Crypto Gambling Mistakes to Avoid

Online casinos these days offer countless benefits. That’s the reason why the industry keeps expanding and reaching new heights. The number of players who are fond of the idea of gambling online just keeps rising.

One of the biggest trends is playing at crypto casino sites. These platforms offer a lot of advantages to players. New players, however, are known to rush to register and play without prior knowledge of how crypto casinos work.

In doing so, they’re prone to making gambling mistakes. That’s what this article is about. We’ll list and explain a few of the most common mistakes related to crypto gambling activities and tell you how to avoid them.

Why Do Players like the Idea of Crypto Gambling?

Before we dive into the beginner mistakes that people make at Bitcoin casinos, let’s see why they like the idea of crypto gambling in the first place.

Truth be told, there are quite a few advantages of playing casino games at crypto online gambling platforms. For starters, deposits and withdrawals with cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, Tether and Dogecoin are instant. In comparison, fiat methods can take up to 5 business days to process.

Thanks to the fact that cryptocurrencies are decentralized, no authority can charge crypto gamblers fees. Take the likes of Neteller and Skrill as a comparison. All money transfers with these options have fees that go up to 4%.

Furthermore, certain payment methods aren’t always eligible for claiming deposit bonuses. That’s not the case with cryptocurrencies.

Last but not least, playing at Bitcoin casino sites means that you will enjoy higher security levels. Trading cryptocurrencies is almost anonymous. By protecting your identity, you minimize the risks of fraud.

Types of Cryptocurrencies That You Can Use to Deposit and Withdraw

These days, the blockchain world has thousands of cryptocurrencies. The number of these digital assets that you can use to wager bets at your chosen crypto online gambling site varies. In most cases, crypto gamblers can use the following:

• Bitcoin
• Bitcoin Cash
• Litecoin
• Dogecoin
• Tether
• TRON
• Ethereum
• Ripple

Common Mistakes and How to Avoid Them

As you can see, casinos that are based on blockchain technology have several advantage points. These benefits allow players to choose them over standard casinos. If you’re new to crypto Bitcoin gambling, here are a few mistakes that you need to avoid.

Playing Games without Any Prior Knowledge

The first mistake is actually one of the most common ones. New players have a nag for accessing and playing a casino game that they’re not quite familiar with. They rush to deposit at crypto online casinos just to play anything or they claim a bonus which is eligible for a game that they’re not familiar with.

For example, a cashback bonus might apply to crypto poker, so players will use the funds just to play. However, poker is a more complicated variant and it takes time to master it. You should avoid it if you don’t know any of its rules.

This is something that you should avoid at all times because it just increases the chance of losing money. The solution to this is to always read the game rules before playing. Access demo versions of the games as well because they allow you to play for free. Demo modes are a hands-on process of learning and an effective way to get familiar with the mechanics.

Playing Crypto Slot Machines and Other Games for Profit Only

Although many crypto gamblers take casino gaming as a profession, you shouldn’t play crypto slots or any other casino game if your goal is to make a profit by triggering a big win. Remember – the goal of playing at these sites is to have fun, nothing more, nothing less.

If you’re playing to make a profit, you might end up losing money. The more money you lose, the more you’ll start chasing losses. That leads to an even greater debt or worse, developing a gambling addiction.

Not Using the Given Responsible Gambling Practices

Each reputable crypto casino uses several responsible gambling tools. They’re in place to make sure that you play responsibly and don’t take any risks. Some of these tools include:

• Setting deposit limits: Limits the money that you can deposit to your account in a certain period.
• Win limits: Sends you a notification to take a break if you win a certain amount.
• Session limits: Informs you that you should be taking breaks after spending a certain time playing games.
• Loss limits: Prevents you from having more losses. Once you lose a certain amount of real money, the casino informs you that you should call it a day.
• Self-exclusion programs: Allows you to suspend your account for 24 hours, one week, one month, three months, or more.
• Questionnaires: A series of questions that will help you determine whether you’re entering a phase where you can be considered a problem gambler.

