Why its better to have KYC at Crypto Casinos
It hardly seems that only a few short years ago, the only payment providers available at online casinos were credit and debit cards, top-up vouchers, e-Wallets, Bank Transfers, and a few other country-specific banking providers. Crypto casinos are now becoming more popular as they provide very advantageous benefits. Players have the choice of whether to play at a casino that offers completely anonymous online gambling or a casino that complies with KYC (Know Your Customers) procedure. While both ways are legal and popular in and of themselves, our article outlines why we think it’s better to play at Crypto casinos that work with KYC procedures.
A cryptocurrency is a digital or virtual currency similar to real-world currency, also known as fiat currency, or currency backed by the government that issued it. Cryptocurrency is not tangible, which makes it nearly impossible to counterfeit or double-spend. Crypto is also anonymous. In recent years, crypto has found favour with online casinos thanks to its pseudonymity and ease of transfer. Anonymity is provided by holding a crypto address without revealing anything about your identity in that address, and one person can store multiple addresses.
After you register at an online casino and at some online casinos during the registration process, player verification protocols must be met under online casino gaming laws. Verification is the process of sending documents, such as identity documents and utility bills, or other information in digital form to prove your age, identity, and address. ID verification fulfills security checks to prevent money laundering, protect the player’s funds from being stolen by hackers, and proves that you are over the legal online gambling age.
Responsible Gambling has also become a hot topic over the past few years, and all top-quality casinos, including Crypto Casinos, offer their maximum support to help identify and protect against problem gambling. This includes providing an extensive database of useful articles, contact details for support groups, and ways to limit your spending and gambling time at the online casino. Typically casinos also offer self-exclusion, which players can use to ensure their online gambling stays in control. To prevent players that have signed contracts of self-exclusion, KYC prevents these players from bypassing the system and playing with multiple accounts.
Safety and Security for you and the casino
When playing at a Crypto Casino with Provably Fair certification, rest assured that it comes with the best security and gaming environment that adheres to fair play gaming rules. Bitcoin casinos are also licensed out of respectable jurisdictions, meaning that they are regulated to offer a legit online casino experience.
Provably Fair is an algorithm that analyses and verifies the fairness of an operator’s software. While traditional online casinos don’t need to use this software as they are regulated and licensed, with Bitcoin casinos being mostly unlicensed, Provably Fair marks a top online casino. The algorithm scans the operator’s service and makes sure that all the games are being checked continually and performing according to industry standards. On the other hand, Provably Fair certification ensures gamers that the place they are playing at is safe and secure.
Prevent Fraud and Other Illegal Activities
While there are Bitcoin Casinos with no verification process to complete, you will get started by providing some very basic information. This includes a user name, password, and email address. Playing at no verification online casinos will have you playing in no time. When you request a withdrawal, there are usually no delays or security checks, and your money will reach your Bitcoin wallet in minutes. But even anonymity has its limits. Should you go on a lucky streak and end up winning a lot of money, you will be asked for additional verification. Even the best and most notable Bitcoin casino sites have to be careful not to leave their door open to money laundering accusations, which can be a serious threat to their business.
Ensure you don’t get in trouble with your tax authorities
As we’ve already covered, KYC is a procedure carried out by online casinos to verify the identity of its potential and existing customers. It’s a process designed to avoid putting the casino at risk of being used for tax fraud and money laundering. The best and most notable Bitcoin casinos operate in compliance with KYC procedures to fulfill gaming-related laws within the jurisdictions they target. They are obliged to get their players’ personal information like name, age, address, and some more stringent casinos will even ask for some details. When you play at regulated online casinos, you can deposit with a large selection of banking providers that include crypto like Bitcoin.
What are Bitcoin Casinos?
Bitcoin is the largest cryptocurrency in the world and now accepted at many top-quality online casinos. Some advantages of using Bitcoin to deposit and withdraw include its accessibility and availability, excellent security measures, and Blockchain technology for transparency in database transactions.
When you use Bitcoin to deposit and withdraw at online casinos, you will benefit from double the security on payments as it comes with its own range of security features. Bitcoin is also decentralized, which means there is no central power controlling it, and you have complete control over your funds at all times. Bitcoin is now freely available at many online casinos and can be used to play all the casino games, including Bitcoin slots and Bitcoin table games.