When it comes to online casinos, reputation is everything. In the world of Bitcoin casinos is no exemption — once a new Bitcoin gambling site has opened, it takes some time to establish a reputation of their own before players begin to trust them with their Bitcoin. And for good reason.
There are hundreds of sites that are active or once were, that have been blacklisted over time, as players gambled their Bitcoin and fiat/hard currency only to receive excuses or dodges by the online casinos — basically, the casinos were eager to take their money but didn’t have the funds or desire to pay out. This is always something to look out for when choosing a Bitcoin casino to become a patron of and a good reason to read reviews of casinos before committing. Nobody wants to have a bad experience or lose out on their money from some shifty online gambling site based in Cyprus or Costa Rica or even the U.S. or U.K. Because licensed or not, you won’t be getting your money back if they don’t pay you.
So, Can you Trust New Bitcoin Websites?
As with any website that has to do with monetary transactions, Bitcoin casinos and online casinos (traditional), we always recommend keeping an eye on a new site and see how other players have liked it and reviewed their experiences. Read reviews to see if there have been problems, if they have a good reputation so far of paying out to players, and the pros and cons of the site.
If you don’t want to wait a year or so for the site to gain traction and make a reputation, we recommend starting with very small bets. Whether you use BTC or a hard currency, start small and see if you receive your winnings consistently, if the casino honors bonuses and promotions, and make sure you feel that gameplay is fair (finding a provably fair website is ideal).
The internet is a reflection of the world around us. There will be good websites and bad ones. Trustworthy casinos that will eventually earn themselves a great reputation and ones that will try to scam you. It’s a cold, hard truth, but once you are aware of this, you already have taken steps to avoid becoming a victim.
Are Online Casinos Regulated, You May Ask?
Currently, most of the internet is unregulated in general and online casinos (especially Bitcoin casinos), are often unregulated. This doesn’t mean that an unregulated Bitcoin casino is untrustworthy — it just means that the country of jurisdiction either does not regulate gambling legally or a server and HQ of a site are in separate countries. It is very difficult to regulate websites because most people don’t know where the servers are. This makes it hard for governments to control.
And in cases such as the U.K., U.S., and other countries that are restricted from gambling online, you won’t find a casino licensed by these governments. Luckily, Bitcoin gambling is not illegal since Bitcoin is a cryptocurrency and is in the grey area where no enforcement can be made by the government.
There are highly-respected Bitcoin casinos out there that are not regulated and there are amazing ones that do not have a license (e-gaming) — this is where reputation is important. These are typically casinos that have been around for years and have proven themselves through consistent and fair gameplay, RNG certificates, provably fair technology to ensure fairness, and great customer services and banking experiences with players.
If it is a newer site, it is best if it is regulated so you can have a better chance at the site being legitimate as you try it out.
Provably Fair Trading
Bitcoin uses what is called “Provably Fair Trading,” which is a concept that demonstrates the trustworthiness of online casinos to players. As a player, you definitely wish to ensure that the cards, rolls, slot pulls, numbers, etc… are randomly generated (this is called RNG) and not rigged to benefit the house.
Bitcoin casinos ensure that the house has no edge beyond the game’s natural edge — and some have nearly no edge — that’s a true gambling site. The Blockchain hash is added to gambling results and summarizes what took place before it. This means that in Bitcoin casinos that state they have Provably Fair technology, the player can manually check every card flip, dice roll, or slot pull to make sure it was actually fair.
Basically, Bitcoin ensures transparency if the casino truly means what they say. A hash cannot be tampered with either because of its unique characteristics — this means that online Bitcoin casinos cannot falsify the record.
How Long Has Bitcoin Been Around?
It often seems like Bitcoin is both new and has been around a long time — time has a funny way of playing tricks on us. Bitcoin itself has existed since 2008 and its security is based on its Blockchain. The Blockchain stores every financial transaction ever made. What makes Bitcoin so popular is not only its anonymity but this is a cryptocurrency that has no monopoly by any man, nation, or organization.
It is a decentralized structure and this is one of the best attributes of BTC. No single entity controls it, so it is nearly impossible to control or manipulate. Also, it is very transparent (while keeping your identity anonymous) — others can check the Blockchain and ensure that there is no tomfoolery.
Take a look at some of the articles below, which can help to inform you about Bitcoin and Bitcoin casinos (both established and new) and the trustworthiness of these establishments. There are also tips on what to look for in a good Bitcoin casino, what to avoid, and a blacklist of casinos you should steer clear of.