What makes you trust bitcoin related services?

[AaronJonk]

Hi,

I have some questions where I have been thinking about the past week.
Why do you trust some website/company with your bitcoins?

Let's say a bitcoin casino, what makes you deposit bitcoin?
Is it the provably fair? Does it mean you trust a site when the game is fair?
Is it the looks of the site? The amount of users there are? If there is an open chat where you can see active users?

Or something else that doesn't have a game that's fair, for example a bitcoin exchange, how do you trust them?

Overall: What makes you trust bitcoin related services?


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Another question: What does a new service need to earn your trust?

[1715411944]

1715411944

[dothebeats]

It varies depending on what type of service do they offer. For casinos, must have is the provability of the fairness of their games and their withdrawal/deposit system. Customer support is a factor too, and if they failed on this side of the service, usually it makes me want to go turn my back and just forget that they exist. Same for all the other services. If they failed on customer relations, they might as well fail on other aspects because they don’t listen to the customers’ concerns and would likely not want to change or improve what’s weong on their service.

[AaronJonk]

It varies depending on what type of service do they offer. For casinos, must have is the provability of the fairness of their games and their withdrawal/deposit system. Customer support is a factor too, and if they failed on this side of the service, usually it makes me want to go turn my back and just forget that they exist. Same for all the other services. If they failed on customer relations, they might as well fail on other aspects because they don’t listen to the customers’ concerns and would likely not want to change or improve what’s weong on their service.

So, for you it's mostly, like customer support?

[Deathwing]

One of the main reasons is that you can see the site's funds. It's all public. Most of the sites share their addresses, even if they don't, you can basically find it by just checking a few addresses on the blockchain. This is especially important when checking out, for example, an exchange site. If the exchange does not have even 1 BTC but is advertising themselves as the biggest and the best exchange, that should raise some flags. So, long short story. Transparency, whether they like it or not is probably my main reason.

[AaronJonk]

One of the main reasons is that you can see the site's funds. It's all public. Most of the sites share their addresses, even if they don't, you can basically find it by just checking a few addresses on the blockchain. This is especially important when checking out, for example, an exchange site. If the exchange does not have even 1 BTC but is advertising themselves as the biggest and the best exchange, that should raise some flags. So, long short story. Transparency, whether they like it or not is probably my main reason.

So you want like, to be able to see the amount of bitcoins they have in their wallet, and for example statistics on how the site is doing?

[Deathwing]

One of the main reasons is that you can see the site's funds. It's all public. Most of the sites share their addresses, even if they don't, you can basically find it by just checking a few addresses on the blockchain. This is especially important when checking out, for example, an exchange site. If the exchange does not have even 1 BTC but is advertising themselves as the biggest and the best exchange, that should raise some flags. So, long short story. Transparency, whether they like it or not is probably my main reason.

So you want like, to be able to see the amount of bitcoins they have in their wallet, and for example statistics on how the site is doing?

Yes. The example I gave was for an exchange. The situation depends on what kind of platform you'd like to register to. If we want to go by your example, a gambling site. You'd like to see that public statistics, their hash system (provably fair), their userbase and if possible, their current bank (their main BTC address) which is going to handle the payments.

[ChrisPop]

It's pretty complicated. You need to look at their track record, maybe who is behind the company, look at reviews on the internet and if they are or aren't regulated by some entity. If you're looking at casinos you might want to check if they have a license, but in the crypto space I haven't seen many casinos with one.

[tsaroz]

I generally depend on the reviews of people here. I've been scammed so many times that I don't risk trying any new things. I'd rather go to those that has been tested and proven for a long time. Provably fair is the basic thing you should expect from a gambling site. I wait for my coin or token to be listed on a good exchange which I can trust than to jump into depositing in an unknown exchange.

[pooya87]

it starts by their history. for example if the service is an old one you can easily look at some feedback on this forum or elsewhere to see what other people's experience with that service has been like. if they scammed any of their users, if they were gotten hacked, leaked any personal information of their users,... and a lot more. with a quick search you can easily figure out how much trust you can put in a certain service.
for instance an exchange service that has been hacked before and has poor customer support deserves a very small trust from traders.

then it is a matter of how much risk you are willing to take. for example the gambling site you mentioned, you can verify their fairness and history and then decide if you want to trust their honesty and for how much.

[gentlemand]

Track record and evidence of competence are the main ones. I wouldn't bother with anything that didn't have extensive reviews and reported experiences from others. Even then there are places that really are not inspiring as to how they operate so I'd need to be satisfied that they were doing things right before considering them.

It constantly blows my mind the amount of people turning up here asking whether they should trust a service that literally no one else has ever heard of. Why would you? Then again they're most likely the owner of the service.

[Gotumoot]

1, Reviews of people who have used this wallet.
2, How long has it been in the industry.
3, Who are the people behind this project.

And there are many other things that can help me to figure out right away if they are trustworthy to use their service.

[electronicash]

its the hope to win that i guess made me deposit my btc to a gambling site. sportbetting is just one trusted gambling site which also made me deposit, since i see them sponsored a team which their logo is on the shirts of the players i guess they are not going to scam people after building such reputation. i'm not the only one who did play there so sending btc is pretty much safe.

