One of the most-cited reasons given for conducting casino transactions with cybercurrency is the belief that cybercurrency offers the most secure casino banking option.
Cybercurrency is a popular banking method because user fees are lower, currency transactions are more favorable to the user and the user’s anonymity is assured.
But more than any other reason, gamers are turning to crypto in larger numbers because it’s believed to be the safest option for transferring funds to and from a casino account. Is that an accurate assessment?
SlotoCash casino and other industry consultants have been taking a hard look at online casino banking methods in an effort to answer the question of whether crypto transactions are really the safest funding options when playing at the online casino.
About Crypto
Cryptocurrencies are digital or virtual currencies that are secured through cryptography. Cryptocurrencies operate on decentralized networks which are based on blockchain technology, as opposed to fiat currencies that are issued and regulated by governments. Some of the key features of cryptocurrencies are:
- Cryptocurrencies are decentralized. They operate on blockchain technology which is a decentralized network. Control and verification of transactions takes place across a network of computers
- Crypto transactions are secured through cryptography which controls the creation of new units and verifies the transfer of assets to ensure the integrity and security of the system.
- They are secure thanks to advanced cryptographic techniques that secure transactions, verify the transfer of assets and control the creation of new units.
- They are transparent due to the blockchain technology that records all transactions on a chain of blocks, each with its list of transactions, across a network.
- There are no details that identify a user. No personal identity is needed to conduct a transaction.
- They are global and can be used by anyone with an internet connection. This provides a global means of transferring value without the need for intermediaries (i.e. banks).
Advantages
There are several security advantages to crypto including:
- Thanks to the decentralized nature of crypto networks, there’s less risk of a single point of failure so it’s harder for hackers to compromise an entire network
- Advanced cryptographic techniques make crypto transactions more secure since it’s almost impossible for unauthorized parties to access or alter data
- The blockchain ledger is transparent so fraud isn’t possible
- Private keys secure digital signature. The lack of intermediaries to control funds allows for direct transactions
- Since there’s no personal information used, there’s no risk of identity theft.
- Smart Contracts self-execute which reduces the risk of fraud and ensures that all parties adhere to the agreement
- There’s no reliance on fiat currencies which reduces reliance on local financial institutions and increases financial inclusion.
Risks
Crypto transactions aren’t completely risk-free. If you don’t keep your private key secure, your crypto wallet can be a target for hackers and you can lose your funds. Additionally, there’s some regulatory uncertainty surrounding cryptocurrencies since crypto isn’t regulated in most countries. This can lead to risks including market manipulation and fraud.
It’s also important to remember that there are no security protocols that protect your user data and funds as there are with banks and there’s no government insurance to provide a safety net in case of theft or the failure of the ebanking institution.
Crypto at SlotoCash
SlotoCash players are voting with their feet, making more crypto deposits and withdrawing more winnings into their crypto ewallets every week. To facilitate crypto transactions, if you have a Slotocash casino account you can claim the Sunday $50 token which is yours on a $25+ deposit with any SlotoCash crypto option.
Submit the coupon code CRYPTO50SUNDAY between any Monday and Saturday and collect the $50 Token on Sunday. That’s $2000 in potential added payouts every month!
You’re also eligible for 25% Monthly Cashback on any crypto deposit. Slotocash crypto banking methods include Bitcoin, Bitcoin Cash, the Bitcoin Lightning Network and Litecoin.
Lightning Network
Slotocash delivers a 100% Match on any deposit of $25 or more via the Bitcoin Lightning Network. There are two separate bonuses, the first is a 100% Match with the CRYPTOCLIMAX-1 coupon code and the second is $100 in free casino cash with the CRYPTOCLIMAX-2 coupon code.
To collect your Bitcoin Lightning Bonus give-aways, click on “Lightning Bitcoin” on the casino’s Banking Page. Deposit anywhere from $25 to $50 for the chance to collect $500 in extra gaming cash. Coupons must be redeemed in order and there’s a 20x rollover on both deposits. The Lightning Network give-away is redeemable within the first 8 days of each month and is based on the previous month's crypto deposits.
If that’s not enough, you can join the Monday $500 Weekly Freeroll and play the Sloto Crypto Zone Freeroll for a chance to win $500 in casino games prizes. Entry is free and add-ons are $1 on a minimum crypto deposit of $5 during the current month.
Check out crypto ebanking options when you play real money SlotoCash casino games!
