Gambling with bitcoins is still fairly new, and here at Bitcoin Reviewer we’d like to give you some tips on how to use your hard earned BTC wisely.
Gambling has been a part of human society since the beginning. Take for example that the oldest six sided dice dates back to 3000 B.C. It hasn’t changed much over the centuries and neither have people. It’s important to always be aware of potential swindlers and other pitfalls.
So, what’s the difference?
There are only some slight differences between gambling with regular money and bitcoin. These differences mostly revolve around the cryptocurrency’s new and unique nature. Even though not much has changed, even seasoned veterans may need a reminder of what can go wrong, and how to bet responsibly. Otherwise, the same general wisdom and common sense applies online as it would in Macau or Las Vegas.
The biggest difference between bitcoin casinos and their traditional counterparts is a very clear lack of red tape. Cryptocurrency itself is still very new, and there are no enforced regulations or certifying officials. This creates a lot of really great potential for gamers and entrepreneurs, but with this new freedom comes an increased need to be mindful of scammers and charlatans. The unofficial name of the game is online reputation.
Finding a legitimate bitcoin casino
This may seem a bit obvious, but this point is an important one. The reputation of any casino is the first thing to take into account before playing. There are not many established names in the industry quite yet. There are, without a doubt, honest and trustworthy sites in which to bet, but for now, some increased level of awareness is recommended.
A good way of verifying the reputation of a site is through Bitcoin Reviewer. We are dedicated to making an active effort in investigating the validity of claims, and to provide first hand experiences of the entire process. There are without a doubt a good variety of honest sites, but sometimes reviews alone are not enough.
Personal trust and comfort are a big factor as well. When choosing a place to spend your time, make sure the look and feel is right. Read into each casino’s website, and make sure you’re comfortable spending time and money there. You will also want to look into funding your account once you’ve decided where you’re going to play.
Funding a newly created online account is one of the most important steps, and there are some things to remember when doing so. Ensure that you have the right addresses for depositing and withdrawing funds. Sometimes deposit addresses for online accounts may change or expire. Be sure to only auto-deposit funds into your own wallet to avoid losing funds.
It’s best to start small when visiting a new site, try before you buy. If you’re visiting a site you’re still unsure of, deposit only a small portion of your funds into the site, and go through the whole process of playing and then withdrawing. It’s worth noting that it’s not advised to deposit funds you don’t plan on using in an online wallet, regardless of how much you trust the site. Withdraw any winnings that you wish to spend elsewhere, and remember, the most secure place for bitcoins is in a backed up and encrypted wallet.
Having good account security is a simple step that will keep you safe from identity theft or having your bitcoins stolen. Maintaining good account security can seem like a bit of a chore at times, but with every effort you make, it becomes exponentially harder for thieves. The following are some tips specifically aimed at keeping your funds safe.
- Use strong passwords.
- Don’t use the same password for multiple websites or wallets.
- Keep your bitcoins in cold storage whenever possible.
- Install and use anti-virus software.
- A few simple security precautions can help you keep your bitcoins safe.
One thing you will want to take note of is the market. This is more for the more technically inclined, but it’s prudent to know when to buy in and cash out when converting currencies like USD to BTC and vice versa. The market is in continuous fluctuation much like a stock exchange. A simple rule of thumb is, if Bitcoin is near its 30 day high, it may be best to wait a few more days before buying any more. The opposite applies for cashing out. If the BTC to USD market is near its 30 day low, you may want to wait just a bit longer before you cash out for a fiat currency. If you keep an eye on the exchange rate, you will be that much more successful.
Gambling is entertainment, and it’s important to remember this. Some games are about beating the odds or outsmarting your opponents, but they’re only games. Games are fun and they are just a way to pass time. Unfortunately things like gambling can sometimes pull us too far in, and when that happens, we lose perspective. Good perspective and keen judgement are crucial to winning, and so is knowing when to accept a loss.
- Here are some tips to avoid a Bitcoin gambling addiction:
- Understand that problem gambling can happen to anyone.
- Before playing, set aside a predetermined amount of time and money, and make a list of thing that you could do instead.
- Don’t borrow money if you’ve run out of funds.
- Try to avoid drinking alcohol. You need to stay sharp.
- Never gamble with the intent of using winnings to pay off debt or solve financial problems.
- If you’re ever looking for motivation to stop, remember the feelings you’ve experienced after a loss.
- Seek help if you or someone close to you feels you may need it.
- If you or someone you know may have problems with gambling, you can refer to the following resources:
- The National Council on Problem Gambling: 1-800-522-4700