Top 5 Crypto Gambling Mistakes and How to Avoid Them
These days, you might say you can do anything with crypto. And it is not too far from the truth. Considering that, over 13 years ago, someone bought 2 pizzas with BTC, we can say that you can do surprisingly much with crypto coins and tokens.
And while you can also pay for trips, cars, tech products, or jewelry with crypto, you can also choose to gamble with crypto.
Over the past years, crypto gambling has become pretty popular. With the first Bitcoin casino being launched in 2014, crypto enthusiasts have eagerly embraced this concept and such platforms and are now regular crypto casino users.
However, sometimes, crypto gamblers too can make mistakes. When gambling with crypto, just like when gambling with fiat, you have to be extremely careful about some things. And we want to help you by talking about 5 of the most popular crypto gambling mistakes and how to avoid them.
What Is Crypto Gambling?
Crypto gambling is quite similar to traditional gambling, but users wager with crypto coins and tokens instead of using fiat currencies to play gambling games. Crypto gamblers can use crypto for gambling on platforms called crypto (or Bitcoin) casinos.
Bitcoin casinos are available online and are built based on blockchain technology. Thus, crypto casino platforms are decentralized and usually provide high levels of security, safety, and transparency.
Top 5 Crypto Gambling Mistakes
It is almost inevitable to make some mistakes when gambling with crypto, especially if you are a beginner. Some mistakes can be made without even noticing, but you can still avoid most of them if you pay attention to some key details.
1. Gambling on a Shifty Crypto Casino
When starting your crypto gambling experience, it is extremely important to choose a crypto casino that assures you your information and digital assets are safe. Choosing a shifty crypto casino is the main mistake crypto gamblers can make, but there are some things that tell you more about how trustworthy a platform is.
For instance, you should always gamble at a licensed Bitcoin casino. Crypto casino websites that have a gambling license are extremely trustworthy. The gambling license is offered by a specialized institution, and crypto casinos usually have to pay tremendous prices to get licensed. Thus, a licensed crypto casino will be significantly more trustworthy than one that does not have a gambling license.
Then, you can look for provably fair games. Provably fair games allow users to verify the fairness of the game, meaning that they can ensure that the crypto casino does not cheat them in any way.
2. Wagering the Wrong Amount
When gambling with crypto, it is essential to be careful how much you wager in one game. Keep in mind that crypto differs from fiat, and while $0.10 are 10 cents, 0.10 BTC are $1,000. Furthermore, crypto is extremely volatile. Imagine that Bitcoin once was almost $65,000 and now has a price around $26,000. If you aim to gamble with crypto, you need to know the prices of various cryptocurrencies.
So, try to stay informed regarding cryptocurrencies’ prices so that you do not end up wagering a tremendous amount of crypto when you were aiming to bet with just a few dollars.
3. Withdrawing to the Wrong Address
Once you gamble and you win, you will have some crypto assets in your crypto casino account. And while you might want to keep some in your account for further gambling activities, you can also withdraw some assets to use for other crypto-related activities, such as staking, swapping, or trading.
And when you decide to withdraw assets from your crypto casino account, it is vital to check the withdrawal details before completing the process. If you enter the wrong wallet address, your funds will probably go elsewhere.
For instance, there is a possibility that if you change a character of the wallet address, somebody else will receive the crypto assets. And usually, once you lose your crypto by sending it to the wrong address, it is pretty impossible to recover it. So, enter your wallet address extremely carefully when withdrawing your winnings.
4. Gambling Without Researching
Gambling is indeed a fun and engaging activity. Still, just like other crypto-related processes, it requires some research to ensure you do not lose too many digital assets.
For example, if you aim to play poker on a crypto casino, but you do not know when you win, what a Pair is, what is Straight, or a Full House, you may end up with less crypto than when you started gambling. And this will affect your overall success in what concerns crypto.
Thus, it is extremely important to research the games you aim to play and how a Bitcoin casino works overall so that you make the right decisions when gambling.
5. Not Tracking Wins vs Loses
As we mentioned before, crypto gambling is fun and engaging. However, if you do not keep track of how your gambling experience evolves, you might end up with less crypto than in the beginning.
So, try to always track how many times you win vs you lose and how much you win vs you lose. This way, besides having fun, you can ensure that your crypto does not go to waste, and you get some profits after gambling.
Crypto gambling has become extremely popular over the past years, and users seem to be intrigued by crypto casinos, how they work, and how much they can win.
However, crypto gamblers can sometimes make mistakes, and avoiding them can help users keep their assets safe and end up with some profits after gambling.
Thus, when gambling with crypto, you should choose a trustworthy Bitcoin casino and play provably fair games. Furthermore, keep track of your wins and losses, check the withdrawal details before withdrawing your funds, and stay informed regarding cryptocurrencies’ prices and how much you should wager.