Risks involved in Crypto gambling. Can I play from anonymity?

February, 09, 2021 5 months ago

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Cryptocurrency

Over the years, and thanks to constant socio-political changes and the great need for new means of financial exchanges, an invention in economic matters began to be heard: the cryptocurrency. Also called cryptocurrency or cryptoactive, since 2008 this secret and enigmatic digital currency is here to stay thanks to its secure payment system.

The forerunner of this system, Satoshi Nakamoto, created the first cryptocurrency called Bitcoin. Since that day, many more have appeared sporadically: Litecoin, Ripple, Ethereum, Bitconnect (eliminated in 2018), Dash, among others.

Physical money vs electronic money

Cryptocurrencies, or digital currencies, do not exist physically, but they can be easily used to carry out instant transactions over the internet without limit of borders. Unlike real money, cryptocurrencies are decentralized, that is, they are not originated or formulated by a central bank. For all this, they do not have regulations or controls in their operation, as it does with physical money.

Characteristics of cryptocurrencies

  • Exchange: Your exchange can take place with any type of currency.
  • Operation: There is no time restriction. Although traditional online transactions are generally instantaneous, some take time. With cryptocurrencies, as they are not regulated by any entity, operations can be done 24 hours a day, 7 days a week.
  • Approval: More and more people use them, which represents a high value among users.
  • Mediators: There are no third parties or intermediaries because transfers are made from person to person.
  • Volatility: Like any currency, whether physical or digital, they are at the mercy of sudden variations in their value, so sometimes it can benefit and other times generate losses.
  • Security: the chances of some kind of fraud are low.
  • Clarity in your transactions: Absolutely all financial movements are recorded in a "shared book" (blockchain) whose manipulation system is null.
  • Privacy: The identity of any person will be safe at all times when doing business with them.
  • Cryptographic system: They enjoy an encryption that protects users when charging or paying for any good or service.

You can find even more key features on bitcoin gambling here.

Gambling with cryptocurrencies

The risks of chance

Even though there is some criticism about the use of cryptocurrencies and their regulations, they continue to be very limited in the field of gambling even today, especially in the illegal one. Illegal gambling is on the rise every day in many parts of the world due, in part, to the fact that the usual payment methods have been replaced by cryptocurrencies.

Little by little they are becoming the favorite representative of online gambling bets in light of the fact that the form of payment does not need any intermediary. In addition to that, the use of cryptocurrencies avoids or, at least, mitigates a little the risks of return of the money that the payment of the bets with credit cards entails.

Even though online gambling has increased globally in a substantial way, the handling of cryptocurrencies in this context is still largely limited by some decentralized applications - those that reduce the impact of third parties on the functions that connect a user with its no-middle-man gambling providers - reasonably smaller and low-utilization.

Unquestionably, there is a thin and invisible gray line between what is investing and betting, and cryptocurrencies do not escape from that reality. Whether you bet both the real money earned with honest work or the cryptocurrencies that have been obtained thanks to fat businesses are used, you will always be betting money, at all times there will be risks of winning a lot or losing everything, and with that you must have a lot to watch out.

Be aware that there will always be risks because this is the world of online gambling. Whether they are short or long-term bets, chance and money go hand in hand, and when the unhealthy level of betting is reached, everything could turn out as we did not think. Only one new token is being used in the same real life and death game.

But, at the level of privacy, one should not fall into concerns because the players who use cryptocurrencies for illegal games represent a minimum percentage by virtue of the fact that licensed operators only recognize bets as valid in countries where the games are totally focused on the rule.

In short, the casinos that allow cryptocurrencies have greater simplicity and efficiency in deposits and withdrawals of funds, making a large number of new and innovative games and developers appear on the scene; always counting on the anonymity of its players.

Play from anonymity

To all this, it is already known that any cryptocurrency user has the ability to connect digitally directly and exclusively with another user under a transparent system, in which the amounts are shown without the visualization of their identities.

Already the fact of making bets with cryptocurrencies ensures that all operations are absolutely anonymous. This is due to the fact that the players' registration does not need the presentation of any documents that prove their identity, including their nationality.

Do not hesitate or get surprised if there are a big number of options to bet with cryptocurrencies in online casinos. The anonymity that cryptocurrencies offer users would not be possible using real money deposited in banks or stored on credit cards. Similarly, depending on each online casino platform, they may not have legal restrictions that hinder the gaming industry in some countries.

Well, in today's world of online gambling, real money and credit cards are still the most used method for both depositing and withdrawing payments by casinos and their customers. All this is due to the fact that, although cryptocurrencies have eradicated any need or attempt to have mediators, electronic capital continues to be difficult to use for a wide range of daily actions based on buying and selling.

In addition to this, it should also be kept in mind that a large number of common credit card operators provide their clients with many investment guarantees that cryptocurrencies themselves are not capable of providing as of now. Consequently, the incentive for the public to use cryptocurrencies for any legal or illegal activity within the world of gambling is far too limited.

But, let's not be surprised if in the next few years, the so-called “online crypto casinos” begin to emerge with different types of available cryptocurrencies where the verification process does not allow cheating, while maintaining everyone's identity private in the process.