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Fiat vs cryptocurrency payments - How safe are your transactions?

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Making payments at an online casino should always be safe. Here’s how fiat and crypto payments differ in terms of secure transactions.

Making deposits and withdrawals at online casinos is a natural part of how the industry works. But with the rise of fraud and theft online, it’s important to make sure that your money and personal information are in good hands.

A trusted online casino will ensure that your information is safe with the use of SSL encryption. This is a great way to guarantee that a site can be trusted and is common at top casinos that offer fiat currency. But what about when you use crypto to play your favourite casino games?

Let’s take a look at just how secure transactions are when using crypto payments vs fiat currencies.

Fiat currency: SSL encryption and safe transactions

Any website worth visiting will have SSL encryption active to protect users and their information. Even sites that don’t collect data from those who visit the site should have SSL as a precaution. But why is SSL encryption so important?

When visiting an online casino with SSL encryption, you can rest assured that your funds and personal information should be safe from prying eyes. This means you can deposit and withdraw funds with total peace of mind.

Transport Layer Security (TSL) is still referred to as SSL today, and it works by using a few important protocols. These protocols keep you safe and ensure that your data doesn’t end up in the wrong hands.

  • A browser requires a web server to identify itself when connected to the internet.
  • The web server will provide its SSL/TSL certificate for verification.
  • The browser will determine if the site can be trusted based on the certificate provided.
  • An encrypted connection is then created that secures all data it sends and receives.

SSL encryption should be standard at any online casino you visit. When providing personal details while signing up for an account or when adding your payment information to make a withdrawal, SSL keeps you safe.

Look out for the HTTPS:// before the URL of the casino and the lock symbol in the URL bar to ensure that SSL is active and ready to protect you.

Cryptocurrencies: Encryptions and secure data

Transacting via cryptocurrencies also uses encryption but in a different way than SSL encryption. There are 3 basic processes that take place when using crypto.

  1. Plaintext to Ciphertext - Any information that can be read on the internet, including personal information, is referred to as plaintext. The first step that encryption covers is by converting plaintext to ciphertext. This added layer of protection keeps information safe and makes data unreadable unless authorised.
  2. Encryption Algorithms and Keys - When requested by an authorised party, encryption algorithms help turn your ciphertext back into plaintext so that it’s usable by the service you’re requesting. However, it must be converted in such a way that hackers won’t have access to it, but it’s still readable. This is done via a key (or a string of numbers and letters), a form of modern cryptography.
  3. Asymmetric Encryption - When cryptocurrencies are in play, they use asymmetric encryption (or secure keys) that will protect your crypto and confirm that you own your virtual currency. Transactions are made extra secure thanks to these keys that exist on the blockchain.

The many layers of protection that go into each transaction which exists on the blockchain make using cryptocurrency in any setting very secure. As long as you have access to your crypto wallet and the casino supports deposits or withdrawals using crypto, you’ll have instant and safe access to your virtual currency with no concerns.

Fiat or crypto: Which currencies are safest for online gambling?

The answer is that both are safe options, especially when using a trusted banking method in tandem with your fiat currency while online gambling. However, if you’re a fan of Bitcoin casinos, crypto has long punted itself as being the safest way to complete transactions online.

While SSL encryption is fantastic and should always be available at an online casino you trust, cryptocurrencies provide an extra layer of protection thanks to the blockchain. The use of unique and private keys for each transaction means you can’t go wrong with keeping your money safe.

Whether you’re betting with fiat or crypto, your priority should always be finding safe, secure, and trustworthy online casinos before anything else.

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