As cryptocurrency becomes more accepted in society, more ways to spend it are opening up. One of these is on crypto roulette sites. These betting spaces are online platforms where bettors play online roulette and wager with digital coins.
Compared to conventional betting platforms, betting on a cryptocurrency platform is said to provide a better experience. However, can the same be said about its safety? This article answers the question that plagues many punters about the safety of crypto roulette sites.
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Why Do Bettors Doubt the Safety of Crypto Roulette Sites?
Cryptocurrency roulette sites offer a lot of benefits to players, some of which include:
- Increased bonuses
- A broader withdrawal and deposit limit
- Faster transaction speed
- Fair gameplay
- A wide variety of roulette games
The benefits that Bitcoin roulette platforms offer over conventional betting sites are numerous. This gives it the appearance of a perfect fantasy or a dream come true, which can be unnerving.
If there’s anything that a long period of internet activity has taught bettors, it’s that things are never as they seem. This is also made worse because Bitcoin roulette sites allow bets equivalent to millions, if not billions, of dollars. The catch is, no one is comfortable giving away that much to a platform that’s beyond any betting authority’s control.
Factors That Make Crypto Roulette Sites Safe
Even though a lot of punters can’t bring themselves to bet on crypto roulette sites, they are some of the safest places to bet. Most crypto roulette sites are based on blockchains, which makes them some of the safest online platforms today. Besides the blockchain, these websites offer other features that guarantee the user’s safety.
Some of the safety features that are present on a crypto roulette site include:
The blockchain is a public ledger that’s accessible to everyone and open to the public. In recent years, cryptocurrencies like Bitcoin have made blockchain technology and cryptography popular.
Information is stored in blockchain technology in a way that is not centralized. This means that there are many places where information is kept. The data within these storage facilities is cross-referenced regularly to ensure that it is always the same. Adding new data to this network requires the agreement of many of these data nodes before it can be approved.
Unlike conventional betting platforms, Bitcoin roulette sites store their information using a blockchain. This makes Bitcoin roulette sites hack-proof to a certain extent.
Hackers would need to hack all the computers in a blockchain to steal funds from that crypto roulette site successfully. When you also consider that the data on a blockchain is stored using cryptographic hash codes, hacking seems impossible.
The use of a blockchain also protects user data if the network experiences a fault that wipes off user information. That’s because this data is stored in many other locations. This means that you can never lose your account or stored funds at a Bitcoin roulette site.
Random Number Generator (RNG)
Have you ever played roulette at a physical casino before? If you have, you’ll understand that this game leaves your fate up to luck. This means you are mostly always unsure whether you will win or lose.
This unpredictability is implemented in conventional betting sites and crypto roulette sites through the Random Number Generator (RNG). The RNG is a piece of code that randomises a game’s outcomes on crypto roulette betting platforms. No patterns are followed here, making it impossible for bettors to guess the results of a game.
The RNG is applied to all casino games, including slots, card games, blackjack, and roulette. So, if you’re playing at a crypto roulette site, you can rest assured that the site isn’t cheating you.
The blockchain algorithm also reinforces this, as it makes all changes immutable. After the odds have been set at a Bitcoin roulette site and added to the records, they can never be changed. So, even if the Bitcoin roulette site wishes to cheat their players, they’ll find it impossible to do so.
These licences are certifications of trust that online betting regulators give to various online casinos. A wagering website receives this licence when they’ve satisfied the criteria that are required by these authorities.
Some of the criteria that these wagering websites have to fulfill include:
- Being owned by a recognized entity
- Offer fair odds in their games
- Provide reliable online gaming software
- Having enough funds to pay the bettors that visit the platform
Receiving such a betting licence makes punters trust that site without question.
Contrary to what some people believe, Bitcoin roulette sites also offer betting licences. Even though betting authorities can’t control crypto platforms completely, they can still do a few checks. Here, they can verify if a real entity owns the platform or if it’s fraudulent.
Some of the betting licenses that you’ll see at Bitcoin roulette sites include:
- Gibraltar Regulatory Authority
- Malta Gaming Authority
- United Kingdom Gambling Commission
- Alderney Gambling Control Commission
- Kahnawake Gaming Commission
Absence of Registration Procedures
Registration procedures are a necessity to access a conventional wagering platform. Punters are required to provide their names, email addresses, home addresses, and other personal information.
In the wake of the new Know Your Customer (KYC) process, many wagering websites now require more personal information. Punters may need to provide their social security numbers, their photographs, and other forms of identification. Doing all this is dangerous since these websites can be hacked and the information stolen.
Most crypto roulette sites do not require any form of registration to play games. Bettors are only required to provide their cryptocurrency and are free to play. This makes Bitcoin roulette sites much safer than conventional platforms since personal information can’t be stolen from them.
Although crypto roulette sites only came into being shortly after cryptocurrency’s dominance, their security is impeccable. That’s because crypto roulette sites are built on the blockchain, own betting licenses, and work with RNG.
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