Top Mistakes Made By New Bitcoin Online Casino Players
Now that Bitcoin and other cryptocurrencies have dipped, there’s a renewed interest by some in Bitcoin casino gambling. That’s because it is cheaper to gamble with crypto and try to build some up for the next bull run. However, some people are new to Bitcoin gambling and can be prone to crucial mistakes.
Today, we will go over some of the top mistakes made by new players at Bitcoin online casinos. By knowing these mistakes, you can avoid making them. This will definitely save you money while gambling.
Depositing With the Wrong Crypto
Bitcoin is universally accepted at BTC online casinos. If you only plan to play with Bitcoin, you won’t have any issues making a deposit. However, if you have other cryptos, then you want to pay attention to the coins accepted by the website. Verify that your site takes Litecoin, Ethereum, Dogecoin, or whichever coin you wish to use.
Online casino sites generally will list the cryptos they accept. If your currency is not on the list, it is not accepted. If you cannot find a list of accepted currencies, you can always ask customer support for help.
Using the Wrong Address for a Deposit
Depositing money with crypto is different than using USD or fiat. You must send money from your Bitcoin wallet to an address provided by the casino. If your address is off by one digit, your money can be lost. As such, it is important that you verify your address before sending it. Most sites offer a copy tool to assist with this.
Furthermore, make sure that you are using the correct address for your coin type. Don’t try and send Bitcoin Cash to a Bitcoin address. They are not the same currency. At best, your wallet will not allow you to send the money. At worst, the transaction will begin and never complete and be lost on the blockchain.
Not Allowing for Bitcoin Miner Fees
One reality of crypto is miner fees. This is known by different terms. Ethereum refers to miner fees as gas. Regardless of what it’s called, miner fees are transaction fees that are collected for every crypto transaction made. This fee is deducted from the amount that you send.
As such, when you make a deposit, make sure you are sending enough to cover the miner fees and your deposit. For example, if your minimum deposit is .0001 BTC and the miner fees are .000055 BTC, then you need to send .000155 BTC.
This is important become some online casinos will not give you credit for deposits that drop below the minimum threshold. There are few things more annoying than losing a deposit because you forgot to account for miner fees.
Trying to Build a Bitcoin Bankroll With Faucets
If you’re looking to play online casino games for free or cannot afford a deposit, then some online casinos will offer Bitcoin faucets. However, these come in two forms. The first is low-paying faucets that likely will not give you enough money to play more than a single minimum bet. In some cases, you may have to collect multiple payments just to make a minimum bet.
Other times, faucets will pay free play money that has zero cash value. This is the equivalent of playing demo games at most casinos. The reason we call playing with faucets a mistake is that in almost all cases you will never make enough money with faucet claims to play more than one or two bets. It will not be worth your time. That’s assuming that the casino has not shut down its faucets due to abuse from other players.
5 Ways a Stop Loss Makes You a Better Gambler
You’ve heard us talk about how that a stop loss should be a part of any gambler’s bankroll management plan. Today, we will take the topic a...