Most people fear what they do not understand. It is true bitcoin has had its challenges – and still going through a rough ride as we speak, but the fact is a cryptocurrency has come to stay. Bitcoin gambling is just like any other gambling.
The only difference being the instrument of trade is bitcoin and not real money. Instead of real cash money or electronic transfers through debit or credit cards, bitcoins are used. For those without any idea what bitcoins are or what they are used for, bitcoins are cryptocurrencies that are used in place of real money to buy and sell on the internet. They are not regulated by any central bank.
This lack of regulation has spawned many bitcoin casinos over a short period of time. Because there’s nothing a online casino hates more than being regulated, the popularity of bitcoin as a means of exchange has created a hazardous situation where gamblers deposit their bitcoins in casinos that are downright fraudulent and dangerous.
Our aim here is to give dispassionate reviews about which bitcoin casinos offer the best deals and the ones gamblers would be wise to steer clear of. Here are a few of the criteria we use to determine if a site is cool or playing for a fool.
The Integrity Test
A bitcoin casino that knows its onions will never cheat. They are aware the profits from their house edge is enough to keep them going and will want to do everything possible for the gambler to know they are transparent in other to attract more players.
However, since most governments are yet to officially recognize bitcoin as some form of legal tender, there is likelihood for unwary gamblers to fall prey to a rogue casino and lose all their bitcoins. It is our job to sniff out the fakes and fraudsters from legitimate establishments.
There’s a wise old saying that goes thus “Show me your friends and I’ll tell you who you are.” This saying is also true for bitcoin casinos. Where a casino is licensed goes a long way to tell you how legitimate they are.
Some of the more established licensing commissions include; The Isle of Man, Costa Rica Gambling commission, Curacao eGaming, and the Malta Gambling Authority. And if a bitcoin casino is not registered, please take your bitcoin and run.
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