Is anonymous crypto betting in esports possible?
If there is any hotshot right now in iGaming, it's certainly the spectacular growth and widespread acceptance of cryptocurrencies. 12 years have passed since Bitcoin — the world’s premier digital coin — and people across the globe still benefit from its promising features. Its most sought-after advantages are the anonymity and privacy it provides.
Crypto is the new era of online betting. As both are located in the digital space, they guarantee efficiency, transparency, and security. However, since there are currently around 6,000 digital currencies in circulation built with different properties, it is quite imperative that understanding anonymous crypto betting requires some nuance. Let’s find out why market analysts are confident that they are the next big thing of the paradigm shift in payment options, especially in esports betting.
How anonymous is crypto?
Far from what some people believe, it is a myth that the anonymity and privacy of digital currencies like Bitcoin were a safe haven for criminals, shady markets, and institutions. Instead, they work the other way around. One of the few cases that can attest to it was the infamous Silk Road arrest in 2013.
After the FBI (Federal Bureau of Investigation) put mastermind Ross William Ulbricht behind bars at United States Penitentiary, Tucson, the public gained a better understanding of the potential of crypto’s blockchain technology. It proved that crypto’s public transaction ledgers are, in fact, a gold mine of information for authorities. So, this leads us to the initial and crucial question, how and to what extent are they anonymous?
Digital currencies are entirely anonymous but also completely transparent and trackable. Bear in mind they are powered by blockchain technology: a decentralised, distributed, and utterly immutable ledger. Meaning, all kinds of transactions in hash functions that go on and off are publicly, permanently, and securely stored. They can’t be altered or removed by any third party like a government and bank.
In other words, digital currencies are anonymous by not directly revealing your personal information. Apart from creating an account and buying Bitcoin without ID verification, your crypto address, private and public keys are featured in text strings. These are a set of characters in the form of numbers, letters, punctuations, and spaces, where they are scattered over various computers on a peer-to-peer (P2P) network.
Can I buy digital currencies without IDs?
Identity documents (IDs) like driver’s license and social security cards are essential elements to verify oneself and prevent criminal impersonation. Yet, in the world of crypto, you can buy digital currencies without presenting any ID. Instead, what you need is a valid and reliable P2P marketplace that does not require it. However, take note that like the varieties of digital currencies, exchange platforms have different thresholds for verification.
Buying digital currencies without IDs is possible, especially if you use them in online gambling like esports betting. Despite the decade's old belief related to illicit transactions, users have plenty of legitimate reasons why they do it, ranging from the following:
- If you are worried that your ID information will be stolen by hackers
- If you own many digital currencies and addresses and you want to prevent them from hackers and thieves
- If you don’t like the extra costs from third-party institutions
- If you want to skip the lengthy ID verification process.
Is anonymous crypto betting safe?
Placing crypto bets on esports is safe—provided that your chosen sportsbook is properly licensed and regulated. Similar to how you protect your privacy with crypto, keep in mind that you can enjoy the betting experience when you prioritise safety and security over convenience.
A license guarantees that an online casino and sportsbook passed a variety of tests and responsible gaming requirements, such as the following:
- Transparent Terms and Conditions (T&Cs)
- Provably fair play
- Security information
- The KYC (Know Your Customer) process
- Clear privacy policies.
These basic qualities are what will lead you to the best online casino and sportsbook. Like how you are here at Bitcasino, you can enjoy more with our array of esports betting markets, reliable and competitive odds, 24-hour customer service, and, best of all, generous bonuses and promotions.
What are the most anonymous digital currencies?
Are you excited and ready to place your bets on esports betting markets? Out of the 6,000 different kinds of digital currencies in circulation today, here are some of the market’s most popular and privacy-oriented examples:
1. Monero (XMR)
Monero transactions are challenging to trace because they use ring signatures and stealth addresses. The former is a type of digital signature that provides an unforgivable anonymity and collusion resistance. On the other hand, the latter operates by having the sender use a one-time address for every transaction. As of October in CoinMarketCap, its coin price is worth $260, whereas its market cap is valued at $4.850 billion.
2. Zcash (ZEC)
Zcash describes itself as ‘If Bitcoin is like HTTP for money, Zcash is HTTPS’. With a current price coin worth $120 and a market cap of $1.5 billion in October on CoinMarketCap, it gives you financial privacy through its exclusive cryptographic tool called Zero-Knowledge Proof. It grants you the option to shield all of your transactions, which are your addresses and total amount to other users.
3. Dash (DASH)
Like Zcash, DASH empowers you with financial privacy by choosing whether or not you want to hide your transactions through its PrivateSend feature. This is achieved through the mixing protocol of innovative decentralised network servers called master nodes.
Apart from concealing addresses, DASH’s PrivateSend feature allows you to obscure the origins of your funds. However, using it will likely raise your transaction fees. According to CoinMarketCap, its coin value and market cap by October are worth $190 and $1.8 billion, respectively.
So, is anonymous crypto betting possible in esports?
Absolutely! Just like online casinos and sportsbooks, anonymous betting is very much possible and even advisable in esports betting.
Owing to the way digital currencies’ algorithm is structured, everything that occurs within their spaces is trackable. They may be anonymous, but they provide a different level of transparency and security among both users and industries, and it’s about time that many online betting platforms are tapping into these benefits. One way or another, they are the future of gaming — the quality that you can find and entrust here at the number one Bitcoin casino, Bitcasino.
Words by: Antoinette Laraze