Crypto gambling scams are taking a place in the top list of crypto scams, as more and more fraudsters are trying to take advantage of gamblers’ shift to bitcoin casinos.
If you are a gambler and you want to make sure that you are not dealing with fake crypto casinos and gambling platforms, go through the CryptogamblingTV review, which presents the top safe bitcoin sites.
Crypto scams are increasing as crypto markets continue to expand. The crypto world is one that can easily go hand in hand with frauds and this is the ‘collateral damage’ of the whole new context of bitcoin, ethereum and other cryptocurrencies.
In the last two years, nearly 46.000 people have reported losing more than $1billion in crypto scams, involving for the most part fake investment opportunities, romance crypto scams and government imposters as the Federal Trade Commission (FTC) reports. Crypto gambling scams are responsible for only a small fraction of these losses, however, the truth is that there are many scammers out there trying to lure customers into losing their money.
What makes crypto scams so dangerous?
The one distinctive feature of cryptocurrencies making them unique and attractive, is also the one feature that can make all things go bad. Cryptocurrency transactions are terminal, they can’t be reversed once made and they can’t be modified or altered in any way.
So, the recorded transactions of bitcoin, ethereum, tether or any other cryptocurrency can’t be changed once stored in the blockchain and so the scam ‘victims’ can’t (at least easily) claim their losses.
Are there bitcoin casino scams?
The short answer is yes, there are bitcoin casino fakes and both professional and novice gamblers can be scammed in the crypto gambling market. The thing is that the rising demand for bitcoin casinos has triggered fraudsters’ interest in developing sites and platforms, which are fake and which reproduce the real casinos’ operations and games in order to manipulate customers to open accounts and make bitcoin deposits.
Guides for identifying bitcoin casino scams
There are a number of key things that can give gamblers a sign that a bitcoin casino is fake. Such things should not be regarded as the absolute criteria for identifying a scam, but as a broad guide on how to recognize fraudulent activities claimed by online bitcoin casinos.
Robust customer support
Make no mistake: a legitimate, full-fledged bitcoin casino will have a robust customer service function, ensuring that all users can easily address their inquiries, seek solutions to their problems and communicate with the casino itself. Testing the response time, rate and quality is therefore a critical indicator of a real, trustworthy crypto gambling site.
Quite obviously, fake bitcoin casinos will not feature authentic games, but replicas or counterfeit games. Although in many cases gamblers are not able to tell the difference right away, some red flags like popping ‘errors’, poor graphics and designs or glitching games should not be overlooked. Another important thing to consider is whether the bitcoin casino offers a rich list of the games right away to its customers. The truth is that most scams will try to lure users with a very extensive list, which can very well be a total fake.
Very slow payout
One of the reasons why crypto gambling has become so popular is the speed of transactions and the generally quick inflows and outflows of bitcoin. So, one of the main propositions of bitcoin casinos should be the fast payout, which keeps customers satisfied and happy. Now, if a gambling site is really slow in that manner, then this is probably because something is wrong.
Gamblers can always rely on these three tips to form a first impression of the bitcoin casino and get an idea of whether it is fake or not, but there is more to it to really tell what is going on. Checking reviews, other gamblers’ experiences and going with trusted, known cryptogambling sites can always prove helpful in making their choices.