Crypto gambling sites have been rising in popularity for the last couple of years. Now that cryptocurrencies are widely accepted as a payment method, players are taking advantage of their unique features and security benefits.
At the same time, there are a lot of scams out there, trying to take advantage of players who aren’t tech-savvy and don’t know much about the crypto industry. In this article, we’ll talk about those scams and how to avoid them, by using the information available online. Common sense and good judgment are in the end the best weapons a player has against crypto scams.
Use Licensed Crypto Sites Only
Cryptocurrency gambling sites need to register and get a license from a gambling authority set up by the government. Most gambling sites are registered in an off-shore zone that allows gambling. Not all gambling authorities are made the same, but all have a set of standards the site needs to meet.
Players should stick to gambling sites that are properly registered only since that way they can rest assured that the site will pay out the winnings and that the games are not rigged.
Crypto gambling sites cultivate a reputation among players and the wider community. This is essential for attracting new players and proving that the site is trustworthy. It pays off for potential players to investigate the online reputation a site has cultivated before using its services.
Online reviews such as the ones you can find at WeGamble compare and contrast crypto gambling sites and their features and offers. Sticking with a gambling site that has good reviews is the best way to avoid crypto scams. The reviews usually cover both how fair the games are and how safe and easy it is to transfer the funds.
Odds and Return to Player Rate
Players can easily learn what the odds of winning a gambling game are. Games of luck are based on a random numbers generator and games of skill have only a small edge in favor of the house. This information should be available on the gambling site itself or in one of the reviews.
If a gambling site offers far better odds than any other at a return-to-player rate that seems unreasonable, chances are that it’s some sort of scam. Exercise common sense and stay away from offers that seem too good to be true.
In most cases, cryptocurrency gambling sites will boast about their security measures. If they aren’t upfront about the measures they have in place chances are they are hiding something. The two most common security features every crypto gambling site should have are SSL encryption and two-step authentication.
SSL, which stands for Secure Socket Layer, is a standard security technology that establishes an encrypted link between a user’s web browser and a web server. This encryption ensures that the data transmitted between the user and the website remains private and secure.
Two-step authentication is a security measure used to prevent unwanted transactions or log-ins. It requires the user to authenticate their login or transaction using a separate device. That way no one can log into the crypto site by accident or because of fraud.
If the site doesn’t offer these two measures, chances are it’s a scam.
Read the Small Print
Gambling sites provide terms and conditions that the player needs to accept when they set up the account. This is the fine print of what the gambling site is offering and what it provides to its users. Most players don’t bother reading it and just set up an account blindly.
In most cases, the site will outline the unfavorable offer in the terms and conditions but do so in a way that’s difficult to understand for a novice. This protects scammers from legal action. Players can also compare and contrast the terms and conditions of a potential scammer and a reputable gambling site to spot differences.
Wagering Requirements and Bonuses
Bonuses are a great feature that allows players to bet without spending their funds and therefore with less risk. They are also useful for the casinos since they reward loyalty and players keep coming back to claim them. However, bonuses are often sources of scams as well.
A bonus needs to be redeemed by meeting the wagering requirements. This often means that a player needs to bet much more than they got as a bonus to be able to withdraw it. Players often get enticed by promises of huge bonuses and forget to inquire about the wagering requirements.
Phishing for Addresses
Phishing for street addresses is one of the most common crypto gambling site scams. These sites ask the players for their addresses to withdraw funds. It’s a scam that players should be aware of.
Cryptocurrency gambling sites don’t require an address or any other private data to make transactions.
They rely on a decentralized blockchain network which means there’s no need for the users to divulge any personal information – not even their names. If a player is approached with such a request, it’s a scam.
VPNs and Antiviruses
Standard practices used to stay safe when browsing the internet also apply when playing on crypto gambling sites. This means that you should have an anti-virus on at all times and a good one will warn you about visiting suspicious URLs. For the most part, a good crypto gambling app should never ask you to exit it and visit a URL.
VPNs can also be used to protect your privacy. They change the IP address from which you access the site regularly. VPNs can also be used to get past the firewalls in countries that don’t allow online gambling in the first place. Different VPN providers also offer additional features, such as being able to rotate your IP addresses automatically.
Secure Your Crypto Wallet
Security concerns don’t stop when you transfer the funds from a casino account to your crypto wallet. It’s also imperative to protect the wallet from phishing and any unwanted access. Never share your keys with anyone you don’t know or trust.
The best practice for storing crypto keys is to do so offline so that they are hacked or accessed in any way. Many companies are providing cold storage and it’s only a matter of choosing a balance between the features and the price.
To Sum Up
Cryptocurrency gambling has proven to be a better alternative to using traditional currencies. It provides players with anonymity online and makes for secure and fast payments. The games played for crypto are also proveably fairer than those played with fiat money. However, using crypto can be a source of scams that novice players may fall for.
Players need to take measures to prevent these scams. The best way to do so is to use reputable gambling sites. Online reviews are a great source for players looking to learn more about the site they plan to use. In general, it’s also a good idea to practice common sense and not fall for offers that are too good to be true.