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Online gambling businesses need to use a casino crypto wallet to start accepting cryptocurrency deposits from players. It is very different from the usual solutions for personal use. In this article, we will tell you what is important to pay attention to when choosing a product for a business in the gaming industry. Spoiler: it requires more than just the ability to generate unique addresses for receiving payments.
Casinos that accept Bitcoin: the main parameters of a crypto wallet
Firstly, the product must ensure the security of the business’s crypto assets, as well as the privacy of customers. Secondly, it must offer users a sufficient set of functions for convenient work with financial flows in cryptocurrency. We will describe the main requirements in more detail.
Whether to conduct a KYC check or not is up to the business
Regulators oblige cloud crypto wallets, which are services, to “know their customers”. It is possible to decide whether online casino players will undergo crypto gateway without kyc procedures only if the crypto wallet is software installed on the business’s own server. Such wallets are also safer, because third parties who own the servers will not be able to exert any influence on the company and its finances.
The real IP address does not go to the nodes
For an online casino, it accepts Bitcoin or any other cryptocurrency. It is critically important to keep the real IP address of the crypto wallet secret. After all, if it falls into the wrong hands, its physical location will be compromised, and the company’s assets will be under serious threat.
Protecting the privacy of the IP address is not so easy. It is sent to the nodes when the computer connects to them. Using a VPN is not enough; its owners easily provide data of all users to government regulators upon request. Tor will not help either; connecting through it simply will not be possible to carry out a transaction, as the nodes block such connections.
A synthesis of both tools is needed. It is presented, for example, in the Dark Wing technology, which is used in the BitHide business crypto wallet. No one will be able to track the real IP address of the participant in the crypto transaction carried out using this technology; the node receives an address changed three times.
The user receives a Seed phrase
Without it, it cannot be said that the wallet owner owns the cryptocurrency in full. Be sure to check whether a specific crypto wallet will provide a mnemonic phrase.
All the necessary tools are present
Working with finances in a crypto casino is difficult if the wallet does not have the following functionality:
- Separation of financial flows by creating different sub-wallets and addresses in them;
- Auto-withdrawals that can be flexibly configured;
- Instant AML verification of addresses for the risk level of the cryptocurrency on them;
- The ability to work with balance and turnover reports, as well as download them to a computer;
- multi-user management with different access levels;
- transaction history encryption;
- API integration capabilities.
Conclusion
Choosing a crypto wallet for a casino is a responsible task. If done correctly, the business’s crypto assets and user privacy will be reliably protected. In addition, the company will be able to focus on development since it will not waste resources trying to work with cryptocurrency without the necessary tools.
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