How We Evaluate the Trust Level of Bitcoin Casinos
There are 1000s of casinos around the world today. Many of them except bitcoins as a payment method. Here on the page, we distinguish between true bitcoin casinos and hybrid casinos.
A true bitcoin casino let you deposit bitcoins, and then you use bitcoin on the platform for as long as you want without converting them to US dollars. When you want to withdraw
money, you can easily do that in bitcoins. It means that there are no currency fees, and you don’t need to take into account any changes in the valuation of BTC vs USD. Since the value of bitcoin has high
fluctuation, it’s a gamble by itself to convert it to another currency for gambling. On a true bitcoin/crypto casino remove on dimension of the gambling.
A hybrid bitcoin casino has another strategy. In reality, it’s not a bitcoin casino. It’s a casino that has bitcoins as a payment method. As soon as you deposit BTC to your account, it will be exchanged for USD.
All betting and gambling are done in USD or Euro. If you win, or get bored by the casino, you need to convert back your USD to bitcoins before you can withdraw your money. You have double risk in other words.
What type of casino matters to us in our evaluation of it. We prefer true crypto casinos because it’s more convenient. But it’s not the only factor.
There are several factors besides hybrid vs true bitcoincasino. One of them is licenses. Back in the days, it was difficult to find crypto casinos with an established license. Sure, they could have a “paper
license” like the Curacao (not worth anything to be honest). Today, you can find crypto casinos with UK, MGA, or SGA license. We would always recommend you use a licensed casino because it
adds security for you.
Crypto casinos can be shade, but choosing a casino with an established license lowers the risk because if they behave badly, they risk losing their license.
After reviewing 1000s of casinos, we have got an eye for what is a good casino, and what is a untrustworthy casino. It doesn’t mean we’re right all the time, but we often get a good or bad feeling about a casino. To
get an understanding if the casino is trustworthy, you can do a small test of your own, send a message to the customer service. How long before they respond? You can check if they have a license. And you can
search in google for “Casino X scams”. If there have been any scandals about the casino, it’s usually shows up there.
Another way it checks the trustworthiness is to deposit a small amount, play a little and then withdraw it. Don’t make a full deposit the first time.
When we review a casino, we often check the Terms and conditions for deposits and bonuses. We understand that a casino needs to have turnover requirements for bonuses, but in some cases, casinos have added turnover
requirements on all types of deposits. This is a red flag! Avoid these casinos, because that’s a clear sign that they will trick you if they get the chance.
Our best tips to feel safe is to only keep small amount at the casinos pages, no matter which casino you play at. That way, you know that if something happens, you’ll not get screwed on all your money. Do that,
and read the terms and conditions and you are as safe as you can get.