5 Reasons Online Players Prefer Crypto and E-Wallets
The people’s growing reliance on the internet has left hackers with many opportunities for internet fraud. This may always give you the fear of getting your credit card number or other sensitive information stolen. And even as an online casino player, you may feel anxious after making a deposit with a credit or debit card.
While you have a valid reason to be scared to transact online, you do not have to always say “no” to making payments on the web. You have the option to use cryptocurrencies to eventually make the fear die down. Here are five reasons switching to cryptocurrency and e-wallets can not only protect your privacy but also give you greater convenience and more ease when transacting with an online casino.
1 | E-Wallets Provide Efficient Means for Transactions
E-wallets are a convenient way of carrying multiple credit cards, debit cards, and bank accounts within one device. But before you can use an e-wallet, like PayPal, you will have to provide your financial and personal information first. Linking your bank account to PayPal is convenient because the bank account, or credit card, becomes a primary funding source. So if you want to buy something but have no money in your PayPal, you can still make the purchase because your transaction will be covered by your primary funding source.
On the other hand, if you want to fund your online casino account, but prefer not to display your financial or personal information. You can try virtual prepaid cards instead, such as ecoPayz, to top up your casino player account.
2 | Cryptocurrency Allows for Better Privacy
If you know what you are doing, cryptocurrency does give you better privacy than credit cards or bank transfers. When you swipe your credit card, the bank is aware of your purchase, where you made your purchase, and the cost of your purchase. But with Bitcoin, no one will know the person behind the electronic address. You remain anonymous as long as your bitcoin addresses are not linked to you.
But you have to be cautious with your transactions because the moment your personal details are linked to your Bitcoin address, your purchase history will also be revealed. One way to link your personal details to your Bitcoin address is through Web trackers and cookies. Web trackers can send identification such as your name and address, while cookies, or small bits of code, can be used to tell third parties about how you use a website. Other ways to link you to your Bitcoin address could be through your location, IP address, and email.
3 | There Is No Need to Use Personal Email Account
When you register with an exchange platform, or a marketplace to buy and sell digital assets, you do not need to use your personal email address. You can just use a dummy email for extra precaution. Likewise, you can fund an e-wallet without going to a digital exchange. This is more convenient than doing a bank transfer or using a credit card which is linked to your personal account and data each time you make a purchase.
4 | It is More Difficult to Trace Crypto Transactions
While Bitcoin and other cryptocurrencies do not have a serial number, each crypto wallet you create has a unique number. The digital wallet’s number allows anyone to check the amount of crypto coins you have, as well as your IP address whenever you make a transaction. This, then, makes tracing crypto transactions doable, though time-consuming.
On the other hand, you can use a mixing service, in which you trade your bitcoins with ones that have a different transaction history. Such service can be illustrated by a large box full of bitcoins from different people. You mix your bitcoins in the box, and then take new ones. There is no way to tell which ones used to be yours, and which ones are completely new.
5 | Crypto Transactions Require Multi-Signature and 2fa
If you are a Bitcoin user, another security option you have is the use of a multiple signatures for your cryptocurrency payments or withdrawals. You can choose how many signatures a transaction will have before it is broadcasted onto the blockchain. The 2-of-3 wallet is a common type which requires you to input two out of three signatures to sign a transaction. If, for example, you want to buy an item with bitcoins online, you can use a multi-sig wallet and an escrow service to make sure that the deal happens fairly.
You can also keep control of your e-wallet’s funds by enabling two-factor authentication. (2fa.)This security method adds an extra layer of protection to your account by requiring you to confirm your identity twice. So in the event that someone knows your e-wallet password, you will be notified through your phone or email address. Having the 2fa function activated ensures that you are aware of a purchase being made using your e-wallet.
While there is no way to be completely anonymous with cryptocurrency and e-wallets, you are given an added layer of protection and security. Compared with debit cards, credit cards, and bank transfers, e-wallets and cryptocurrencies allow you to transact with a casino with relative privacy.