Bitcoin News and Finance Crypto Casinos Are ‘Impossible to Rig Because the Game Is Hosted on a Blockchain’ — Online Casino Reviewer Skip to main content

Crypto Casinos Are ‘Impossible to Rig Because the Game Is Hosted on a Blockchain’ — Online Casino Reviewer

According to an igaming expert, Keane Ecclestone, crypto casinos are increasingly popular with bettors that value their privacy and security. While some perceive crypto casinos to be riskier than traditional online gambling platforms, Ecclestone believes bettors can play safely by choosing casinos that avail their licensing information. Bettors can also minimize risks by choosing crypto casinos that have several positive reviews, Ecclestone added.

Crypto Casinos vs Traditional Online Gambling Sites

Crypto casinos, just like many other services or innovative products that came to life courtesy of the growing use of cryptocurrencies, have seen the number of people using them grow. There are several reasons why bettors are flocking to online gambling sites and many of these reasons have to do with the shortcomings of traditional casinos.

Despite having clear advantages, crypto casinos do have their shortcomings which potentially increase risks for users. The perception that online crypto casinos are riskier is compounded by the fact that many of them are not regulated, or operate in jurisdictions where no such regulations exist.

To overcome some of these shortcomings, Keane Ecclestone, an igaming and crypto copywriter, recently co-founded an online platform, Casinos Cryptos, which ranks crypto casinos based on factors like the licensing information. According to Ecclestone, by providing this service, his platform plays its part in helping users avoid scam casinos.

Besides explaining to Bitcoin.com News how his organization rates crypto casinos, Ecclestone also gave his thoughts about this new industry and what must be done to improve user safety. Below are Ecclestone’s responses to questions sent to him via Linkedin.

Bitcoin.com News (BCN): Crypto casinos appear to be growing in popularity. In your view, what could be the factors behind this?

Keane Ecclestone (KE): We believe the main reasons behind the rising popularity are threefold — privacy, security & growing interest in the crypto market. Players prefer having greater anonymity, along with a large number of people owning crypto — thus driving demand.

BCN: Despite their surge in popularity, crypto casinos, however, are seen or perceived to be riskier than other online casinos. Do you agree that crypto casinos are riskier?

KE: Not necessarily, so long as players are cautious about the casinos they use — depositing/withdrawing with cryptocurrency in fact can be safer as you’re not entering card information on a (potentially) malicious traditional casino site.

BCN: What made you decide to start a platform that rates crypto gambling sites and what sort of impact do you expect this to have on this industry?

KE: Linking back to the previous question, there are definitely some casino sites players should steer clear of. We made it our mission with the review platform to provide customers with unbiased, detailed information about each crypto casino so that they can stay safe and find the best site for their personal requirements.

BCN: Based on your experience, what would you say are the signs or attributes of a good or a legitimate crypto casino?

KE: A legit crypto casino typically provides licensing information (usually Curacao or Malta) and has plenty of positive reviews. Another way to be sure is longevity — if it’s been around for a while, it’s likely to be legit. Or players can visit casinoscrypto.com where we’ve done the hard work for them.

BCN: Anonymous gambling is one of the reasons why crypto casinos are gaining in popularity. What do you think are the benefits as well as the risks that come with this non-KYC type of gambling?

KE: Some would see providing personal information as an invasion of privacy and would like the right to be able to gamble on products they choose, when they choose, from a place they choose. Of course, this brings greater risk from a compliance standpoint, but many of the casinos have implemented systems to detect suspicious behavior and only KYC those they believe to be of malicious intent.

BCN: Now let’s talk about regulation. As you may be aware, many gambling sites are regulated and the reason often is to protect players against certain practices. For example, it is known that some casinos use dishonest techniques such as deploying a rigged roulette. If a regulated casino operator engaged in this practice is caught, their license gets revoked. Now, since crypto casinos are largely unregulated, if an operator were to cheat, what happens to this operator? Is there a body or organization where players can report this?

KE: Great question. One of the many benefits of blockchain is that a lot of these crypto casinos are provably fair — meaning it would be impossible to rig since the game is hosted on a blockchain for all to see. Granted, this isn’t every site, but the majority implement fair practices or use big game providers so the risk in our opinion is minimal, and therefore the need for regulators is smaller than that of 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 crypto casinos are safer?

KE: There’s always room for improvement. To ensure greater safety, I would recommend crypto casinos provide secure cold storage for players’ crypto as well as allow for instantaneous demand-side withdrawals like the majority of crypto exchanges. This helps players know they’re always in control of their money.

What are your thoughts on this interview? Let us know what you think in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory