Bitcoin casino scams

Unfortunately nowadays the Bitcoin casinos scam is something quite usual, with the existence of Bitcoin, it is also opens for us a new online business universe. Businesses that can easily be developed by anyone who has certain computer and programming skills, and also, unfortunately, it can easily be camouflaged as business when they really are scams designed to keep your precious Bitcoins.

Different types of Bitcoin scam:

1- Scams for breach of conditions

These are very typical among PTC. Here the scam is simply based on promising one thing and then not fulfilling it. There are as many possibilities as you can imagine, for example, I set up a PTC, pay $ 0.10 for each advert seen. But then I add strange conditions, such as to collect it is necessary to invite 5 people. The trap is set. You accumulate money, you get 5 users, and when it’s time to charge, they say yes … but you do not get the money. When you want to realize, you have waste your time and on top of that you have “suckered” 5 friends who by now will have spread the message to 5 more friends – so at this point is impossible to stop the spread!

2- Scam based on the excuse: “I have been hacked”

It is the most difficult to detect because not even when it is finished, we will know what has happened. Here the business is totally legal; the service offered is totally viable, but perhaps not profitable enough. Here the owner ends up taking everything away and saying: sorry, I have been hacked and stolen everything.

Bitcoin Casino Scam
Bitcoin Casino Scam

It might be true or not, here comes the difficulty…

The key to differentiate this type of scams is based on the owner’s behavior , if he demonstrates his innocence with a report to the police or tries to restore the system or pay a part, etc … maybe after all he is an honorable owner. But if he simply posts the message and run away… you have most likely been cheated!

3- Tricked Bitcoin games

We have seen many pages of gambling and betting to multiply bitcoins, and although we have not seen many, a few of them have tricks on it. For example: imagine that we are in a numeric game, which gives you a prize according to the number you draw. Well, they may have an algorithm retouched so that certain numbers never go out, or for you to win the small bets and lose the big ones. To avoid falling into this type of scams always check that these pages have tools to validate the number that came out, for example many give you the encrypted result, and when the bet ends you are given the key to decrypt and see that the result was fixed before your bet and did not change it.

4- Ponzi or HYIP scams with Bitcoin

Ponzi scam is when people invest in a business that is not really generating real interests, but the profits of those who invested first are paid with the incomes of the new participants. This generates a payment pyramid that is built from top to bottom, and each time it needs a bigger base to hold it. When you do not get enough “fools” to form the pyramid’s base, the business collapses because payments can not be made (as there is not really a profitable economic activity) and the owners run away with the money. They usually pay well to the first ones to arrive so they emit positive feedbacks and so generate the necessary confidence to bring more people in and carry on inflating their portfolio.

– HYIP stands for “High Yield Invest Program”, and is a sophisticated way to hide the same type of scam. They are characterized by saying that they give very high and totally unrealistic interests to a business, such as 10% daily or even more. In this case they also seek to pay the first few days of operation to build trust and then escape with the money, sometimes even mingling with point 2 and claiming they have been hacked.

The big trick of these scams is that they can disguise themselves of anything. At this time we have seen some very obvious and very well camouflaged: oil sellers, stem cell investors, currency market speculators, etc…

5- Lost bets and not giving payouts to the clients

Other very common scams where you have sent the right amount of bets and you will see nothing in your game. Or on the other hand, you will successfully place your bets and keep calm that everything is doing fine since in your games, you win good sums of bitcoins. Once you have decided to withdraw your winnings, the series of unfortunate events will start. You will not receive your payouts and when you start contacting them, they will be far far away from your reach.

6- Accessing and hacking the players’ Bitcoin banking account

You will just face a big shock in your life the next day you wake up; your bitcoins stored in your account are nowhere to be found. Again, you will be left helpless because they will not respond to your emails.

Having listed all these, we would like to warn you about the existence of many website where is published all kind of Bitcoin scams and scammers, just as an example we mention: https://www.reddit.com/r/BitcoinScammers   https://bitcointalk.org/index.php?topic=83794.0

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