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.

Gambling Protection

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.

Volatility of Bitcoin: How your Winnings could double in value in a short space of time

When it comes to finding the best payment methods to use on online casinos and other betting sites, there is a huge array of choices. From credit and debit cards to e-wallets, there are plenty of options, and you can choose the best fit for your needs and lifestyle. There is one method in particular, however, which has been growing in popularity recently: cryptocurrency, and especially Bitcoin.

Bitcoin is a type of currency which is digital and totally virtual. Itis essentially a version of cash which is entirely online, and can be used to purchase products or sign up to services – including online casinos.

Bitcoin may seem complicated, but it is actually a pretty straightforward concept, and you will find plenty of guidance on any Bitcoin payment method page. Every Bitcoin works in a similar way to a computer file, and are all stored in a digital wallet, which may live on your computer or smartphone. Consumers are able to send Bitcoin, or parts, to the wallet, and they can be traded between users. Each transaction is recorded on the ‘blockchain’ – a public list that allows you to trace the entire history of Bitcoins. This prevents people from making illegal copies, undoing transactions or spending coins they do not have.

There are three main methods for getting your hands on Bitcoins; they can be purchased using real money, accepted as payment for goods or services, or created using a computer.

There is a huge range of benefits to choosing Bitcoin, and the primary one is security. The blockchain means that every single Bitcoin is a public record; there is no way you can be a victim of fraud, or spend any currency you do not possess. Making transactions via Bitcoin is also anonymous, and a perfect solution for anyone looking for a more discrete method of making transactions.

While every Bitcoin interaction is a matter of public record, this list does not include any identities, such as names, addresses or other financial records.

Bitcoin-friendly Casinos with amazing bonuses

It can still be difficult to find a casino that will accept transactions via Bitcoin; it is still fairly niche, though the popularity is increasing every day. There are two main casinos that are often name-dropped with regards to cryptocurrency; Playamo and Bitstarz; both popular sites with plenty of the top games and titles to choose from.

• Bitstarz Casino

Bitstarz is a site which really embraces Bitcoin, and includes this in their welcome offer; any Bitstarz Review will include it! The first deposit you make will see you grab a 100% match bonus up to 5BTC, as well as a whopping 180 free spins to spend on Wolf Gold, Boomanji or Fruit Zen. The first 20 spins will be added to your account 23 hours after you make your initial deposit and another 20-24 hours later. This continues for 9 days until you reach the grand total of 180.

The second deposit you make sees you grab a 50% bonus up to 5BTC and this is instantly credited to your account. This is a great way to really boost your initial deposit, helping it to go as far as possible and giving you the chance to totally explore the casino in all its glory before you decide whether to commit.

• Playamo Casino

Playamo is another big name in the world of the Bitcoin Casino, and any Playamo Casino Reviews will be sure to hype up this important aspect of the site. New players can enjoy a $/€100 welcome bonus, with a 100% match bonus up to $/€100, plus 100 free spins. While this deal may not be as Bitcoin focuses as Bitstarz, but they nonetheless accept this cryptocurrency as payment and remain one of the few sites to do so.

Verdict

Bitcoin may not be the most popular payment method, but it is certainly something that is worth examining and exploring if you are looking for an alternative to typical credit and debit cards or eWallets. This is a way to enjoy a secure and anonymous payment system that takes care of transactions without requiring extensive financial information and details.

The number of casinos that are starting to accept and embrace Bitcoin is on the rise, and you only have to Google the term to embrace a ‘how to deposit $1 in Bitcoin article.’ They are super popular for low deposit casinos and can be a great way to add a little spice to your casino experience, offering all the perks that cryptocurrency can bring.

Bitcoin Casinos – How Safe Are They?

Some industry watchers believed Bitcoin and online casinos are a match made in heaven; the reason at a closer look is not far-fetched.

You see, the gambling industry has struggled for a long time to get rid of a long history smeared in bad rep and publicity. And players over time have learned to seek out discreet, secure and safe gaming houses to satisfy their itch.

So, it is not surprising that the gaming industry was the first couple of businesses to adopt Bitcoin and its underlying Blockchain technology in their operation.

Now with several casinos running on Blockchain technology players can be safe in the knowledge that their personal information, transaction histories, and banking details are secure, encrypted, and anonymous.

What is a bitcoin casino?

These are new generation online casinos that rely on Blockchain technology and cryptocurrency such as Bitcoin to handle deposits and withdrawal on their platform.

In other words, the player has to fund their account using digital currency and also withdraw their winnings as a cryptocurrency. No need for fiat currencies, no need for financial houses.

This obviously benefits both the operator and gamer. One of such benefits is the elimination of transaction fees.

Now, for online casino operators using traditional payment platforms, they often pay a transaction fee for each transaction conducted on their system; these extra charges are often shifted to the final gamers.

