How does KYC work in Bitcoin casinos? Is it needed? We'll walk you through key points to help understand the role of KYC in Bitcoin casinos.
Cryptocurrency has found its way into mainstream lives and is now used worldwide as a mode of transaction. People use this method to pay for their weekly grocery bills, purchase clothes and do online shopping.
Some people even use valuable cryptocurrencies like Bitcoin, Ether, and Litecoin to acquire real estate. With the increasing use of this mode of payment, it has become even more critical to ensure that transactions are safe and secure, especially when used in a Bitcoin casino.
What is KYC?
KYC or ‘Know Your Customer’ is a verification process that allows banks and institutions to verify and confirm the user’s identity. This process is initiated to ensure the identity and address of the said customer. It also makes sure that no form of fraud such as money laundering is being carried out.
KYC is generally a quick procedure, and unless you clear this step, you will not be able to claim your online casino wins or invest any new amounts. For you to enjoy hassle-free gaming at casinos, you must update your KYC as soon as possible. Want a more thorough explanation? Read our Why Is KYC Important in Online Casinos? article.
KYC for Bitcoin Casino Operators
Casino operators are responsible for being compliant and maintaining the integrity of the cryptocurrency industry. Unchecked usage may increase demand among underage players gambling online and unregulated access in areas where gambling has been restricted.
More importantly, banks and payment processors have become more cautious due to this. With third-party providers involved, the requirements have become tougher before licenses are issued.
KYC for Bitcoin Casino Players
To get started with KYC, you must contact the customer support team or email them in their official email address. This is one of the crucial steps and must be done as quickly as possible.
While you may be able to play different crypto games right away, most casinos that accept cryptocurrency will ask you to send a photo ID for verification process before any withdrawal. This could be your identity card or passport or even your driver’s license to verify your identity.
The next step is to submit a legal document or a utility bill. This should display your name and address on it as proof of your address and proof of payment. This bill may also be as simple as a screenshot of your Bitcoin wallet with blurred personal details.
Why is KYC Important in Bitcoin Casinos?
In the world of cryptocurrency, everything moves fast, and assets like Bitcoin have reached dizzying heights in the last few years. The first blockchain-based cryptocurrency is Bitcoin and is still the most popular cryptocurrency used. The best feature about bitcoin is it provides anonymity, but that’s where the confusion is. If one is supposed to remain and play anonymous using Bitcoin, then why does KYC hold significance.
One should know that the KYC process is designed not to disclose their identity but to protect them from hackers and fraudsters on such platforms. The anonymity is not from the casino but from gambling authorities and others from whom you may want to hide your identity. These security measures are designed to protect you and keep your bitcoins safe.
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