The Associated Press* reports that various cryptocurrency scams led to $5.6 billion in losses for Americans in 2023, according to the Federal Bureau of Investigation (FBI). The losses incurred showed a 45% jump from the previous year.
The FBI stated that the most prominent scheme often involved investment opportunities with Bitcoin and Ethereum and received more than 70k complaints.
Michael Nordwall, an assistant director for the FBI’s criminal investigation division, told the press that cryptocurrency’s decentralized nature, fast and irreversible transactions, and worldwide acceptance make it a desirable option for criminals. He also said that many scammers will befriend their victims on social media for several weeks or even months before acting upon their scheme.
Gambling With Crypto: Good Idea or Nah?
Cryptocurrency is one of the top accepted banking methods for prepaid casinos and has made online gambling faster and more convenient for many players. For us, the benefits far outweigh the negative press, and crypto offers fast and discreet payouts from online casinos, sportsbooks, and poker sites.
Other payment options, including traditional methods such as Visa, MasterCard, and Wire Transfers, are also accepted. However, gambling with Bitcoin has benefits such as increased bonuses, fast payouts, and crypto withdrawals.
Is Investing In Altcoins A Good Investment?
Anyone who invests in crypto understands the risks involved. Bitcoin, for example, has seen extreme highs and extreme lows. Altcoins such as Ethereum, Litecoin, and Bitcoin Cash have withstood the test of time but are still volatile due to market changes.
Everyone has heard the many stories of people who bought Bitcoin years ago and became millionaires overnight years later. While that is possible, it is also unlikely unless you can withstand the long haul. We believe in cryptocurrency’s value, but no one can predict what coins will grow and which will collapse.
Are Cryptocurrency Casinos Legit?
All online casinos that accept cryptocurrency are different. Legitimate casino sites are all licensed and regulated by a trusted governing body. The most trusted prepaid casinos have an excellent player reputation and have been an established and trusted brand for years. The sites we recommend are great for players looking for prepaid banking methods, but other legitimate brands exist.
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