Compare that to the Bitcoin casinos with little to no transaction fees. The operator can offer more enticing mouthwatering perks like improved welcome bonuses, side freebies, and the player doesn’t have to pay any transaction fees too.

Another attractive feature of a bitcoin casino is the opportunity for anonymity. You see, when a player decides to enjoy a game on conventional online casinos, they are often required to fill in personal details like banking information, names, contact addresses, and perhaps other personal identification information.

That’s not the case playing a bitcoin casino; you are only required to provide an email address that way your privacy is protected.

That said it is essential to note that you’re likely to encounter any of these three types of bitcoin casinos online.

One, there’s the full bitcoin casinos – these allow you to play anonymously with Bitcoin as currency only. They don’t have options for other payment methods.

Then, there are the hybrid online casinos – these lists bitcoin as one of the payment options available. You can deposit, play, and withdraw using the digital currency.

Finally, there are the online casinos that accept bitcoin deposits then convert it to fiat currencies to play with. They don’t support Bitcoin withdrawal.

But, how does bitcoin casinos work?

Just like traditional casinos, a bitcoin(BTC) powered casino needs a system to handle and process its transaction; and a medium to accept deposits.

However, instead of the regular fiat currencies – think: dollar, Euro, Yen, pounds, get the idea? The platform uses digital money but in this case, Bitcoin.

Also, most bitcoin casinos, especially for those with a large user base, operate the self-developed software. These programs manage and run the game, even taking on the role of dealers for all-human games.

Are they safe?

Be rest assured, your private information is safe and also your activities are anonymous. However, concerns exist about whether bitcoin casinos are fair or not; this arises from the fact that both the operators and users are anonymous and can hardly be tracked.

To address the challenge of fairness, build trust and show transparency, most of these operators publish how their algorithm works and how the random number generator operates – this way anyone that cares can run a check on the website.

In conclusion

Digital currencies have come to stay, and with the rave for foolproof security measures online, businesses including online casinos will have no choice but to adopt or integrate the technology with their platform.

For players searching for a bit more discretion, Bitcoin casinos offer the best option

If you aren’t fully convinced with Bitcoin as a method you want to use take a look at our other casino payment options here.

Gibraltar now welcomes cryptocurrency such as Bitcoin within its jurisdiction. The start of the year has seen the regulation, which serves as a protective means designed to provide insulation against organisations that take cryptocurrency, come into effect.
The regulation has given rise to new hope for optimised global regulation and is set to promote the well-being of online companies, especially in the online gambling sector where more and more online casinos are using blockchain-supported cryptocurrency transactions for deposits and payouts.

Reputation Protection and Blockchain

Gibraltar’s reputation and, of course, crypto customers alike are priorities of the new regulation protection. The regulations very clearly insist on companies storing and transmitting value that is to be licensed by the Financial Services Commission (GFSC).

How the Licensing System Works

Gibraltar’s very first cryptocurrency regulation has been dubbed the Digital Ledger Technology (DTL) Regulatory Framework. The regulation is intended to create acceptance of cryptocurrency and Bitcoin and not a blatant protective intervention. The DLT Framework is supposed to lay down the stepping stones for further cryptocurrency sector legislation in an area that holds online gambling and financial services as the pillars of a relatively shielded economy.

What’s Expected of Organisations?

The new regulations clearly call for all DLT providers to communicate with customers plainly and fairly. This means complete transparency is mandatory in an effort to respect the fears and risks that businesses and customers alike display when new licenses come into play.
What’s more, crypto-licensed companies will now have to be proactive in the protection of client money and assets.

Why Gibraltar?

Gibraltar seems to be the perfect domain in which to explore cryptocurrency regulation models. The jurisdiction’s legal system is vehemently independent of the UK. Now, we know that Gibraltar has a long history of pioneering economic priorities and unique government policies.
With this in mind, there’s no doubt Gibraltar is a haven for determined online casinos and online sports betting companies thanks to enticing corporate tax incentives and rather lax regulations aimed at encouraging innovation and growth.

What Does This Mean for Online Gamblers?

Gibraltar isn’t just some gorgeous destination, it boasts an incredibly flexible taxation system. Considering its close relationship with the UK, it’s one of the most forgiving systems in terms of gambling. That’s why it’s a haven for crypto investors from around the world.
In short, that means a great many funds in crypto-casinos and even better payouts. Just like Malta, Gibraltar is actively introducing its new crypto regulation that will render Bitcoin that much safer, along with crypto wallets, cryptoATMS and a ton of other exciting initiatives.
We’ve already seen how Bitcoin has taken the world by storm. This means heaps of money for those people smart enough to jump on the bandwagon early enough. If you’re just getting ready to jump on that Bitcoin bandwagon, it’s exciting that Gibraltar, and the online world of gambling, has your back. Now that you have all the information take a look at our review of one of the only casinos to already accept cryptocurrency Bitstarz.