Bitcoin Casinos – Are they all scams?

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Bitcoin casinos seem like scams ready to take your money, don’t they?

There’s something about putting your hard earned money into online casinos (which already have a less than rosy reputation) that seems … very risky.

But is it?

Are all bitcoin casinos scams? Or are there some legitimately good and fun spots to enjoy a little wager? And if there are, then how do they compare to regular online casinos?

Let’s take a quick peek at the answers.

How to Spot a Casino Scam

There’s a few signs you should be on the lookout for when finding the best bitcoin casino for you. Here’s a short but solid list of red flags that, when you see them, then dig deeper and possibly run away.

  • Hidden terms in the Terms & Conditions.

Each casino should have a link to their full Terms & Conditions. It may be a pain to read through them, but it may end up saving you all your money. Watch for conditions that let them keep your money if something happens (like you being suspected of cheating even when you weren’t).

  • Bad Reviews by fellow gamblers.

There’s no need to burn your hand on the stove to learn a lesson when someone has already done that. It’s too bad for them that they suffered through a bad casino scam, but it’s good that they posted about it. You can find loads of reviews on the Bitcointalk Forum for casinos.

  • Make sure there’s traction first

Don’t get into a Bitcoin casino that isn’t established, running, and has a few reviews. One Finnish investor was scammed out of $35 million in BTC through a scam promising bitcoin casino returns.

The bottom line is to do some significant research first. After all, it is your hard earned money.

And the best research is through quality articles where the authors have made sure to dig deep and weed out the worst scams so that they can bring you the best bitcoin casinos.

Bitcoin Casinos vs Online Casinos

As mentioned, there are a handful of high quality Bitcoin casinos. So what’s the main difference between them and regular online casinos?

  • Anonymity

One or two bitcoin casinos offer anonymous betting. This is possible only when they don’t accept any form of fiat deposits or withdrawals — basically when they are fully cryptocurrency only. Of course, you may still need to make sure the bitcoin or cryptocurrencies you send are also anonymous on your end — but that’s a separate article.

  • Lower fees

Bitcoin casinos don’t need to contend with the high fees of money service providers, credit card processors, and other financial money transfer services that cost an arm and a leg. After all, there’s even the case of someone transferring $633 million for just $0.26 — which would be impossible for traditional money transferring services.

  • Fast deposits and withdrawals

Some bitcoin casinos will credit your account and let you start playing within 10 minutes of depositing your cryptocurrency. That sure beats traditional online casinos taking 2-3 days to process your deposit even after all the time it may have taken to transfer your funds into your account in the first place.

Bottom Line: Keep Your Eyes Open — But Also Have Fun!

Bitcoin casinos are a new phenomenon. They’ve just popped onto the online gambling scene a few years ago. So they’re still fraught with scams and hacks.

But if you keep your eyes open, watch for those red flags, and visit those best bitcoin casinos in the link above, then you’ll have quite a lot of fun.

Bitoin casinos offer all the games and sports betting that traditional online casinos do.

So stay safe and go play!