Bitcoin casino scams are a real thing. Unfortunately, it's hard to tell them apart from reliable casinos, and they can have a number of different ploys to get your money out of your pocket. Bitcoin gives you total control over your monetary transactions - when everything goes well! But when things go wrong, they go really wrong, and there's no help in sight because Bitcoin isn't regulated by any institution or authority. Be careful while playing at casinos that ask for payments in bitcoin. If the casino is a fraud, you might end up losing your money and it will not be easy to recover your lost.
Bitcoin is new and unregulated
Bitcoin casino scams have a better chance of succeeding when you're dealing with a young and green bitcoin community. This community is mostly looking for a deal and often blindly trust newer, so-called, players. Cryptocurrencies like bitcoin are unregulated and based on algorithms. Unlike real money, cryptocurrencies are not backed by any legal institution, and this is the main reason that they've become the preferred payment method of cybercriminals. Cash Withdrawal For Your Casino Account Casino scamming has grown with the introduction of bitcoin. Many people have been scammed out of thousands of dollars by falling for this scam, and now fraudsters know that there are no checks and balances in place for getting your money.
Bitcoin casinos are the perfect place for scammers to work
If you have ever played at a casino, then you will know that there is a high possibility of losing your money. The main problem with gambling is that the house will always win, and there is no way to cheat, unless you are cheating the house, which is never a good idea. But you can always ensure that you don't lose money by using our tried and tested tips and tricks. One of the most common things people do is try to lower the total amount they will have to pay by their wager. They might bet on several hands in a row to reduce the total amount, and that's perfectly fine for the casual gambler. But if you are playing at a professional casino and the house is doing well and not paying you, that might not be a wise idea to lose your money that way.
If you play at a Bitcoin casino, be careful
In this article, we will take a look at some of the most common Bitcoin casino scams and then offer you ways to spot them. Bitcoin casino scams rely on the fact that some people are not fully aware of how to play the casino games correctly. They might want to take a gamble, but don't have the resources to learn how. So they opt for a shortcut. The scam cards are designed to steal all your money and they all look very similar. The card may even look like the real cards. In some cases, a casino may even issue these cards, as part of their games. They've got a set of rules that they ask you to follow and you can do it if you have no clue how to play the game correctly.
How to spot a Bitcoin scam
Bitcoin casinos and gambling companies have come up with different ways to get your money, but their goal is always the same - to get as much money as they can out of you. Here are some signs that might help you recognize a Bitcoin casino scam:
The "refer a friend" spam:
In order to scam you, a scammer might send an email that says, for example, "refer a friend to play online slots on this casino!" and provide your personal details. So be careful, especially with email communications that include your personal details. Cryptocurrency is much harder to trace. You might have sent money to a scammer without even realizing it, and you might never even know it until you try to find your wallet.
What to do if you think you've been scammed by a Bitcoin-based casino
If you think you've been scammed by a Bitcoin-based casino, there's a few things you can do:
- Speak up! Tell people about your concerns. This is usually enough to bring a scammer to the heel, or bring the casino to your attention if the scam is online.
- Submit complaints to the Better Business Bureau. Call the fraud department of the financial institution that your casino is using to deposit funds.
- Report the fraud to the proper government authorities. Use Google's Bad Ads tool to see if the casino is advertising on Google.
- Learn from this experience.
If the casino is legitimate, they'll apologize and will refund your funds in full. Know that no scammer can stop you from playing, but they can put you at serious risk of losing all of your money if you fall for their scams.
Before you go for any Bitcoin casino, first try to find out if the casino is licensed by any government authority or not. Many casino websites, which claim to be Bitcoin casinos, are not - and usually, it's the reputation of the casino's developers that concerns you, not its legality or license. If you find out that the casino is not regulated by a government authority, it's time to move on. It's better to go for a virtual casino that isn't trusted. Losing The Bitcoins The first thing that you should know when you get your money out of the casino is that the website will probably send you an email to confirm that your Bitcoins have been transferred. You can just ignore the email, but you may end up losing your money.