How do you know if a Bitcoin casino is safe? They seem to be everywhere these days. Today, we aim to answer that question, teaching you how to find safe Bitcoin casinos, and avoid the multitude of scam artists who are just there to take your money.
First, we’ll talk a bit more about Bitcoin casinos, and why they’ve become so susceptible to hosting by rogue operations.
The Danger of Bitcoin Casinos
Bitcoin is a wonderful thing, as it allows players to deposit and withdrawal faster, avoid the potential of credit card and bank fraud, and gamble anonymously over the internet. Unfortunately, it’s that same anonymity that gives way to so many un-safe Bitcoin casinos.
The problem lies within regulation. As a crypto-currency, Bitcoin itself isn’t thoroughly regulated, and licencing jurisdictions aren’t able – or aren’t willing – to regulate it, either. And who can blame them?
At a gambling website where you can sign up under an alias without any problem, how is a regulator supposed to handle claims of a scam?
How to Find Safe Bitcoin Casinos
If you are determined to play at a Bitcoin casino, there are a few ways to ensure the operator is on the up-and-up.
Other Payment Methods: Are there any other payment methods on offer, or is it strictly a Bitcoin casino? If other methods, like credit cards, bank transfers and eWallets (Neteller, Skrill, etc.), are provided, it’s more likely that the website is being properly run and regulated. If it’s Bitcoins only, this could be a red flag.
Licencing: Look at the bottom of the website to see where the software is licenced. Reputable jurisdictions include places like the UK Gambling Commission, Malta Gaming Authority, and Isle of Man Gambling Supervision Commission (GSC).
If, however, the operator is licenced by something like Curacao eGaming, it’s probably not a safe Bitcoin casino – do not sign up. It’s not that all Curacao licenced sites are bad, but this jurisdiction will not provide assistance to players gambling with Bitcoin accounts, and rogue operators know it.
What’s the Word?: Do a little research of your own. Look for any information about the site on internet gambling forums. If other players have had bad experiences, they’ll be quick to post warnings about it.
Exorbitant Bonuses: A common tactic used by unsafe Bitcoin casinos is to offer big bonuses to their new players. The value of Bitcoins fluctuates daily, just like shares on a stock exchange, and they are extremely valuable (1 Bitcoin = CAD $1,396.81 at time of writing). Because of this, Bitcoin casinos don’t generally offer bonuses in Bitcoins, but rather free spins on their slot machines.
If the bonus offers actual Bitcoins, or even a fraction of Bitcoins, be extra cautious. The more generous the bonus, the faster you should probably run in the other direction.
Sometimes, it’s worth sacrificing a quicker deposit/withdrawal to play at standard online casinos, where Bitcoins aren’t accepted. Unless the anonymity issue is paramount, it’s much easier to find responsible online gambling sites with more traditional payment methods on offer, than it is to find safe Bitcoin casinos.
In any case, if you are determined to play at a Bitcoin casino, you now have the knowledge and power to find a safe Bitcoin casino that won’t take your money and run.
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