Bitcoin casino is rapidly becoming a popular niche, and it’s very easy to set up an account and start playing. This means that the industry is attracting new people every day, many of whom don’t have experience with online casinos, much less cryptocurrency. However, Bitcoin users who love playing casino games make certain mistakes that could get them rekt in no time.
Top 6 Bitcoin Casino Mistakes To Avoid
Here are the 6 biggest and most common mistakes that people make when using cryptocurrency on online casinos.
#1. Not Picking the Right Bitcoin Games
If you’re looking to win big, then ideally, you want to play games that have a low house edge. Watch out for slot games that have a higher-than-normal house edge. Games like Blackjack, Baccarat, and Dice, usually have a house edge of somewhere between 1-2%, and that makes them safe to play for fun. If you’re playing for money, then you’re going to need a lot more skill to beat the house, and that means having tons of experience. Either way, a house edge of 10% or higher should be avoided at all cost.
#2. Investing More Bitcoin That You Can Afford To Lose
The world of cryptocurrency is full of people who invest more crypto than they can afford to lose. The same applies to online bitcoin casinos, where it’s much easier to fall for the success stories – some of which are highly embellished. Don’t fall for any success stories especially when it comes to online gambling or feel pressured to take higher risks because you saw someone you consider to be less experienced than you are getting a big payday. Given the volatility of Bitcoin, you really should be careful about how much you put up in any bet, particularly if you want to play for a long time.
#3. Gambling with Borrowed Money
Of all the financial mistakes you can ever make, this one is probably the worst. You just shouldn’t gamble with money you don’t have. Let’s not forget that in some cases this could be illegal, and you don’t want your friends or investors taking you to court over something that you didn’t have to do. Gamble with what you can afford to lose, so that way, the thrill of the game doesn’t become a slippery slope that leads you to put up your hard-earned money or risk your future by potentially losing someone else’s money. For the sake of your friendships and your own happiness, always bet what you can afford to lose. If you find that it means you can’t afford to play most of the cool games, then let it be.
#4. Betting on Bitcoin Games You Don’t Understand
This sounds like a no-brainer, but we feel that it’s important for people to know that they should have some experience with certain games before they bet real cryptocurrency. But how do you become familiar with games on a casino website? It’s easy! Just sign up for a demo account and find out what you can do with it before you start playing for money. Not all the players on these websites are experienced, and the casinos know this, which is why they create so many tools to help new customers make sense of the games before they commit to playing with actual Bitcoins. Every casino website has its own tools for learning and practicing most of the games they offer, so take all the time you need.
#5. Not Doing Your Own Research
The crypto community is still in its early stages. There’s much that we don’t know about how and where Bitcoin will lead, or what the future holds in terms of the value of cryptocurrency in general. What you don’t want is to make decisions regarding your Bitcoin based on other people’s information. In fact, as you will come to learn, in the wider crypto community, people rely on their own research, rather than trust what any single “expert” has to say. Know what your Bitcoin is really worth, right now, and in the future, so that way, you won’t make poor choices and lose valuable currency when playing casino games.
#6 Not Doing Bitcoin Tax Calculations
Cryptocurrencies present a number of challenges to the federal model of regulated financial institutions. Bitcoin, like other cryptocurrencies, has a blockchain and is completely decentralized. This means the state doesn’t have much control over the value of the cryptocurrency. But what they try to do instead, is to tax Bitcoin. While you may not have heard about crypto- taxation, it is a real issue that must be considered before using Bitcoin to play online casino games. Do some research on how your Bitcoin may be taxed, and make informed choices before using your precious cryptocurrency on casino games.