Challenges Novice Crypto Casino Gamers Face
Regulation is Different Depending on the Nation of Residence
Depending on where the gambler lives, regulation regarding cryptocurrencies could be nonexistent, or the country of residence could ban cryptos outright. Knowing the specific laws regarding the trading and making crypto transactions in a specific area in the world can be daunting.
Regulations can be an advantage or disadvantage. Crypto casinos might easily operate in territories without former registration but it also has its own problems. it is easier to identify and check the abnormal activities of traditional casinos than their crypto counterparts. Gamblers can easily report to the regulatory authorities to intervene in any matter they are not pleased with, but without such regulations, crypto casinos might not be effectively supervised.
Regulation Challenges are Muted by Cryptocurrencies Anonymous Nature
For gamblers, though, the regulation challenge is muted by the anonymous nature of cryptocurrencies. So when we fund our crypto casino account, the only info is the digital code that represents the transaction.
The actual transaction, what it’s for, and who it is going to, doesn’t show up. There is no middle person like a credit card company that knows why we are making a cryptocurrency transaction. This means that crypto casinos present gamblers the opportunity to remain anonymous.
It is difficult to see many casinos that don't require KYC to withdraw funds. So, with this process, crypto gamblers are not anonymous since the casino has their personal information. Casinos might claim to be a non-KYC betting platform, but when there is any challenge, gamblers are subjected to terrible KYC verification.
Some Crypto Casinos Can Suffer Cyber-Attacks
Cyberattacks exist in the crypto space. Hackers are out there looking to attack crypto casinos. So the challenge exists regarding a crypto cyber-attack.
No organization is 100% immune to cyber attacks. Some casinos have gone bankrupt because they were attacked by hackers. These hackers can breach some of the best or most sophisticated security systems. The crypto space experiences a high rate of attack globally, and this is also the same with crypto casinos.