Bitcoin Gambling Scam

 

Bitcoin Gambling Scam

Bitcoin is one of the safest payment tools available for online gambling, but that does not mean it cannot be abused. The underlying reason is that being an anonymous payment method, it is kind of easy to abuse this feature. The number of Bitcoin-related gambling scams is quite high, and they affect especially inexperienced users. In this article, we will tell you what Bitcoin gambling scam is and how you can protect yourself.

What Is Bitcoin Gambling Scam?

In its simplest form, this scam means casino owners steal Bitcoins of the members and vanish from the face of the earth. This risk is always present for regular casinos too, but there is an independent body that supervises them. That is, if there is a financial risk, it is possible for members to be informed in advance. Bitcoin casinos are not monitored or regulated. Auditing is done only by members, and their audition rights are limited to the fairness level of the games. There is no organization that monitors a BTC casino’s budget and operations. Moreover, it is not possible to know who the casino owners are because Bitcoin is anonymous and does not require an electronic gaming license (*). So if the management steals the BTC of members, there is nothing you can do and no legal authority to apply.

The reason for this is the anonymity feature of BTC. All members and owners are anonymous in a BTC casino. Their identities are not known to anyone, and it is not possible to reveal them too. This is due to the nature of Bitcoin and is normal. People who use this currency can remain anonymous if they want. However, this means that service providers can also remain unknown if they wish.

In short, if the owners of an anonymous Bitcoin casino disappear with their customers’ BTCs, this is called “Bitcoin Gambling Scam,” and there is no way to prevent it. However, there are a couple of things you can look out for to protect yourself from this scam, and we list them below.

(*) Some casinos may offer Bitcoin support even if they have a license. This section does not refer to them – due to a license, they are being monitored. Unlicensed Bitcoin casinos run entirely on blockchain and operate anonymously. These are the casinos in the risk group.

How Can You Avoid Bitcoin Gambling Scams?

Bitcoin Gambling Scam

First of all, let’s say that this is the only scam type that can be done in BTC casinos. Such casinos cannot interfere with fairness levels of games and cannot change RTP rates. Even if they do, thanks to the provably fair feature, users will be able to learn the truth in mere seconds. This is actually an advantage because fairness scam is a much more common type of fraud. Moreover, it is almost impossible to understand it (if done by regular casinos). In other words, the “disappearance” of casino owners is the only scam type in Bitcoin gambling.

If we show you a list of things to watch out for:

  1. Skeptically Approach the Newly Opened Bitcoin Casinos. In a world where everyone can be anonymous, reputation is the only thing you can trust. Although the owners are anonymous, there are a large number of Bitcoin casinos that have been serving for years and have a very positive reputation among the players. Prefer them first. Stay away from places that have been recently opened and have not yet generated a reputation. Remember, opening a BTC casino is an easy task and does not require a huge budget, as it does not require a license. In other words, anyone with enough technical knowledge can do it. For this reason, always be sceptical about new places.
  2. Prefer Casinos with Smart Contract Support. Some Bitcoin casinos have smart contract support. This means that the reward you can win in a particular game is already deposited on the blockchain. Games played on such casinos are considered a contract signed between the player and the game owner. Once the player has placed a bet, everything else happens automatically. If you win your bet, the blockchain will make the payment by itself. It is not possible to steal the money of members in such casinos because the entire budget of the casino is managed by the autonomous blockchain. Casinos with smart contract support are quite rare, but they represent the future of online gambling.
  3. Watch Out for Member Comments. Gamblers love to share their experiences. Sign up for some popular forums and watch messages complaining about late payments. If the number of such messages about a casino suddenly increases, it may be time to start worrying. For the same reason, do not deposit high amounts into the Bitcoin casinos. If you are a high-roller player, prefer casinos with smart contract support.

The most powerful weapon against Bitcoin gambling scams is using common sense: Do not forget that if an offer seems too good to be true, it probably is not true.

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