A lot of online casino players are concerned about their privacy and the security of their data. With a conventional online casino, you usually have to provide a lot of sensitive information to register and pay using fiat currency.
Things are changing rapidly, and you can now use no verification casinos that accept different cryptocurrencies for your online casino gambling. The advantage of this is that there is no exchange of sensitive information and no chance of your personal details being hacked.
The number of players at Bitcoin and other cryptocurrency casinos is on the rise. Players like the idea of only having to supply an email address and a password to log in to these online casinos. It also saves a lot of time for the players, as they do not have to go through a long and drawn-out verification process.
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Why Online Casinos insisted on Verification
It was the norm for many years, and still is the case with quite a few online casinos, that you could only gamble using fiat currency. Whenever there is fiat currency involved, the online casino is obligated to verify the identity of the player.
There was no way that a player could just register with the bare minimum details and place wagers on slots or other casino games without having to be properly identified. This was due to concerns around money laundering and even counterfeiting.
Everything changed with the introduction of cryptocurrency in online casinos. Cryptocurrencies operate on blockchain technology that’s virtually tamper-free. By using non-verification online casinos that accept cryptocurrency, players can remain anonymous and not have to concern themselves with the risk of having their sensitive data stolen.
The major advantage of cryptocurrency is that it provides decentralized transactions. It all started with the introduction of Bitcoin several years ago. Bitcoin was based on the decentralized blockchain technology which utilizes the concept of verification on a consensus basis.
One of the best ways to understand how decentralized finance work is to imagine that you have hundreds of witnesses to a transaction. It doesn’t matter if there is any paperwork to cover the transaction or not. There are so many witnesses that it can be easily verified.
The cryptocurrency and blockchain combination creates an immutable ledger. This means that records cannot be changed. Members of the community verify all transactions on an independent basis. It is an automated system that is error-proof.
How to Play at an Online Casino using Cryptocurrency
You need to convert your fiat currency into the cryptocurrency of your choice first. There are plenty of crypto exchanges where you can do this online. In addition to this, there are ATMs now where you can exchange fiat for Bitcoin for example.
When you have exchanged the amount of fiat currency that you want into cryptocurrency, you need to store your crypto in a wallet. These can be either online or offline. The offline wallets are usually in the form of a USB flash drive that is not connected to the Internet.
Now you need to find a no verification casino that will accept cryptocurrency for deposits and withdrawals. You will be able to make a deposit using your crypto wallet. The online casino may convert this into a recognized fiat currency such as Euros or US dollars to make the gameplay easier.
Choosing an Anonymous Cryptocurrency Online Casino
There are some online casinos that accept cryptocurrencies that will provide total anonymity. But you need to be careful here. In order to comply with the terms of their operating license, online casinos are obliged to follow a KYC (know your customer) process. It really depends on the online casino that you use how anonymous you will be.
Always read the terms and conditions of any crypto casino that you are thinking about gambling with. Do they allow withdrawals in cryptocurrency as well as deposits? What is their policy on KYC? Do they have a valid operating license? Be sure to do your homework here before making a final decision.