Large gambling houses in Las Vegas might seem the perfect place to gamble. Still, they aren’t necessarily the best place for a bitcoin player. The levels of security at traditional venues are extreme, and players have to go through extensive identification processes just to get inside the building, much less sit at a casino table.
When it comes to bitcoin casino Canada, however, the level of security can be far laxer, and players don’t have to prove their identity—a feature that’s extremely friendly to those who prefer to remain anonymous.
And unlike traditional gambling sites, where the house keeps between 10 and 26 percent of all winnings, crypto gambling owners only take a percentage between 8 and 18 percent.
These factors make bitcoin casinos a much better choice for modern gambling enthusiasts. That said, there are still some issues to watch out for when playing at BTC gambling places. Chief among them is that some are legitimate and others are scams, so it’s important to only play at sites that have been reviewed as fair.
How to Identify a Bitcoin Casino Scam
With such a lax level of scrutiny and security at gambling houses that allow bitcoin play, it’s reasonably easy for scammers to set up fake sites to lure in players. Luckily, some signs can help you identify a legitimate bitcoin casino. Most legitimate sites will provide provably fair games (proving the house isn’t rigging the results) and offer casino tournaments, where players can win bitcoin prizes. Most matches will pay out within a week, and some gambling houses will pay jackpots of thousands of bitcoins!
Another sign of a legitimate casino is a site that offers a wide variety of games. These include classics like blackjack, roulette, slots, video poker, poker, and other games. If the site doesn’t have these varieties, it’s probably not a legitimate site. Also, the site is most likely a scam if the games seem too easy or show a significant bias toward one outcome. Most legitimate sites have fair equity of about 85 percent, meaning the payout should be about 85 percent of the sum wagered.
How Do Bitcoin Casinos Work?
Since bitcoin is an online cryptocurrency, playing at a bitcoin casino is similar to playing at any other online casino. You’ll need to create an account, and you may be required to submit some identification (though some more lax gambling venues will accept anonymous play).
After registering, you can start playing on your chosen casino site using the bitcoins you’ve deposited.
Most establishments will instantly convert your bitcoins into casino cash or “credits” so you can play with the currency.
You can also play without BTC, as most gambling platforms accept Canadian dollars, euros, and other major currencies.
When you play casino games, the results are determined by the Random Number Generator (RNG), a computer program that creates completely random numbers. The bitcoin casinos have RNGs verified by reputable auditing companies to ensure that the games are fair. The RNG seals its results for confidence and privacy.
When you win a BTC prize, the casino instantly pays out in BTC, reducing the number of credits in your account. The casino will credit your account with the first cryptocurrency if you lose.