Bitcoin Scam Education – Casinos and Online Gambling

Plenty of people on the Internet have nothing but legitimate intentions, even when it comes to dealing with Bitcoin customers. But at the same time, some of the more traditional services can prove to be a pitfall for digital currency enthusiasts. It would not be the first time an online casino or gambling website decides to run off with bitcoins belonging to players, and it is one of the more common scams to be well aware of these days.

Also read: Bitcoin Scam Education – Fake Charities and Donations

Bitcoin Casino Scams Are Not That Uncommon

TheMerkle_Scam Casino Online Gambling Bitcoin

When dealing with online casinos or gambling platforms, one of the first things players want to look for is whether or not they can verify the outcome of every game themselves. Provably fair principles are not hard to come by these days, but that does not mean every platform offers this type of functionality.

To make matters even more complicated, not every provably fair casino or gambling platform is what they claim to be. There used to be one particular online gambling website where users could put their own hash to ensure the outcome was provably fair. However, the platform would reset that hash after every outcome, which means users could only validate one result at a time. Not the best of business practices, but it is something to keep an eye on for sure.

Another issue that is relatively common among online casino and betting platforms looking to scam Bitcoin users is their slow withdrawal process. Even though Bitcoin lets users transfer funds in mere seconds, some companies insist on processing withdrawals manually. Not that there’s anything wrong with casinos looking to do so, but it is rather worrying for these large online gambling platforms not to use a hot wallet for withdrawals and cold storage for the majority of platform funds.

The best way to determine whether or not an online platform is worth the hassle or not is by looking for reviews on the casino or gambling site. Some dedicated websites are focusing on this concept exclusively, and there are plenty of reviews to be found for just about any platform. Those casinos and gambling sites without reviews should best be avoided as well, as they pose a potential risk.

Last but not least, engaging with the customer support before placing a bet or depositing funds could be well worth the trouble as well. If there is no support, or it takes too long to get a reply, simply move on to the next platform. Granted, some of these services might be faced with a ton of inquiries at that time, but that is not good for PR either if that would be the case.

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.