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What Risks Does a Player Take When Playing Bitcoin Slots?

What Risks Does a Player Take When Playing Bitcoin Slots?

It is no secret that cryptocurrencies (Bitcoin, Litecoin, Dogecoin, etc.) in online casinos are becoming increasingly popular among online gambling enthusiasts. Moreover, thousands of people all over the world win huge amounts of money every day by spinning the reels in Bitcoin slot machines. The advantages of cryptocurrencies as a payment service in casinos are quite numerous. These include complete anonymity, better protection, low commissions, no tax deductions, worldwide availability, frequent lack or a wide range of transaction limits and much more. Even though Bitcoin as a means of payment in online casinos is already a trend, it is important to remember that often betting in this type of establishment is risky. See the article below for why and how to avoid it.

In fact, bitcoin slots are nowadays quite reliable and the risks are kept to a minimum. Plus, you’re better off choosing crypto slots, because there are plenty of advantages to winning here. A lot of great and certified games from sought-after providers can be found at licensed Bitcoin casinos sites. Platforms such as 7BitCasino or Mirax Casino are prime examples. These are the platforms that have proven to be the best and have been on the iGaming market for quite some time.

Tips to Reduce Risk in Bitcoin Slots

To reduce the risks when playing crypto slots you need to adhere to rules such as:

  • Choose only licensed casinos
  • Only play slots that belong to licensed providers
  • Try to play slots where the RTP is at least 96%
  • Do not choose High Volatility slots, especially if you are a beginner
  • Don’t bet big and try to control your bankroll
  • Choose games with different bonuses and Free Spins
  • Don’t gamble with your last bit of money.

The Most Important Thing is Security

Playing slots on BTC or on ETH in Ethereum casinos often involves the risk of becoming a victim of fraud. Many cryptocurrency casinos are either unlicensed or are licensed in a country with weak operator controls. As a result, hacking into the operator’s database, and account, stealing money from the account, unfair game results. Complementing these negative scenarios is the fact that the state in this case will not be able to protect the user. The fact is that due to Bitcoin’s anonymity, the police cannot find out who committed the crime. This is quite avoidable. The user’s job is to choose a safe casino site.

Security in gambling is created with SSL encryption technology. With it, sent data is instantly converted into a random set of characters and symbols. It is impossible to decrypt them, so the data in this form is of no value to fraudsters. A similar situation is in financial matters. Every user can check the security of the website personally. It does not require any special knowledge. If there is a lock in the left part of the address bar – the gambling portal is protected by this technology. At the same time, some operators, such as 7BitCasino or KatsuBet Casino, take extra steps to protect the player’s account using innovative 2FA technology. With it, the account of the user who connects to it is guaranteed to be protected from unauthorized entry.

Another problem, the possibility of players being cheated by an unscrupulous operator is the use of fake slot machines. In these, the operator has access to the “stuffing” of the slots. Accordingly, he can adjust the operation of the model to his interests. It is easy to guess that the interests of the owner of a gambling club are opposed to the interests of its customers. 

Original games are always downloaded from the manufacturer’s server itself. It is protected by security technology, and the games themselves use reliable, RNG-certified by the relevant authorities. Every casino customer can verify the games’ licensing status, but you should have at least some basic IT knowledge to do so. With the advent of crypto, the slots have become even more secure and advanced. Some cryptocurrency casinos such as 7BitCasino, Mirax Casino, and KatsuBet have started to use Provably Fair technology. It is essentially the same as the one present in the Bitcoin blockchain network.

The player can independently check the result of the spin for fairness. With the advent of this technology, gambling has become more transparent and customer-centric. Since the advent of provably fair games, hundreds of thousands of gamblers have come to trust gambling on the internet. It should be noted, however, that online casinos do not guarantee fairness on the part of the operator. It is influenced by other factors.

Provably Fair Is the Main Advantage of Bitcoin Slots

When playing at Bitcoin Casino, users run the risk of being cheated by the operator itself. Cheating can take the form of unreasonable account blocking, non-payment of winnings, imposing requirements on the player that do not correspond to the rules of the institution itself, and the presence of fake slots on the site. With the latter we have dealt with, it is necessary to elaborate on the other points.

Currently, in iGaming only Curacao grants a license to open a Bitcoin casino. The laws of this country, unlike the UK or Malta, do not oblige operators to consider the interests of players and do not regulate the rules of liability for violations of the law. In addition, low tax fees, the cheapness of the license and the ease of issuing the document also contribute to the flourishing of cheating by the gambling business owners. That is why most of the unreliable gambling sites own this document, thus increasing the trust of future customers.

To avoid a situation with possible violations of players’ rights, it is necessary to assess the honesty of the operator. Study the feedback from players about the procedure and speed of withdrawal of funds, and the quality of service. Feedback such as “the slot machines don’t seem to be set up to pay” and “bonus terms are not the most customer-oriented” does not indicate that the casino is unreliable. In addition, establishments with a long presence in the market also increase their credibility.