Players might think that gambling without enforcing responsible gambling tools is okay, but that would be a mistake. There’s nothing wrong with being extra cautious and that’s what RG tools are there to provide you with.

Not Reading/Misunderstanding Bonus Terms and Conditions

Each bonus has its own set of terms and conditions. They lay out the rules of play and tell you how to claim a bonus, how to use it and when can you withdraw the potential winnings that you make with it. A few of the most common T&Cs of every bonus are:

• Minimum deposit requirement
• Validity period
• Eligible games
• Wagering requirements
• Eligible payment methods
• Maximum bet with the bonus
• Maximum bonus win

The most complicated part of every bonus at Bitcoin casinos is the wagering requirements. They tell you how much real money you need to stake before you can withdraw winnings made with the bonus. Of course, if the promo is a no wagering bonus, you won’t have to worry about them, but that doesn’t mean that you shouldn’t be familiar with how they work.

Not reading and not understanding them can often lead you to waste your deposit funds. You’ll end up claiming a bonus and not knowing how to use it or wonder why you can’t withdraw the rewards that you won with it.

Moreover, the terms themselves will tell you whether a certain Bitcoin casino bonus is worth claiming or not. If they’re too complicated to meet, then you shouldn’t waste your time and effort.

Using Different Cryptocurrencies for Deposits and Withdrawals

A vast majority of crypto casinos have one common banking policy which states that you must use the same cryptocurrency for deposits and withdrawals. Players who don’t read the terms of use of the crypto casino might miss this section.

So, once they sign up, they browse through the list of accepted cryptocurrencies, hoping that they can use multiple to make transactions. However, that’s often not allowed. If you choose Bitcoin as your deposit method, you must use it to withdraw money as well.

If you want to change your payment method, you’ll have to get in touch with the customer support team of the casino. You also need a valid reason as to why you want to change the payment method. So, double-check the currency that you want to use to gamble online and make informed decisions.

Typing the Wrong Wallet Address

Depositing and withdrawing at crypto gambling sites requires one to enter the required wallet address. If you’re depositing, you need to enter the wallet address of the casino. If you’re withdrawing, you need to enter your address.

If you enter the wrong address, you might send the money to a different crypto user. If this occurs, there’s no turning back. Once the transaction is complete, you can’t get the money back. So, make sure that you enter the correct addresses every time you make a deposit or a withdrawal.

Not Verifying Your Casino Account

If you play at a no KYC crypto casino, then you won’t have to verify your identity. However, if you play at one and you don’t do so, the gambling platform will restrict your account. In most cases, Bitcoin casinos don’t allow their players to make a withdrawal until they’ve successfully verified their accounts.

The process of verification varies, but in most cases, you need to send proof of ID and proof of address. Proof of ID includes sending a photo of your valid ID (front and back), passport or driver’s license. Proof of address includes sending a utility bill in your name or a bank account statement. Any other document that confirms your address might do the job.

Once the verification team at the crypto casino reviews and accepts the documents, you’ll gain full access to its services.

Relying on a Strategic Approach Too Much

Table games such as crypto blackjack allow you to use certain strategies. Using a basic strategy chart at crypto casino sites isn’t forbidden. Blackjack, roulette and poker are actually known for their strategic approach.
That’s one of the reasons why they’re a bit more complicated to master. That’s also what makes them so entertaining. Here’s a crucial fact though, not relying too much on strategies is equally important as learning them to master the gameplay.

Why? Because using a strategy when playing against other players doesn’t guarantee you a win. It just increases the chances of winning.

Not Taking the Volatility of the Cryptocurrency into Consideration

As you might know, there are two types of cryptocurrencies – stablecoins and volatile coins. Stablecoins are assets whose value always remains the same. The value of volatile cryptocurrencies changes each day. The more volatile the currency is, the more its price will fluctuate.

Hence, one unit of a volatile cryptocurrency might not have the same value at the casino, depending on the market fluctuations. If you’re using these to deposit and withdraw, make sure that you take this factor into consideration.