such as licensing information. According to Ecclestone, by providing this service, its platform helps users avoid fraudulent casinos.
Along with telling Bitcoin.com News how his organization rates crypto-casinos, Ecclestone also gave his thoughts on this new industry and what needs to be done to improve user security. Below are Ecclestone’s responses to questions sent to him via Linkedin.
Bitcoin.com News (BCN): Crypto casinos seem to be growing in popularity. What do you think could be the factors behind this?
Keane Ecclestone (KE): We believe the main reasons for the growing popularity are three-fold: privacy, security, and growing interest in the crypto market. Players prefer to have greater anonymity, as well as a large number of people with cryptos, which drives demand.
BCN: Despite their growing popularity, however, crypto-casinos are considered or perceived to be riskier than other online casinos. Do you agree that crypto-casinos are riskier?
KE: Not necessarily, as long as players are careful about the casinos they use – depositing/withdrawing with cryptocurrency may actually be safer as you’re not entering card information at a traditional casino site (potentially ) malicious.
BCN: What made you decide to create a platform that rates crypto gambling sites and what kind of impact do you think it will have on this industry?
KE: Going back to the previous question, there are definitely certain casino sites that players should avoid. We have made it our mission with the review platform to provide customers with unbiased and detailed information about each crypto casino so that they can stay safe and find the best site for their personal needs.
BCN: From your experience, what do you think are the signs or attributes of a good or legit crypto casino?
KE: A legit crypto casino usually provides licensing information (usually Curacao or Malta) and has many positive reviews. Another way to be sure is longevity – if it’s been around for a while, it’s probably legit. Or players can visit casinoscrypto.com where we have worked hard for them.
BCN: Anonymous gambling is one of the reasons why crypto-casinos are growing in popularity. In your opinion, what are the advantages as well as the risks associated with this type of game without KYC?
KE: Some would view providing personal information as an invasion of privacy and would like to have the right to play the products they choose, whenever they want, wherever they choose. Of course, this comes with greater risk from a compliance perspective, but many casinos have systems in place to detect suspicious behavior and only KYC those they believe have malicious intent.
BCN: Now let’s talk about the regulations. As you may know, many gambling sites are regulated and the reason is often to protect players from certain practices. For example, some casinos have been known to use dishonest techniques such as deploying a rigged roulette wheel. If a regulated casino operator engaged in this practice is caught, their license is revoked. Now, since crypto casinos are largely unregulated, if an operator cheated, what would happen to that operator? Is there a body or organization where players can report this?
KE: Excellent question. One of the many benefits of the blockchain is that many of these crypto casinos are fair game, which means rigging would be impossible since the game is hosted on a blockchain in plain sight. Granted, that’s not all sites, but the majority either implement fair practices or use large game providers, so the risk in our view is minimal, and therefore the need for regulators is smaller than that of casinos. traditional online.
BCN: The industry is growing, but there is still room for improvement. In your opinion, what else should be done to ensure that crypto-casinos are safer?
KE: There is always room for improvement. To ensure greater security, I would recommend crypto casinos to provide secure cold storage for player crypto as well as allowing instant demand-side withdrawals like the majority of crypto exchanges. This helps players know that they are still in control of their money.
What do you think of this interview? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.