Does Cryptocurrency Make Online Gaming Safer?

There’s a lot to be said for online gaming, but many internet users will be well aware of the potential pitfalls. The biggest? Security.

Although there’s a lot of information about how to stay safe online, some studies suggest that as many as 45% of people feel unclear about how to manage their online security, a staggering number when you consider how much time we spend connected to the internet. In the gaming world, security often becomes a secondary consideration, with people focusing on how fun games are, how much they cost, what their accessibility is like, and other features first... but really, we should be prioritizing online security as one of our earliest considerations.

That’s where crypto steps up to the plate. Cryptocurrencies are often lauded for their safety, and although not every digital currency is vigilant, most of the mainstream, large coins take security very seriously. Bitcoin, in particular, is legendarily secure, but the other big cryptos also put huge efforts into maximizing safety for their users, and by default are considered much safer than traditional bank accounts for online transactions.

Let’s figure out why!

Blockchain Boosts Security

Firstly, let’s acknowledge that the setup of blockchain technology massively decreases the risk of hacking. The blockchain depends on a network of computers for its operations, and that makes it extremely difficult to hack; new blocks are recorded only when there is agreement across at least half of the network that the information is correct.

Let’s take a concrete example for gamers. Let’s say you are planning to move funds to a Bitcoin casino. You open your crypto wallet, enter the address for the casino’s crypto wallet, and send your Bitcoins. The transaction enters a waiting pool (the mempool) and then gets recorded in a “block” of information. That’s the first confirmation, and it demonstrates that the transaction has been acknowledged. However, it doesn’t stop there.

Instead of immediately being sent to the Bitcoin casino, your funds wait for further confirmations to take place. The number of confirmations varies depending on the site you’re sending the funds to and their policies, but six is a fairly common number. By the time the transaction has been recorded in six blocks, it’s considered pretty secure!

Once that’s complete, the Bitcoin casino will credit your funds to your account and let you start playing. The whole process is far trickier for hackers to attack than a bank transfer, and also allows you to keep your personal bank details off the internet; you don’t need to enter account numbers or any personal details. You just use your wallet keys to log in and transfer the money.

That’s a major reason that crypto has become so popular for online gaming. The blockchain ensures maximum security for all transfers. It’s worth noting that it tends to take about ten minutes for each block to confirm (depending on the demand at the time), so the transfer won’t happen instantly – but nor would a bank transfer.

You might be thinking, okay, but if the hacker just needs half of the network to agree, couldn’t they achieve that somehow? It is possible, but wildly impractical when it comes to the large cryptos; the amount of computing power needed would be huge, and the window before another confirmation occurred would be small. Each block added makes the transaction more secure, meaning there’s very little anyone can do to touch your funds.

Crypto Enhances Anonymity

Let’s now consider things from a different angle. Something that often concerns people with the online world is who can see their details, and what information they have to offer up. Reputable gaming platforms like casinos will often be highly respectful of their players’ privacy and tend to minimize the amount of personal info they ask for, although they will need some.

However, if you’re signing up to another kind of gaming site and it’s asking for a lot of details, that’s a good sign to pause and think things through.

This is another area where crypto often shines. Although it’s not totally anonymous, it offers far more anonymity than traditional banking options. The receiving party won’t get any information about you via a crypto transfer (even if they require it during account setup), which means all your banking details stay securely offline.

Furthermore, you can keep just a small percentage of funds in your crypto wallet, moving more in when you want to play games, and emptying them out again when you’re done. That increases your control and gives you a dedicated small pool for online use, rather than you needing a whole separate bank account, or having to risk your main account’s security.

This is another reason a lot of gamers are opting for crypto in today’s world. They know it lets them keep at least some of their personal details private, and that can only be a positive!

If you’re still feeling uncertain, it’s always good to look at a platform’s own messaging about security and privacy. If they seem to take things seriously, that’s a green flag for users. Some platforms even offer advice on how to protect yourself online, which can be an excellent accompaniment to selecting a cryptocurrency for your gaming needs.