Sometimes Bitcoin casinos seem like they could be scams just waiting to take your money, right?
You put your hard-earned money into online casinos rather than traditional casinos and that seems … very risky.
After all, with a regular casino, you see where the money comes and goes and if something happens you can go talk to someone. But not at an online casino. And the situation gets worse if you are also thinking about using bitcoins in that online casino.
But are Bitcoin casinos really all scams? If not, what’s the best bitcoin casino?
After all, there must be some legitimately good and fun spots to play a game or two. And if there are good Bitcoin casinos, then how can you cash out of them when you gamble?
Let’s take a quick peek at the answers.
How to Spot a Casino Scam
The first way to successfully cash out from a bitcoin casino is — don’t get scammed.
You might be laughing, saying to yourself “well that’s obvious!” But I would argue that it isn’t. Far too many got scammed out of their winnings in one way or another — and they weren’t idiots.
So beware of these signs and be on the lookout when you’re looking for the best bitcoin casino for your needs. Here’s a short list of red flags that should make you dig deeper and possibly run away from any bitcoin casinos that show these signs. Otherwise, you won’t be able to cash out any winnings at all.
1) Hidden terms in the Terms & Conditions.
Each casino should have a link to its full Terms & Conditions. Reading it may end up saving you all your money. Keep an eye out, especially for clauses and conditions that let them keep your money if they suspect you of cheating even when you weren’t cheating.
2) Bad Reviews by fellow gamblers.
You can find loads of reviews on the Bitcointalk Forum for casinos. Of course, there will be some sore losers out there, but if the majority of reviews are bad then maybe you should reconsider playing there.
3) Make sure there’s traction first
A Finnish investor was scammed out of $35 million in BTC through a scam promising bitcoin casino returns that seemed reasonable at the time. That’s a lot of money and the man was no idiot to give that much — even the smart ones can be fooled.
The bottom line is to do research first and keep up to date on things, like finding a good crypto news and guides site and following their articles. After all, it is your hard-earned money.
How to Cash out of Bitcoin Casinos
If you’re reading this guide then you probably already know how to deposit into a bitcoin casino. But let’s quickly refresh your memory:
- Buy crypto on an exchange, in person, or via credit card or other methods
- Transfer to your favorite Bitcoin casino
- Play and win!
Now how would you go about cashing out?
There are a few things to consider: How much do you want to cash out? Do you want to go spend it soon or HODL/keep it? How safe do you want it to be?
1) Hardware wallet
If you’re planning on keeping your crypto safe and relatively quick to spend, then a hardware wallet is a good balance. A hardware wallet will keep your funds safely stored offline. Then, if you want to transfer your funds, all you need to do is plug your wallet into a computer and off you go.
2) Paper wallet
If you have big winnings that you want to store securely offline until the next bull run or whenever then a paper wallet will help you keep them completely offline. It’s the most secure method of storing your winnings. But also the most inconvenient.
3) Move winnings to an exchange.
Exchanges are not the most secure of places. They get hacked and such. But if you’re looking to sell your winnings and transfer them to fiat, then this is the way to go. Just be sure to go with a reputable exchange that doesn’t charge too many fees.
Bottom Line: Keep Your Eyes Open — But Also Have Fun!
Bitcoin casinos are fantastic. They’ve just popped onto the online gambling scene including bitcoin and ethereum. Yes, they may be fraught with scams and hacks.
But if you keep your eyes open, watch for those red flags, and visit and play on only the best bitcoin casinos in the link at the start of the article, then you’ll have fun.
So stay safe and go play!