Gambling and Bitcoins are in many ways very similar. Both get a bad rep and both ignite heated debates about its pros and cons, opportunities and downfalls. In recent times though, a new trend called a Bitcoin casino has emerged, which means that a controversial activity has been connected even more controversial payment method.
As Bitcoin kazino gain in popularity all over the world, from Latvia to Malta, one serious issue must be addressed – an issue that affects anyone who uses online services. Gambling and Bitcoins are both already abused by scammers but Bitcoin casino itself might pose a scam threat as well.
Here’s what to keep in mind and how to protect yourself from falling into a scammer’s trap.
What a Bitcoin casino scam might be like
The first step to protecting yourself is understanding what the threat might be like.
Even in the case of regular gambling, there has been numerous occasions in the past where fake casinos have scammed people by asking for deposits and offering some sort of a playing option, without ever enabling to pay out the winnings.
A Bitcoin casino scam might function in the same way. It’s not entirely impossible at all to accidentally stumble upon a fake Bitcoin casino that looks legitimate and asks to make a deposit to receive a “bonus” or something else, however you might not ever see your crypto coins again nor have a chance to play casino games.
Since Bitcoins are essentially anonymous it, unfortunately, gives a window of scamming opportunity and therefore, increases the risk of falling into a casino scam trap.
How to recognize a Bitcoin casino scam
There’s only one real way how to avoid getting tricked by online scammers: exercising extreme caution whenever you’re playing online. Here are a few pointers that might help you out and keep you away from scams:
- Never play in a casino without having read the terms and conditions. That boring but important list of terms often displays warning signs. If there’s something you don’t agree with, don’t play on such gambling site.
- Do some research online. Though forums and commentaries might not always be accurate and sometimes the online reviews might be written just out of spite, it’s a definite warning sign if a Bitcoin casino has hundreds of bad reviews. If there are many similar complaints or users claiming the site to be a scam, it’s better to steer away from that place.
- Test customer support. A legitimate Bitcoin casino has a professional customer support that can answer your questions, but if there are no means of contacting the casino or if the customer support doesn’t feel right in some way, it might not be the best place for you and your Bitcoins.
- Be cautious when it comes to bonuses. Yes, bonus offers are great but don’t get blinded by huge offers. Remember: if something is too good to be true, it most likely is. Too generous bonus offer might be created solely for the purpose of attracting players so they could be scammed.
- Take a look at the software used. A casino is as good as the games they feature. If the Bitcoin casino doesn’t collaborate with trustworthy and known software providers, there might be something fishy going on with the site.
- Find the company behind the casino and make sure the company is licensed. Every reputable casino is licensed in the country where they conduct their business. If there’s no information about licensing, the site might be up to something bad. In Europe, Estonia, Latvia, Malta, UK and soon Sweden will have their own licences.
Playing in a Bitcoin casino might be a wonderful experience and it may provide great perks a traditional casino can’t offer, but to get the most of your experience make sure you don’t fall into a trap set by elaborate scammers.