The Bitcoin gambling industry is one of a kind with the risk involved in investing and playing considered far greater than playing in real life. With the number of Bitcoin casinos running away with users funds disappearing permanently, increasing the gambling industry is one a Bitcoin user is now careful in.
A user decided to run a experiment where he invested 1 Bitcoin at a multitude of Bitcoin gambling casinos. The aim of the experiment was to highlight what the most trustworthy and profitable sites are available to invest in. However just a few months down the line a sizeable proportion of the original amount he invested has disappeared. Initially Dice.ninja ran with his investment. Then trust was abused once again as he saw Ice Dice too disappear with funds. Now the latest casino to go rogue is CoinWin which has cost him another whole Bitcoin which was initially invested in the site. This has left in more than 3 BTC out of pocket. CoinWin may have been a small and insignificant site but the attitude held by these site operators is lethal as they continue to think they can easily disappear with users funds.
As seen in our previous article many Bitcoin casinos have been known to have a short lifespan. With many operators using Bitcoin to their advantage the stealth and privacy provided by transacting with Bitcoin is a huge problem for customers. With irreversible transactions operators can do whatever they please with your money. the social experiment has exposed just how dangerous the Bitcoin gambling sector has become with the majority of sites being fraudulent and out to take your money.
The Intel Security CTO has also pointed out how Bitcoin gambling sites may be the perfect place for money laundering and all kinds of fraudulent activity. Other than stealing customers funds the gambling sites in question have also become a haven for criminals looking to mix their coins making the harder to track.
Well The Bitcoin talk User has done the experiment so you dont have to. Risking 8 BTC simply to prove how the current Bitcoin gambling industry has become insecure, take this as a warning as not everyone you deal with on Bitcoin can be bonafide no matter how much trust the community has. With 3 of the top 8 out in under 4 months the rate at which these sites are running is unbelievable. Risking this in real life would have unthinkable consequences, jail or worse, but criminals can get away with millions in Bitcoin with the touch of a button.
The gambling industry has been a enjoyable one enjoying the many advantages Bitcoin can offer. With instant transactions available at some casinos many Bitcoin users prefer to spend their Bitcoin online in these casinos. But just how many of these casinos are bonafide, with 999Dice exposed as a scam manipulating the provably fair system in place, CoinWin comes as the latest casino in a long string which has decided to run with users money.
If you liked this article follow us on twitter @btc_feed and make sure to subscribe to our newsletter!
Bitcoin is bleeding. The world's largest cryptocurrency plunged to $66,997 on Tuesday, shedding over $6,750…
Ripple is not pausing for breath. The company has brought its dollar-pegged stablecoin, $RLUSD, to…
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
