Tips on How to Avoid Bitcoin Extortions

and Scams

Bitcoingg.com

Introduction

Bitcoin and the Internet greatly complement one another. Both are considered the greatest innovations

that have been introduced to humanity. These revolutionary inventions have opened several doors of

opportunity that if realized, would bring great changes to the world.

In a nutshell, Bitcoin and the Internet will revolutionize the world.

Focusing the lens on a specific matter, Bitcoin has started to show its prowess in making a great change

in unambiguous domains. One of these domains is the iGaming industry.

During Bitcoin’s debut in this market, the majority of fiat-currency platforms are rather obnoxious about

its ‘untimely’ introduction. However, since Bitcoin has also influenced the mainstream financial sector

and has already showcased its advantages over fiat currencies, online gamblers have started to flock

Bitcoin casinos over real-money platforms.

Fortunately, this internal feud was closing in to its end as several fiat casinos are now embracing

Bitcoin’s technology. To date, the iGaming market is now home to a number of casinos and gambling

sites that cater to both cryptocurrency and fiat bets.

Due to this surprising trend among online gambling platforms, the iGaming market is now generating

impressive amounts of income that was never experienced by niche since it was established. Perhaps

the main reason to this monumental achievement is that the online gambling sector is now home to a

diverse set of gamblers.

Of course, not everything grand comes without a price.

Because of the continual rise of the iGaming sector’s income, Bitcoin casinos are now being targeted by

online terrorist and criminals. In some cases, these threats attack unsuspecting Bitcoin gamblers out in

the open. However, Bitcoin casino extortionists cover their intentions and identities via blending within

the iGaming community.

Since prevention is far better than cure, it is best to have an overview of the rampant anomalies and unfortunate occurrences that come side to side with Bitcoin before starting to venture even deeper in the Bitcoin gambling industry.

Bitcoin extortion—why does it happen?

According to the common law dictionary, extortion is a criminal act that involves gaining someone’s property or money by almost any kind of force available.

This means that if a person is obtaining something by relying on violence, damaging one’s property,

harming one’s reputation or any unfavorable actions to the government, his or her actions accounts to

extortion, which is absolutely punishable by the law.

Bitcoin gambling platforms are not foreign to such attacks. As a matter of fact, several Bitcoin casinos

have already experience being extorted off their bitcoins and other cryptocurrencies by either members

of their platform or by a group called DD4BC.

DD4BC is a notorious online group of hackers and extortionists that have already plagued a number of

platforms in the Bitcoin gambling industry. These online terrorists utilize the network attack called DDoS

or Denial of Service.

Through the DDoS tactic, DD4BC shuts down their victim’s websites in exchange for Bitcoin ransoms.

Although this may seem not that detrimental from a gambler’s perspective, the DDoS extortion attack

deals great damage to website operators because not only they are unable to generate income, they are

being ripped off their current funds for ransom.

Perhaps the principal reason behind this is that Bitcoin’s exchange rate is that promising, terrorists want

to obtain Bitcoin the easy way. Therefore, threatening Bitcoin casinos is their answer.

On the lighter note, DDoS attacks on Bitcoin casinos and Bitcoin sports betting websites are not that

rampant as compared to other platforms of its kind. This is because operators have long before started

establishing a more steadfast and absolute security system for Bitcoin. That said, DDoS attacks are the

least concern for Bitcoin gamblers.

Going back, Bitcoin attackers are split into two groups. Since those Bitcoin extortionists are brought to light. This discussion now moves on with the other half of the group, which is the Bitcoin fraud and scam group.

Bitcoin scams and how to avoid them

Scams are also not alien to the Bitcoin gambling industry. Just like its conventional counterpart, Bitcoin gamblers experience being scams from time to time, most especially newcomers in the industry.

In contrast with extortion attacks, Bitcoin scams and frauds are gravely detrimental to Bitcoin gamblers. It is also disheartening that there are extremely limited chances to fight for your right once you get scam.

This is because Bitcoin is designed to preserve anonymity of its users therefore; Bitcoin-powered sites

adhere to this structure.

Usually, scams happen when a player stumbles upon newly established sites that offer tons with

promotions and bonuses. In addition, spam mails that contain messages like ‘Get free 5 BTC just by

checking our platform…” are also one of the ways online hackers can get through unwary gamblers.

To combat future Bitcoin scams and frauds, here some of the essential tips to keep in mind by every

novice Bitcoin gamblers. These tips are extremely easy to follow:

Beginners’ guide to avoid Bitcoin gambling scams

1. Observe Treat every Bitcoin gambling platform as your second home. Try familiarizing yourself with the website. Locate details like the platform’s year of establishment, contact details, and other useful information that would help support the ‘positive’ reputation of that casino as per their advertisement.

2. Research

The Internet is filled with dozens of Bitcoin information gateways that cover the Bitcoin

gambling market. Before joining a specific Bitcoin gambling website, try to see other people’s

views on that particular brand. This way, you will be given a heads up of what to expect.

3. Contact support before you play

This method gives you the biggest assurance that a casino is not a fraud. Before betting any

bitcoins on their end, contact customer support. It does not matter whether it’s by email, live

chat, or phone. As long as you receive a swift and detailed response to your queries, that

particular casino you are eyeing for is legit.

4. Be vigilant

The best way to avoid getting ripped off or scam is to be alert and smart. Sometime, gamblers

tend to focus and think about things too much that they unconsciously push themselves to the

belly of the beast. Just be relaxed and at the same time wary of any possible setbacks that may

occur. Also, wager with always the minimum amount. Always keep in mind that there will be

always losers in gambling gamers, regardless of luck. That way, you won’t expect too much.

Sources / References:

Bitcoin Sports Betting - http://www.bitcoingg.com/bitcoin-online-gambling/sports-betting/

Bitcoin Price - http://www.bitcoingg.com/guide/bitcoin/how-to-get-bitcoins/bitcoin-price/

Bitcoin Gambling News - http://www.bitcoingg.com/news/bitcoin-gambling/