Crypto betting has taken center stage in the online staking scene, with new punters trying it every day. However, the cryptocurrency wagering scene isn’t without its hassles, some of which can cause a heavy loss of funds. But According to the CryptoBetting’s experts, these pitfalls aren’t infallible as long as bettors know what to look for.
As such, this article will provide information regarding some of the hitches in the cryptocurrency wagering scene. Avoiding these pitfalls will allow you to enjoy your crypto staking experience.
Table of Contents
7 Crypto Betting You Should Avoid
Betting with digital currency offers various benefits, which sometimes makes bettors blind to its many dangers.
The list below exposes some of the hazards of Bitcoin betting and the ways that you can avoid them:
Staking on Fraudulent Sites
Like traditional wagering platforms, some cryptocurrency betting sites are not trustworthy. Some of these sites are run by scammers, so dealing with them is risking your money. As such, all punters should ensure they are visiting a legitimate site before staking with them.
There are several ways to single out trustworthy cryptocurrency wagering platforms, with some including the following:
- Most trustworthy Bitcoin casinos, like the Malta Gaming Authority (MGA), are licensed by a recognized authority.
- Trustworthy betting sites have good online reputations.
- Trustworthy staking platforms offer reliable customer support channels.
Making Mistakes in the Betting Amount
If you aren’t already aware, most of the cryptocurrencies out there are worth more than fiat currencies. This means that the value of 1 ETH (Ethereum token) is incomparable to 1 USD (United States Dollar).
However, many long-time bettors fall into old habits when they place their wagers. For example, they might make the mistake of wagering the exact amounts as they would with fiat currency. As such, punters are always advised to cross-check their bets to be sure that it’s what they want to stake.
Cryptocurrency wagering platforms run on blockchain technology. One of the core rules of a blockchain is that there are no take-backs, as all transactions are permanent. This means that any initiated trade must be completed; it cannot be reversed for any reason.
The same principle is applicable on a Bitcoin wagering site, as all bets are permanent. Their hands are tied even if the online platform wants to help you. So, if you mistakenly wager 0.1 ETH instead of 0.01 ETH, you’ll have to live with it.
Depending on the Stability of Cryptocurrency:
The first thing that most people come to understand regarding digital coins is that they’re unstable. For example, the value of 1 Bitcoin (BTC) today might not remain the same tomorrow. Sometimes its price can change multiple times in the span of a few hours.
Many investors in the Bitcoin space have reaped tons of benefits from this instability. However, this might not always be the case for a punter.
A crypto bettor could win 3 ETH in a game with plans to withdraw it later. However, the instability of these digital coins can cause his wins to have much less value than when he won them. A bettor can’t do much in such cases rather than wait for the value of the cryptocurrency to rise again.
Purchasing Fake Coins
The crypto scene is still growing, and new coins are released regularly. As always, digital coins are the cheapest when they’re entering the market. This causes a bull rush where everyone tries to get a hold of these coins before they’re sold out.
However, not all new coins turn out to become the next Ethereum or the next Bitcoin. Some of these coins die out and lose value after the hype is over. Others are just phoney coins that are released by con men to scam people out of their money.
Hence, it’s imperative that all bettors who want to purchase a low-cost altcoin avoid these phoney and useless coins. Some of the ways to avoid these useless and phoney coins include:
- Researching the coin online to see if they have a good roadmap and white paper.
- Searching for the developers behind the coin to see if they are well-known figures.
- Staying away from digital coins that don’t have any substantial investments.
- Staying away from digital coins without any strong social media presence.
Regarding bonuses, conventional casinos are incomparable to Bitcoin betting sites. Since the government or any regulatory agency does not restrict them, they can offer many bonuses.
Regardless of how good a bonus is, there’s a limit to what a crypto casino can offer. If a bonus is too good to be true, then it’s not true.
After reading the attached terms and conditions, you can always single out an unrealistic bonus. But, unfortunately, most people don’t do this, and they get caught in a web of their own greed.
Avoiding Bankroll Management
Crypto betting can be addictive, and the feeling of earning cash without doing much is indescribable. So, a punter can be caught in the moment and wager more than they would like to. In the worst-case scenario, they could lose everything.
Hence, bettors are always advised to practice bankroll management. If you know that your self-control is thin, you can fund your casino account with funds for only one round. This way, you won’t get caught in a frenzy and bet more than you planned to.
Trying to Find a Pattern in a Game
Bitcoin betting platforms work with Random Number Generators (RNG). This means that the results you get in your card games or slot games cannot be calculated. These games are supposed to be based on luck, and the RNG assures that.
Although Bitcoin betting sites are seen as the future of online staking, these hazards are still present behind the scenes. As the crypto scene develops and innovations come up, they might be rectified. However, until then, bettors can only do their best to recognize these pitfalls in advance and avoid them.