These are exciting days for people who like to play classic casino games online. There are so many new platforms opening up, and new technologies driving new ways to play. Companies that understand the potential of online gamification are tying new assets to processes that make investment, purchase and gaming fun and exciting.
In addition, there’s a lot less red tape in many kinds of crypto casinos. Whether play models are based on Bitcoin or Ethereum or other cryptocurrencies, whether it’s a BTC or an Ethereum casino model, they add functionality and capabilities for making the player interface easier to work with, and streamlining the process of getting into online gaming.
One of these benefits is the ability to play with relative anonymity. Blockchain has brought us many efficiencies and new ways of doing things: there are some challenges attached, but also, lots of opportunity.
Old-Fashioned Bank Verification
In the old days, online gambling involved playing with fiat currency, so there was automatically the need to verify someone’s identity in order to play.
It just wasn’t possible to put in a stake on a game without identifying yourself. That had to do with the possibility of counterfeiting fiat value.
Crypto, with its ironclad transactional authentication tools, has changed that reality fundamentally. Now it’s possible to exchange value in the form of cryptocurrency without expressly identifying who you are to various stakeholders. The idea of decentralized finance has evolved on this principle, and it’s one that blockchain innovators are always attuned to as they create new on-ramps and digital systems.
Decentralized Finance: Bitcoin and Ethereum Casino Options
The idea is called consensus-based verification, and it’s inherent in decentralized cryptocurrencies like Bitcoin.
Think of it this way – if there are 100 witnesses to a transaction, those witnesses can verify the transaction, even if there is no paperwork.
The immutable ledger of blockchain and the consensus-based verification mean that there is no need to create backup processes to authenticate transactions. The community verifies the ownership independently. That’s also why crypto systems had to evolve to solve the “51% attack problem” where a single holder could hijack a chain. Beyond that, though, verification is automated and error-proof.
Steps to Playing Anonymously in a Crypto Casino
If you’re interested in taking advantage of these opportunities, the process is fairly straightforward.
First, you’ll need to acquire your stake in the form of cryptocurrency. These days, there are numerous ways to exchange your fiat currency for crypto, either online or at physical locations like Bitcoin ATMs.
You’ll also want to set up a digital wallet system so that you can store your savings in between sessions. Many cryptocurrency holders want to keep their money in off-line cold wallets. This involves having a flash drive or some other physical media that you disconnect from the Internet, and keeping your cryptocurrency holdings in the form of data in that drive. Be careful not to lose your physical wallet!
Next, you can set up a casino account and choose pairs. You’ll be able to buy into games with your crypto holdings, and usually even convert to other kinds of capital as you play and earn.
When you want to play anonymously, you’ll be choosing the casinos that have looser processes for customer identification.
However, it’s important to note that you will not be playing completely anonymously. Any legitimate casino has to comply with KYC requirements from the government. That means that although there is no inherent need for identification in order to verify transactions, there is a need for exchanges to be responsible with an eye toward regulatory reality, and that means that KYC in some form is obligatory. Some of this is semantic: by avoiding KYC requests, for example, you can stay more under the radar. But the issue is really a complex one.
You will still be playing in a relatively anonymous way – but as regulators start to engage with the reality of cryptocurrency, it isn’t the Wild West anymore, and there are some requirements for identifying customers. If you read a bit about some modern exchanges that ran afoul of this principle, you’ll see how important it is to success.
With that in mind, there is a whole world of functionality to take advantage of with crypto casinos. Look for the Ethereum casino platforms with a lot of different fun online games, and digital features and options. Many of these casinos will offer things like cashback, bonuses and rewards – you can choose the interface and the system that makes the most sense for you. It’s a neat way to utilize the best new technologies for gaming today. You’ll see offers that make online casino play more convenient and useful to the end user, the player – along with the idea of “play to earn,” there’s also “provably fair gaming,” where algorithms verify the legitimacy of gaming outcomes. And again, you’ll be playing with more privacy than you had in earlier, more primitive digital communities. Play away!