According to Igaming expert Keane Ecclestone, cryptocurrency casinos are becoming increasingly popular among bettors who value privacy and security. While some believe that crypto casinos are riskier than traditional online gambling he platforms, Ecclestone believes bettors can play safely by choosing casinos that have licensing information available. Bettors can also minimize risk by choosing a crypto casino with some positive reviews, Ecclestone added.
Crypto Casinos vs Traditional Online Gambling Sites
Crypto casinos, like many other services and innovative products, were born out of the growing use of cryptocurrencies, increasing the number of people using them. There are several reasons 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 drawbacks that can increase the risk 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 no such regulation exists.
To overcome some of these shortcomings, Igaming and Crypto copywriter Keen Ecclestone recently co-founded Casinos Cryptos, an online platform that ranks crypto casinos based on factors such as licensing information. . According to Ecclestone, by offering this service, his platform plays a role in helping users avoid fraudulent casinos.
Ecclestone told Bitcoin.com News not only how his organization evaluates cryptocurrency casinos, but also his thoughts on this new industry and how to improve user safety. I also said what I had to do. Below are Ecclestone’s responses to questions submitted via Linkedin.
Bitcoin.com News (BCN): Cryptocurrency casinos appear to be growing in popularity. What do you think is the reason?
Keen Ecclestone (KE): We believe the growing popularity is due to three main reasons: privacy, security, and growing interest in the crypto market. Demand is growing as players prefer greater anonymity, along with the large number of people who own crypto.
BCN: Despite their skyrocketing popularity, crypto casinos are seen or perceived to be more risky than other online casinos. Do you agree that crypto casinos are risky?
KE: This is not always the case, but as long as players are cautious about the casinos they use, cryptocurrency deposits and withdrawals are practically impossible because they are not entering their card details on a (potentially) malicious traditional casino site. may be more secure.
BCN: Why did you decide to start a platform to evaluate crypto gambling sites and how do you expect this to affect the industry?
KE: Going back to the previous question, there are some casino sites that players should avoid. We are a review platform whose mission is to provide our customers with unbiased and detailed information about each cryptocurrency casino, so that our customers can stay safe and find the best site for their personal requirements. to
BCN: What do you think are the signs or attributes of a good or legit crypto casino based on your experience?
KE: Legit crypto casinos usually offer licensing information (usually Curacao or Malta) and have lots of positive reviews. Another way to check is lifetime. If it’s been used for a while, it’s more likely to be legal.or the player can visit Casinoscrypto.com We have worked hard for them.
BCN: Anonymous gambling is one of the reasons crypto casinos are so popular. What do you see as the benefits and risks associated with this non-KYC type of gambling?
KE: Some see providing personal information as an invasion of privacy and seek the right to bet on products of their choice, where they choose, when they choose. However, many casinos have implemented systems to detect suspicious activity and only KYC what they believe to be malicious.
BCN: Now let’s talk regulation. As you may know, many gambling sites are regulated, often to protect players from certain activities. For example, some casinos are known to use fraudulent techniques such as rolling out fraudulent roulette. If a regulated casino operator engaging in this practice is arrested, their license will be revoked. Now, since crypto casinos are mostly unregulated, what would happen to this operator if he cheated? Is there an agency or organization that players can report this to?
KE: Great question. One of the many advantages of blockchain is that many of these cryptocurrency casinos have been proven fair. This means that games are hosted on the blockchain and can be seen by everyone, making tampering impossible. Granted, this isn’t all sites, but the majority either enforce fair practices or use big game providers, so the risk is considered minimal. Therefore, the need for regulators is less than for traditional online casinos.
BCN: The industry is growing, but there is still room for improvement. In your view, what else needs to be done to ensure that crypto casinos are safer?
KE: There is always room for improvement. To ensure greater safety, crypto casinos are advised to store players’ cryptocurrencies securely and allow immediate withdrawal on the demand side like most cryptocurrency exchanges. . This allows players to know they are in control of their money at all times.
What do you think of this interview? Let us know what you think in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS, OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.