Bitcoin Casino Scams
Bitcoin is a type of digital currency that has been in the virtual realm for several years now. A lot of people are very curious with this type of currency especially since it’s not regulated by the government or by a Central Bank. Because of this, a lot of people have wondered if such currency is a scam.
This digital currency can be used to pay for goods and services online, for as long as the online merchant accepts Bitcoins. But the most common use of the Bitcoins these days is for playing online casino games. Those who are fond of playing casinos online have certainly encountered the Bitcoin casino. But then again, are these Bitcoin casino games to be trusted? Are they just the same with other fraudulent online gaming sites that scam people? Read on to find out the truth behind Bitcoin casino scams.
History of Bitcoin
Before we go on to find out more about the Bitcoin casino scams, let us first understand what Bitcoin is all about by knowing its history. This digital currency was created by a group with a pseudonym “Satoshi Nakamoto”. It was said that until now, the identity of the group has not been verified yet.
The Bitcoins rose to prominence just this year (2013), when its value soared to more than 10 times within just a 2-month period. From $22 in the month of February, it skyrocketed to $266 in April. Based on the 10 million Bitcoins issued, the digital currency has boosted to a market value of more than $2 billion.
The Bitcoin casino online these days are pretty much similar to any online gambling sites. Basically, you’re going to get the same fun, entertainment, and chances of winning. The only difference is that these sites would make use of Bitcoins as the currency.
When using the Bitcoins to play casino games online, depositing your bet and withdrawing your winnings will be faster and safer. With this digital currency, players can easily move their money in and out of their account. An example of a bitcoin casino site would be BitBet.com
Just like the usual online casino gaming sites, you can play several varieties of casino games using Bitcoins. Among these are slot machines, Roulette, sports betting, Baccarat, Blackjack, and many more. Also, a very popular game is Bitcoin Dice .
Advantages of Using Bitcoins
One of the biggest advantages of using Bitcoins in playing casinos online is the ability to transfer the currency quickly and easily. Since the currency is digital in nature, then all transactions are done conveniently online. Thus, you can transfer money and play your favorite casino game anonymously, keeping your identity safe. Furthermore, using Bitcoins in playing casinos is generally cheaper as compared with using other forms of online payments.
Bitcoin Casinos Scams
Now that you understand what Bitcoins and Bitcoin casinos are, it’s time to figure out if there is really some truth behind the Bitcoin casino scams that are circulating all over the World Wide Web now. The answer to this will actually depend on the online gaming site that you have chosen.
Due to the popularity of Bitcoin casinos, you will now find countless of Bitcoin casino sites online. But then not all of these sites are to be trusted, and in fact, others are just a scam.
As an example, there are some gambling sites that will immediately take a certain amount of Bitcoins out of your account. Other gambling sites have malware, bugs and errors on their system, which is why you can’t seem to win on any of the Bitcoin casino games you are playing.
So is it true that there are scams? Yes, there are Bitcoin casino scams. The Internet is full of scams, even on legitimate industries. It’s just a matter of choosing a site that you can trust.
Choosing the Best Site
So how then will you know which gambling site you should trust when it comes to playing your favorite Bitcoin casino games? The best thing to do is to research online and to read reviews. Because of the increasing number of frauds and scams as a result of playing Bitcoin casinos online, some concerned individuals offer their reviews and feedback to warn other gamblers when it comes to these scams.
There are also forums and discussion boards of online casino gamers that have tried their hands on using Bitcoins. So check out these sites and read reviews and read through the forums and discussion boards as well. Do not proceed with playing Bitcoin casino if you are doubtful on the legitimacy of a certain gambling site. There are also websites that would come up with their own reviews just to entice people into their site, so be very careful with these.
Legality of Bitcoin Casinos
Aside from knowing if the Bitcoin casino scams exist or not, it is also important that you get yourself acquainted with the legality behind the use of Bitcoins in playing casinos online. First of all, it is worth knowing that playing casino on various gambling sites is legal. What is not legal is for banks to process transactions for these gambling sites. And it is for this reason why Bitcoins came into picture.
As mentioned, this currency is not regulated by any bank or by the government. It is entirely digital in nature and is distributed worldwide. Unlike the traditional currencies like the dollar, Bitcoins are issued without any central authority. There is no government, bank, or any kind of company that will be involved in every transaction you make online using Bitcoins. Right now, there’s no group that regulates the use of Bitcoins, and users are free to use them online especially since transactions are anonymous.
Hopefully, this article has helped you to understand more about the Bitcoins and the Bitcoin casinos. Remember that scams and fraudulent transactions are all over the Internet now and this does not only apply on Bitcoin casinos. The best thing that you can do is to research well enough so you will know which sites to avoid when playing the Bitcoin casinos.