Bitcoin casinos are blowing up - but they're still a roll of the dice
Cyber-casinos dealing in cryptocurrencies are on the rise, and it should come as no surprise. Cryptocurrency allows the nameless, faceless players that haunt virtual casinos to stay that way, anonymous and unknown. They also make transactions safer, and they make them faster, too.
But, these futuristic gambling dens are not without their futuristic drawbacks. As always, there are pros and cons. And as always, when it comes to the virtual world, scams and hustles pervade. One must be careful when throwing Bitcoins around a virtual tabletop game…
The obvious benefit of using crypto currency for your online gambling habits, comes down to identity. Bitcoin is famously the currency of the darkweb for exactly this reason — it is nearly impossible to trace. Unlike bank accounts or credit cards, Bitcoin has been engineered specifically to protect the user’s identity so that drugs, porn, guns and even human beings can be bought and sold without fear of being identified.
And such is the case with Bitcoin casinos. When you deposit bitcoin into an online casino, none of your information is transferred with it. And the same goes for withdrawing winnings — if you win a million dollars in a high stakes bitcoin poker game, no one ever has to know. No one ever will…
Also, because banks aren’t involved at any point in the transaction, there is no wait time for withdrawals. No need to hang out until the bank approves your transaction. It should be both instant and secure (if you’re using a legit Bitcoin casino).
However, because of the volatile nature of Bitcoin as a currency, the value of your bankroll might jump or plummet by the week, by the day or even by the hour. So, players who want to make large deposits at Bitcoin casinos in Bitcoin should be weary — often times there is no way of ensuring your deposit maintains its original value. Some bitcoin casinos will turn your deposits into “pound sterling” — which should hold the value at which you deposited your bitcoin. However, not all Casino’s offer this option.
The biggest drawback is scammers, though. It should go without saying, but: giving your untraceable crypto currency to sketchy online entities is a bad idea. If there is any question about the reliability of a Bitcoin casino, take your wagers elsewhere.
You’re already playing a game with the cards stacked against you, no need to give the house a keener edge than it already has.
That’s why it is so important to play only at Bitcoin casinos that are considered “safe” and have good online reviews. If you come across a Bitcoin casino that is considered “unreliable” by the online community, that should be a major red flag. If you come across one that you haven’t seen or heard of before, or one that is offering deals/promotions that seem too good to be true, chances are, something’s crooked. If the casino is very slow at paying players, this too can indicate something shifty is going on.
So, do your research. Always. And thoroughly read through the terms and conditions before giving your money to strangers. Also, because Bitcoin casinos use software providers it’s not a bad idea to verify the reputability of their provider before playing their games.
Some watchdog sites exist, where prospective Bitcoin gamblers can check into a specific casino to see if it’s been blacklisted or flagged for fraudulence. Pages like Gamblingsites.com will blacklist casinos for having unfair games, not paying players what they’re owed, predatory or changing terms and conditions, marketing spam and slow payments.
The easiest way to avoid getting bent or cheated by a Bitcoin casino, though, is just to use one that is well-known and reputable. Slotocash, Slots.lv, Uptown Aces, and Bovada are all highly trafficked Bitcoin casinos that you should be able to trust.
It’s only natural that the world of online gambling meshed so quickly and so eagerly with cryptocurrency. Virtual casinos have always been dingy, dark and full of crypto-characters — now they’ve got the perfect currency to back their business model. But until these strange and unsecure kinks are worked out, gambling online with Bitcoin is going to be a roll of the dice.