Bitcoin casinos are the next big thing in the online gambling industry. An increasing number of regular online casinos are enabling support for Bitcoin alongside traditional payment methods. But some casino platforms are 100% focused on Bitcoin and other cryptocurrencies.
While it’s fun to wager on your favorite games with cryptocurrencies, many new bitcoin casino players make costly mistakes that could leave them in financial ruin. Although new players mostly commit these mistakes, expert players are not entirely free from them.
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Here are the top eight bitcoin gambling mistakes you must avoid when using an online casino.
Transferring BTC to the Wrong Address
This is the most common mistake among players who are new to the concept of cryptocurrency. For one thing, bitcoin transactions are irreversible. So sending funds to the wrong wallet address means your money is gone, FOREVER. Unless, of course, you know the receiving address, and the owner is kind enough to return your coins.
The best way to avoid making this simple but costly mistake is to scan the QR code or copy and paste the wallet address instead of typing it. Even at that, you still need to double-check and triple-check the address to ensure it is correct. This is important because your PC clipboard could be infected with malware to replace the copied address with the attacker’s wallet address.
Betting the Wrong Amount
Bitcoin and traditional currencies don’t have the same denomination. For instance, the smallest non-zero amount of the US dollar is 1 cent or $0.01, but a single bitcoin can be divided into 8 decimal places, with the smallest amount being 0.00000001 BTC.
This means that if one bitcoin is worth $10,000, for example, then a wager of 0.01 BTC is worth $100, not 1 cent or $0.01. It’s best to keep this in mind when wagering with Bitcoin or cryptocurrencies. You could bet with the wrong amount and end up losing a lot of money. You don’t want to learn it the hard way, do you?
Keep in mind that some Bitcoin casino platforms use mBTC (millibitcoin), which equals 0.001 BTC. This could cause another kind of confusion.
This is a common bitcoin gambling mistake among new players. Although bitcoin transactions are usually processed within 10 minutes or less, some days can take longer, depending on the network congestion.
So waiting for about 15 minutes to the game before funding your betting account could make you miss the game. Once you transfer the funds, you or the casino operators can do nothing to quicken the process. You just have to wait it out. Transferring the BTC as earlier as possible is the best fix for this.
Using bitcoin makes you a primary target for hackers. It is not unusual for bitcoin beginners to lose their hard earn cryptocurrency to cybercriminals. Your computer could even get infected with malware, and you can end up sending bitcoin to the attacker without even knowing it.
Securing your funds should be a priority. Learn basic cryptocurrency security tips even before you purchase your first unit of bitcoin. Safely store your wallet recovery phrase or private key offline. Anyone who has access to your seed phrase or key can transfer your coins without your knowledge.
Using the Wrong Platform
With tons of bitcoin casinos available on the internet, choosing the right one to use is challenging, especially for beginners. Ensure you do proper research before joining any gambling platform. Find out information about their reputation, customer support, supported cryptocurrencies, and restricted locations.
If you wish to use a fully decentralized cryptocurrency casino, you need to be even more cautious because there’s nothing like customer support.
Winning and losing is a part of gambling. Some days you win big, and other days, you count your losses. But most times, the rush of losing is much stronger than the rush you feel when you win. When losing, many players make the mistake of trying to chase their losses. While a few people are lucky doing this, most find themselves in more losses.
When you lose while gambling, take a break, and re-evaluate your discipline and your bankroll. Money management and discipline are crucial in gambling. Learn them.
Also, try to evaluate the reason why you lost so much. Don’t make excuses like it’s the dealer’s fault. Maybe it’s just your lack of strategy, or you’re getting too emotional and distracted.
Not Having a Game Strategy
The easiest way to lose money on a bitcoin casino is by not having a game strategy. Don’t just wager blindly. Improve your chances of winning by learning the basic strategy of your preferred game.
If you’re a sports person, several betting strategies can improve your winnings. Slots don’t have a general winning strategy, so you might want to avoid them as a beginner. Although baccarat seemingly doesn’t use strategy, you should only make certain bets to increase your winning chance.
Evading Bitcoin Taxes
Although calculating bitcoin tax is demanding and complex, gambling winnings, whether bitcoin or fiat, are taxable, and not reporting them is illegal. Don’t think because the government doesn’t control bitcoin, so it’s OKAY not to report your winnings. You’ll end up paying unnecessary fines and interests if the IRS catches you.
Bitcoin can be a confusing concept at first, and beginners make costly mistakes. But it’s really easy to understand once you start learning and using it.
By avoiding the top eight bitcoin gambling mistakes discussed above, you’ll get the most from cryptocurrency casinos. However, understand that mistakes are inevitable, so don’t beat yourself too much if you make any. See it as a rite of passage into the bitcoin world.