The era of cryptocurrency gambling is here as an increasing number of operators accept digital coins as payment. Crypto deposits and withdrawals provide unique benefits that continue to make them appealing alternatives to fiat currencies. However, gambling with digital currency comes with its risks. Although crypto coins, such as Bitcoin, Dash and Litecoin promise a certain level of anonymity, they remain vulnerable to various threats. In fact, the expectation of privacy makes some users complacent about their security, causing them to commit various errors. The surging use of cryptocurrency has resulted in a rise in the number of scams to defraud currency holders. So, any player considering using a crypto casino should be aware of the different security pitfalls out there and how to avoid falling into them.

Watch Out for Fake Sites

A huge advantage of cryptocurrency gaming is the presence of large bonuses and promotions. The fear of missing out can have some players gambling on almost any platform with attractive offers. You can’t trust every website, though. Fake sites are some of the easiest ways for scammers to lure currency holders. A common trick is a copy of a legitimate gambling site that lures unsuspecting players into creating accounts and, subsequently, giving out personal details. These websites are advertised through email and social media sites. New gamblers are the most susceptible because they might not know how to differentiate legitimate from fake websites. Besides stealing user data, these platforms can keep running for a while, collecting money, then disappear. The risk of dubious casinos stealing customer funds is not limited to crypto operators, but it is more prevalent in the sector.

For this reason, gamblers should play from licensed and regulated websites only. Regulation is not mandatory for cryptocurrency gambling sites due to the decentralised nature of the transaction method. Nonetheless, a majority of online casinos that support digital currency are registered. So, gamblers must learn how to find best crypto casinos to reduce the risk of losing their information and money. Take the time to verify a site’s registration status. Additionally, check that you are playing on an encrypted platform, which is indicated by a padlock icon in front of the URL.

Crypto Email Scams

Email is one of the most popular mediums that scammers use. Therefore, when gambling with Bitcoin or altcoins, watch out for email fraudsters. One tactic that criminals employ is to send emails that appear official, informing currency holders that the platform they are using has been compromised. Then, they try to get you to verify personal data, so, you inadvertently give them access to your account. Another trick is telling crypto owners that a transaction did not go through. You may then get subsequent requests to confirm your wallet address and private key. Scammers sometimes ask for a small transaction. A new crypto user can easily fall into any one of these traps. Any person who gets your private key has access to your wallet. Hence, never disclose that information to anyone.

Games Not Provably Fair

One characteristic that makes a crypto casino a legitimate operation is provably fair gaming. Most gamblers are sceptical about online games because they believe that they can be rigged to favour the operator. Thus, it became necessary for gambling companies to show players that this is not true. Provable fairness is a concept where casinos integrate a system that lets customers verify that a particular game is fair. A true cryptocurrency gambling website should have provably fair games and indicate that clearly. You can check the very top or the bottom of a platform for the seal. If games are not provably fair, the casino could steal customer bets without them noticing.

Ransomware and Malware Attacks

The biggest threat to worry about when transacting with digital currency is the coin exchange. You need an account with a crypto exchange platform to buy and sell currency. Cybercriminals target these platforms because they are easier to compromise than wallets. A simple data breach at your coin exchange can expose you to other threats like extortion. For example, a data breach can lead to the exposure of customer data, opening them up to phishing attacks. Ransomware attacks occur, where a malicious program attacks a device, then the retrieved information is sold back to the user. However, be careful not to fall into claims of ransomware and extortion. The stolen details may be old and not worth anything. Make certain that you change passwords and other login data if you suspect an attack.

Improve Online Security

Online gamblers should take all precautions to minimise the risk of scams as much as possible. If you already play casino games online, then you may know basic safety measures like using two-factor authentication. Beginners should find out how to boost their online security at crypto websites. Firstly, beware of suspicious sites. Ensure that you play on regulated platforms. Pay special attention to any links, especially the ones advertising casino bonuses and promotions. When transacting on a gambling website, use a new address for every deposit and withdrawal. For coin storage, consider a hardware option rather than an online wallet. A cold wallet is less vulnerable than online storage.

Players should also ensure device security by updating the OS and anti-virus software.

With cryptocurrency growing more popular, more casinos will accept it as payment over time. As much as this would be an advantage for players, it also increases the risk of gamblers getting scammed. Online transactions, even crypto ones, have various vulnerabilities that cybercriminals can exploit. Therefore, players must know how to protect themselves when gambling online for the best experiences.

Author

Sumit is an aspiring writer with an increased interest in Asian politics.Residing in New Delhi, he often writes about Diplomatic Relationships, Trade and International Business. Reach Sumit on Facebook / Twitter.

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