Bitcoin Casinos: Are They Safe?
Online gambling is surrounded by a lot of regulations and restrictions. However, there are many stories of people who lost money or whose personal data were stolen by a fraudulent casino. It is very hard to return your investments in such a case. Although operations with cryptocurrency are considered much safer, there are still many unreliable online gambling platforms. Below, you will find information on how to choose a trustful bitcoin casino and avoid impostors, as well as a list of safe BTC gambling platforms.
Cryptocurrency: Main Terms to Know About
Before talking about casinos accepting BTC, it is important to elucidate basic information about crypto in general.
Blockchain is the technology to record encoded information about transactions done with virtual currency (blocks) and hold it on different public databases (chains) by the P2P network.
Peer-to-peer is the networking technology that allows multiple devices to use resources and communicate directly with each other without an intermediary. It is a basic element of the decentralized network principle, which cryptocurrency is famous for.
Coins or tokens are digital money that does not have a physical equivalent. There is a big diversity of cryptocurrency, but bitcoins are the most popular and reliable. A part of a coin or token is called a satoshi.
Types of Casinos Dealing With BTC
BTC online casino is a gambling platform that receives bets in crypto. Generally, there are three main types of them:
1) Casinos where inputs are required to start gaming. They are standard and most popular platforms for gambling. Users must register on the website, but there are no bonuses for free attempts. There is always a minimum deposit to start any activity.
2) No-deposit casinos. Such platforms propose a few satoshis for players to try games. There is no chance to win a real award with this minimum bonus, but it is a good chance to understand the interface for fresh players.
3) Casinos with bonuses. These types of gambling providers propose benefits that add to the first deposits.
It is easy to mull over different types of bitcoin casinos. However, it won’t have an impact on the game results in general.
How Does Online Crypto Casino Function?
There are two main ways to earn money in an online BTC casino. The first is playing roulette (place a wager on one or several odds). And the second is multi-gaming. Crypto gambling platforms propose more games than classic ones due to the nature of bets.
Online casinos dealing with crypto function the same as standard gambling platforms on the Internet. They accept bets in different games and pay to winners of their awards. Users must have an account on the website and e-wallet to gain withdrawals. The main difference is that crypto casinos allow depositing with coins or tokens. Hence, they can be considered safer.
What Means Safe BTC Casino?
The legal position of bitcoins and online gambling in many countries is inexplicit. Many players can think that it allows them to play without consequences, but not everything is so rosy in this garden. Licenses are needed to control providers and prevent dishonest activity. If the casino does not have special permission, it means that nobody can protect players from scams. It is needed to say that in many countries, there are laws that regulate online bitcoin casinos. The most reliable gambling platforms are located or registered there.
One more aspect of unsafety is the doubtful possibilities that unreliable providers can propose. Even if bitcoin gambling is permitted, some additional lotteries can defy the law and involve players in whitewashing or other criminal activity.
Fraud Schemes of Imposturous Casinos
Even if the casino seems to be white-handed, this doesn’t mean it is true. The main gambling chouse types are:
Impossibility to win. When the player makes a game move (roll the dice, accept cards in poker or blackjack, start over/under bets), all operations are performed on the platform side. The user does not see how the roulette is spinning or dice falling, how the virtual dealer gives out cards, and so on. Gamblers can only observe the result of such actions. If the algorithms for pseudorandom results generating are opaque, there is no way players can check platform cheating. Fraudulent platforms can manipulate results to contradict a bet.
Impossibility to withdraw winnings. Users register at the casino, play, get profit, accumulate the minimum amount for withdrawal, make a transfer to the wallet, but don’t receive money. In such cases, different options for deception are used: sudden technical works on the site, failure in the internal wallet, freezing of a transaction, a ban on transferring cryptocurrency to the user’s country, and so on. And despite the problems with the withdrawal, the casino continues to accept deposits and play games.
Due to these and some other facts, it is very important to know how to identify a secure online bitcoin casino.
Features of Safe Casinos
Players must pay attention to several points to determine a trustworthy gambling provider.
1. License and jurisdiction. This information should be in open sources or even on the website of the casino. The license given by an authoritative organization may mean that the casino is honest and under control. Jurisdiction of the country where online gambling with bitcoins is permitted also implies that the casino is scrupulous.
2. Opened information about the casino’s software and algorithms of fair play. This will mean that the gambling platform is conscionable with players and doesn’t provide frauds.
3. Customer support service. Real people from the support team who answer different questions are a necessary element of a trusty platform for gambling.
4. Reviews on the websites or forums. Most positive reviews mean that players have trust in the casino. This point is available only in combination with others.
5. There are clarified details of deposits, withdrawals, rules, and contact info about the casino on the website.
There are only three safe and reliable casinos that can be advised:
These platforms are aligned with features of a trustful bitcoin gambling platform.
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