Caveat emptor – Betcoin.tm Scam
At first glance, Betcoin.tm appears to be a comprehensive Bitcoin casino, where players are capable of playing a variety of different games. From dice, to lottery, and many other casino style games, betcoin.tm offers a wide variety of different games to place wagers on. From the outside looking in, betcoin.tm looks to be a great place to wager, but through our investigation, betcoin.tm is nothing but a really attractive scam. We’ve listed just a few, but very important reasons, that warned us that you will want to wager your Bitcoin somewhere else.
Misleading Marketing on Homepage
While some casinos run jackpot promotions that have huge progressive jackpots, we have never found a misleading tactic in order to convince you that winning such a jackpot is a common occurrence or is easily obtainable. Betcoin.tm expresses on their homepage that you can “instantly become a millionaire”, which is a very misleading selling point to target customers to play at their site. While we do expect Bitcoin casinos to advertise and market, to reach customers, we also expect the same casinos to not have to rely on misleading marketing to obtain those customers. Casinos who market infinitely small probability as something that happens regularly, tend to be the ones that aren’t doing well and need a surge of players. When the marketing sounds too good to be true or more realistic than what we know happens, we tend to urge players to stay away. Bitcoin casinos should be able to sell their casino and not the rare, next to impossible, scenarios players have while gambling.
Statistics That Do Not Add Up
Staying on the same homepage, Betcoin.tm has a unique feature that provides users a way to keep up with just how “successful” that other users have been, during the lifetime of betcoin.tm’s existence. These numbers include: bets processed, total payout in bitcoin, and what that conversion is in USD. All the numbers listed are complete fallacies when compared to the other statistics that are located throughout the site. For each game, there is a leaderboard that shows the top accounts that have played that particular game, and how much they have wagered for that particular game. When researching every game, the numbers do not even come close to what is being reported on the homepage. They have claimed to have taken nearly 4 million bets, to which they have paid out over 262 thousand Bitcoin. (At the time of this review 262 thousand Bitcoin is approximately 100 million USD.) When researching the leaderboards though, the statistics are a complete lie, unless you want to believe that betcoin.tm has lost over 90 million USD and somehow still manages to be in operation.
Instant Withdrawals and Customer Support Both Non-Existent
When a casino in the Bitcoin industry claims to have instant withdrawals, one thing that will turn a player away forever, is no instant withdrawal after they try to withdraw their funds. In some situations though, it is understood that due to cold wallet storages and lack of immediate funds in a casino’s hot wallet, there might be a slight delay in withdrawing funds. When we deposited funds into our account, they were there practically instant. When we tried to withdrawal, that was a different story.
After waiting 24 hours, we decided to contact support, both through the email form listed on their site and through various forums. After continuously reaching out over a period of four weeks, we still received no response. By far, lack of response and not being able to follow through on a withdrawal request, is undoubtedly the main reason we have determined that Betcoin.tm is indeed a SCAM.