There is no doubt that Bitcoin casinos have always been a popular way to spend one’s cryptocurrency. With how easy it is to set up an account and how quickly you can start playing it’s no surprise that one of Bitcoin’s main use cases is gambling. In this article we will go over the top 5 mistakes people make when it comes to choosing and using online cryptocurrency casinos.
5. Not choosing the right games
If you are looking to maximize your chances of winning, you must choose games that have the lowest house edge. Some slot games can have a house edge as high as 10%! That’s simply insane. On the other hand, some games like Dice, Baccarat, Black Jack, etc. have a house edge that’s only 1-2%. Keep in mind that if you are just looking to have fun then by all means choose whatever game you like, but it’s important to keep the house edge in mind if you are looking to have the most chance of leaving with a profit.
4. Not getting out while you’re ahead
That’s a pretty obvious mistake but one that is often overlooked. Many times, when you are on a winning streak you want to keep going and keep upping the risk. It’s important to set a goal ahead of time, and if you hit that goal get out while you are still ahead. For example if you are planning to spend $100 and decide that if you double your initial investment you are going to walk away, then if you end up with $200 make sure to actually stop playing and taking your profit home. This strategy is similar to stock markets when you decide on a position where you will exit no matter what happens. Otherwise, greed takes over and is only going to hurt you in the long run.
3. Not knowing your limits
Another pretty obvious tip is to make sure you know your limits. This applies to all gambling not just bitcoin casinos. If you end up betting too much and losing it, you will be left with a sour feeling which will just ruin your day. Set a limit on what you are willing to lose that won’t affect you emotionally. Gambling is somewhat similar to trading stocks / cryptocurrencies. Just like you don’t want to go all in into some random altcoin, you don’t want to go all in on a random slot or roulette game, you’re going to have a bad time.
2. Not having fun
This is one of the most common mistakes that happens with those gambling with their Bitcoins, they forget to have fun. Most people are so busy thinking of the profit they want to make that they forget to actually enjoy the moment and have fun. Most Bitcoin casinos have a chat feature which you can use to communicate with other players and just enjoy your time on the platform. Make sure you don’t forget to stop for a second and have some fun!
1. Choosing sketchy casinos
This is definitely the most important tip of all. Make sure you choose a reputable casino when looking to do some online gambling. If you choose a sketchy casino not only are you more likely to get cheated out of your winnings, but most likely you won’t even be able to withdraw any of your profits. There are plenty of scam casinos out there that you definitely want to avoid. If you are looking for some quality cryptocurrency casinos make sure to check out NullTX’s list of top bitcoin casinos for 2019.