[AaronJonk]

it starts by their history. for example if the service is an old one you can easily look at some feedback on this forum or elsewhere to see what other people's experience with that service has been like. if they scammed any of their users, if they were gotten hacked, leaked any personal information of their users,... and a lot more. with a quick search you can easily figure out how much trust you can put in a certain service.
for instance an exchange service that has been hacked before and has poor customer support deserves a very small trust from traders.

then it is a matter of how much risk you are willing to take. for example the gambling site you mentioned, you can verify their fairness and history and then decide if you want to trust their honesty and for how much.

But what if it's a totally new service, what would pull you over the line of trusting them/joining their site?

[squatter]

Why do you trust some website/company with your bitcoins?

Let's say a bitcoin casino, what makes you deposit bitcoin?
Is it the provably fair? Does it mean you trust a site when the game is fair?
Is it the looks of the site? The amount of users there are? If there is an open chat where you can see active users?

Or something else that doesn't have a game that's fair, for example a bitcoin exchange, how do you trust them?

Overall: What makes you trust bitcoin related services?

Reputation, reputation, reputation. Why trade at "EXX" or "Bilaxy" when you could trade at Binance?

However, I don't trust any service. Even the most reputable services get hacked, or might lock your account and freeze funds under the guise of AML/KYC concerns. That doesn't mean I never use centralized services, but suffice to say: You should minimize the amount of money you put at risk and the amount of time it stays deposited, no matter what.

[gentlemand]

But what if it's a totally new service, what would pull you over the line of trusting them/joining their site?

Nothing. I wouldn't go anywhere near it no matter what unless it involved amounts and information I didn't care about going up in smoke.

It's down to them to prove they're worthy of their customers and that could take a long time. I remember people turning up here announcing a new service out of nowhere and being consumed with rage that everyone was dripping with scepticism. Why the hell wouldn't they considering the past of crypto services?

That ain't our problem, it's theirs.

[o_e_l_e_o]

But what if it's a totally new service, what would pull you over the line of trusting them/joining their site?

The only thing that could entice me to use a totally new service was if it was provably operated and ran by an entity/organization/individual which already had a significant history and good reputation from running another service, and which I had personally used. If ChipMixer, for example, opened a betting site (and I could be 100% sure it was ran by the same people and that they hadn't been compromised), then I'd have no qualms with giving it a spin. If you are a brand new service/organization, then I agree with most of the posts above. I'm not sending you a single satoshi until you have a solid history, reputation, and community reviews. I'm also not sending personal identifying information to any third party service, so if you require that, I'm immediately out.

Given how many new exchanges/casinos/gambling sites/mixers/web wallets/whatever we are bombarded with pretty much every day, and that the vast majority of them turn out to be complete scams, it is difficult to entice users to try out any new service. In terms of your casino example, many casinos offer a faucet so users can sign up and play for free. Once some users have verified they can withdraw from faucet winnings, they may be enticed to deposit and play with their own money. From there, reviews and reputation can slowly be built up.

[ReiMomo]

First, how long the service they operated and the feedback on their previous customers.
As much as possible in choosing for example gambling site better to spend time investigating first before depositing your fund.
Why we must be careful about our Bitcoin? Because it is like fiat and the most valuable. Verify first the gambling site you've chosen and trust to deposit as well.

[TravelMug]

I think if it's crypto related, whether gambling services or exchanges, it boils down to:

• Reputation/Trust - How long does the services exists in the crypto-sphere? do crypto enthusiast vouch for them?
• Who are the people behind? - Just look at Binance, CZ has been what like 2 years? But he has build his empire already
• Security - of course, you want services to priority this one, although every crypto services are prone to this, but at least they should learn how to protect members funds

[harizen]

Hi,

I have some questions where I have been thinking about the past week.
Why do you trust some website/company with your bitcoins?

Let's say a bitcoin casino, what makes you deposit bitcoin?
Is it the provably fair? Does it mean you trust a site when the game is fair?
Is it the looks of the site? The amount of users there are? If there is an open chat where you can see active users?

Or something else that doesn't have a game that's fair, for example a bitcoin exchange, how do you trust them?

Overall: What makes you trust bitcoin related services?

Well-established reputation.

No way that site, of whatever the service is, will reach that level if they do sh*t while on the process of working their way up. Meaning, they fairly meet some of the user's preferred criteria and somehow deals with any problems on the way, minor and major.

What about the new service? We have a thing called self-analysis and the ability to somehow determine if a certain site will do sh*t or not.

a) Serious promotion and marketing - meaning they are spending tons of money with this
b) Serious approach to website improvement starting from basics to advance
c) Serious approach about security - it's a must
d) Good customer representative at any platforms - ability to answer basic to technical questions in general without responding "please contact us @.."
e) Well-explained details of the service
f) Legality
g) They do everything to show everyone that their service is legit

It's really difficult to trust a new service today that's why every company must show that they are serious. Not an assurance though that it will not show some shitty activity in the future but it's better to see them like that at their early phase.

[hello_good_sir]

It's about their reputation and being rational. Let's go with the gambling casino example here.

Let's say your looking to gamble 1 BTC, and there is a smaller casino that only has a bankroll of 2 BTC and they don't really have a lot of users. Why would you not go with a more reputable casino, like bitsler, that has a million dollar bankroll? Just simple knowledge to be honest.

I personally use this to evaluate every service I use, this way I can feel secure when I'm throwing 0.2 BTC threw chipmixer, because they spend that much on a daily's worth of sig posts.