Is Crypto Now the Safest Online Payment Option?

How secure is cryptocurrency when compared to other traditional payment methods and online banking? 

There is still something about the world of bitcoin and crypto trading that makes people who are not in the know, uncertain and wary. However, concerns are rising about how safe traditional online banking is – and the rise of cybercrime and hacking attempts. 

Are we in a position to say that crypto is now the safest online payment option or not? Let us take a look and find out. 

Let us go back to basics with crypto

Crypto is essentially what is known as a ‘digital asset’, and they are secured by something called cryptography. These forms of currency are housed on a decentralized network – commonly known as a blockchain. This means they are both transparent and immutable. 

Blockchain uses a distributed ledger system to operate, wherein it carefully records all transactions securely and transparently. These transactions find a place within a block, which is then verified by different computers running across a network. 

Once it is been verified the block is added permanently to the chain and there is also a record of every transaction made upon it. They are then minted and once that has taken place they can be used the same way as any other currency, exchanging for goods and services. They can also be traded on specialized platforms known as exchanges.

To do all this, users have to have a crypto wallet – this is where all the assets are safely stored. What is useful is that all this is decentralized and it means that transactions can be made all over the world, without the need for currency conversions.

How safe is crypto to use online for payments? 

Crypto has many benefits when used online to pay for goods and services – and one of them is just how secure it is.  

Why? Well, because encryption is central to all crypto transactions, and the robust cryptographic techniques used in their development mean they are as impervious as possible to hacking and fraud attempts. Cryptographic security also gives users a high feeling of confidence in the integrity of their transactions.

There is no need for banks – and so crypto effectively bypasses all the traditional types of vulnerability that come with centralized entities, reducing the chances of fraud, cybercrime, and hacking attempts. 

Despite how secure they are they are not completely immune to challenges that affect how secure they are. However, these concerns concern how volatile cryptocurrency values can be. 

It is fair to say that crypto markets can be volatile and unpredictable. This means there is a fair element of risk associated with them. An honest transaction made at one point in the day might be worth significantly less when it is received a few hours later – which means there can sometimes be losses for users.

It is perfectly possible to make safe and secure transactions using crypto – it is perhaps a while off becoming the safest online payment option, but the more people start to use it, the better it will become. 

For instance, one of the key ways that a growing number of crypto users are engaging with crypto is at online casino platforms. Decentralization appeals to many iGaming fans because it adds that extra level of conviction to the fairness of the games itself – the RNGs and house edges are transparently maintained. One thing that every potential new crypto casino sign-up looks for first is that those sites are tested by crypto experts, that they are verified as safe and legitimate, that there would not be a rug pull. After that is been settled, the gamer can sign-up and deposit crypto into their account freely knowing that they are safe and secure and can play with denominations of crypto that go much smaller than traditional fiats – as well as the high-roller options. It is expected that much of the innovation in the iGaming industry will focus on this sector, meaning operators like will continue to developer over the coming years.

How safe is crypto versus online banking?

Online banking has changed so much over the years and it is now ostensibly safer than ever – though not impervious to cybercrime and fraud at all. There is a lot we have to keep in mind when we use it, from ensuring our personal information, identities, and bank details are safe from criminals, to keeping tabs on all the service providers and vendors we spend time with to make sure our account stays in the black. 

Cryptocurrency and bitcoin payments are becoming big business now with more people than ever choosing to trust these types of outlets rather than traditional banks. This begs the question as to how safe they are in comparison.