The higher the price of Bitcoin rises, the more people search for good bitcoin casino reviews. If you’ve prepared for bitcoin casino betting by reading solid guides on the subject, then you’ll want to make sure you find a legitimate bitcoin casino that’s right for you.
You don’t want to be caught in an exit scam or be part of a bitcoin casino with security so lax that they have their hot or cold wallets hacked and lose your money.
Let’s take a look at a few methods you can use to find legitimate bitcoin casinos that will help you have fun without worrying about losing your winnings.
Does the Bitcoin Casino Have a License to Operate?
Legitimate Bitcoin casinos will hold a license to operate in the country they are registered. They will also make sure to only accept players from countries where they are legally allowed to operate.
If they don’t hold such a license — they may be at risk of running an exit scam.
When a bitcoin casino holds a license it shows they’ve registered with the proper authorities. If the casino should take the money and run — then the authorities will have some information to use in pursuing them.
Does the Bitcoin Casino Explicitly State That They Accept Players From Your Country?
Make sure the casino explicitly states they accept players from your country of residence.
The reason for this is that some Bitcoin casinos will accept players from everywhere — at first. Then, when the person registers and deposits their funds — the casino might detect an IP from a banned country — and freeze the user’s account while withholding their deposit.
Always check in the Bitcoin casino’s Terms & Conditions to see if you will be allowed to stay and play.
Is the Bitcoin Casino Provably Fair?
Bitcoin isn’t the only innovation changing online casinos. Another is the blockchain and the technology of ‘provably fair’ games.
“In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game.
This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
Make sure the Bitcoin casino you’re looking at uses a system which shows you the outcome of the game and lets you check if it’s fair.
You’ll have peace of mind knowing that you can check the casino games and make sure the house is not taking more than its fair share.
This is one of the most direct methods for verifying if you’ve found a legitimate bitcoin casino. And in 2020, most of the casinos should have such provably fair systems set up.
Does the Bitcoin Casino Offer the Alt Coins You Want?
This may not be a requirement for finding a legitimate Bitcoin casino — but a casino with a wide selection of alt coins is a strong case for legitimacy.
On the other hand, if a casino offers too many currencies then they are opening their doors for the increased possibility of hacks.
Legitimate bitcoin casinos should state what type of security measures they have.
Do they have cold wallets? Are those cold wallets secured by proper accounting measures so that internal staff don’t run away with the funds?
Some bitcoin casinos even have insurance on their wallets in case of problems.
At the end of the day it may be tough to balance security with fun when it comes to picking a Bitcoin casino — but your extra effort will be worth it, especially if it prevents you from losing your hard won crypto to a hack or scam.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.