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Stay Alert! Bitcoin Gambling Scams Can Be Avoided

Chris in Bitcoin Gambling published on 10, October 2014

BTC Scam SecurityGambling using bitcoins serves as a security blanket to most online bettors, and this can be merely connected to certain features that only Bitcoin can provide, such as player anonymity and provably fair gaming.

However, for bettors who have succumbed to online scams attributed to fiat-operated casinos on the web, Bitcoin gambling, unfortunate as it is, is also a hot spot for scams. Despite the technologies that accompany the rise of Bitcoin in the online gaming scene, some platforms are still malicious and some games are rigged, resulting in lost or stolen bitcoins.

Fortunately, there are certain ways to avoid these gambling scams, and it can be best achieved through these methods:

Method #1: Go beyond the concept of provably fair

Verifiable fairness is a great step to ensuring that the Bitcoin casino games are free of manipulation and tricks; however, sometimes, provably fair is not enough. Since this technology became one of the key reasons that influence the patronage of online players, some Bitcoin gambling websites claim that their games are provably fair.

Instead of believing this right away, delve deeper and know more about the process on how the platform proves the game’s fairness. Reliable and legit gambling websites thoroughly explain their provably fair system. If this is the case, then it is most likely a safe place to wager bitcoins.

Method #2: Be waBGGry of too-good-to-be-true bonuses

There is nothing wrong about availing Bitcoin casino and sportsbook bonus deals. It is essential, though, to ensure that these promotions are real. Refer to player feedback in online forums like Bitcointalk and assess their sentiments toward the deals and offers.

It is also important to remember that bonuses are covered by terms and conditions, so it would be smart to check the wagering requirement first. If it presents unrealistic scenarios, then it is better to ignore the offer. Likewise, if all the promotions of the website seem a little too exaggerated, as agreed upon by fellow players, then take it as a warning sign.

Method #3: Question the ‘anonymity’ of the operators

Being anonymous is a privilege that comes with Bitcoin. However, it cannot be helped to question why gambling operators would also want to remain unidentified.

A brand may become more trustworthy if the key people who are in charge of operating it will become more active, accommodating, and transparent in the industry. Operators who grant interviews and share valuable insights and plans for their platform are a good indication that the Bitcoin gambling websites they handle are determined to stay in the business for a longer time.

It is worth noting, however, that some established Bitcoin gambling websites do not reveal the identity of their operators. Thus, it all boils down to making sound and logical judgments on whether or not the anonymity of the operators intensifies the likelihood for a platform to be a scam.