Cryptocurrencies have been rising in popularity over the last couple of years, with many online gaming providers now accepting Bitcoin (BTC) for payments. Using Bitcoin offers a secure payment method because users don’t need to fill out their details – it’s all operated through public and private keys. Transactions made on blockchains are transparent, which means that no one can dispute a payment was made – this goes both ways. Although this sounds great, there are some hurdles to overcome and considerations to make before you play at a BTC casino; you will find seven great tips to get you started below.
Choosing a Bitcoin Wallet
Your online wallet is where you’ll store your BTC assets, so it’s important to choose the right type. How frequently you play will determine which type of wallet you need. You will find wallets that are easy to access and others that are more secure. More secure wallets are better for storing long-term investments but can make it difficult for spending at BTC casinos. Easy access wallets are convenient, but they are more vulnerable to cyber-attacks. Having a secure and accessible wallet is important anyway, but it needs to align with your spending habits.
Once you’ve got your wallet set up, the most important information to keep safe is your private keys – you won’t be able to access your funds without it. You can give this responsibility to a third party like popular wallet provider Coinbase, but you rely on their data not being breached. You can read more on choosing the correct wallet here.
Choose the Right Casino
There are countless Bitcoin casinos out there, but you need to make sure the one you use is legit. Cryptocurrencies are easy to use, but they are not monitored in the same way that debit and credit cards are. Fortunately, there are plenty of quality sites out there that will even welcome you with generous bonuses. Head over to OnlineCasinos to find some of the best sites to spend your Bitcoin at. You can rest assured that these casinos are secure because they are all 100% verified by the UKGC.
If you’re a beginner to online casinos as well as crypto, make sure you find a site that will give a generous welcome bonus. When you’re able to try before you buy, you can often deposit low amounts and get plenty of gameplay on the house. You won’t be able to access winnings from bonuses easily, but it lowers your financial risk.
Understand the Crypto Risk
When you play games at a casino, there is always a small element of risk – that’s all part of the fun. However, when you invest in Bitcoin, there’s another layer of risk added to your game. Therefore, you need to understand how cryptocurrencies work.
Although using BTC can lower personal risk because you don’t need to give out personal information, investing in the coin itself is highly volatile. The value of BTC is never consistent, with fluctuations happening every day. Typically, its worth can stay within a certain range, but it has been known to rocket unexpectedly, which is when the market works out in your favour. On the other hand, it can plummet much lower than expected, and what people fear is the worth hitting lower than when they invested.
Take time to learn the market and be sure to only invest a small amount of your Bitcoin portfolio. Another risk to look out for is accidental purchases. Due to the way blockchains work, there is no way to reverse a transaction – be vigilant when making payments.
Use a VPN
Bitcoin is relatively secure, but as with all online activity, there are always vulnerabilities. You can mitigate this risk by using a VPN when using BTC casinos. When you use a VPN, your real IP address is hidden and all of your details are encrypted. Your internet service provider (ISP) will know that you’re using a VPN, but they won’t know what you’re looking at. As well as keeping your ISP out of your online affairs, it makes your transactions much more secure from would-be cybercriminals.
A VPN offers you more protection, but don’t be fooled into thinking your activities are completely hidden. Your information is often stored by the VPN provider, which means your data is only as secure as their infrastructure is. Make sure you carry out adequate research when choosing a VPN.
Know Your Betting Style
Everyone has a different style of betting, and it’s more important to know yours when using BTC casinos than regular ones. Some people pick random variables and others seek more control. Some people choose their cards and others play reels. Once you have found a style that works for you, find other games that cater to you; there’s no point spending BTC on games you don’t enjoy.
Take it Slow
People get excited when they start playing at Bitcoin casinos because they want to win big. Unfortunately, this leads to betting more money in one go, which can also lead to losing more money. This can put people off using Bitcoin casinos in the future because they think there’s too much risk. The key to enjoying your time in crypto casinos is to take it slow and only gamble a percentage of your BTC.
The 1% Rule
On the topic of spending your Bitcoin wisely, there are certain unwritten rules when it comes to investing. Typically, you should only hold 5% of your total assets in cryptocurrencies, which is a relatively low number. Therefore, when it comes to gambling your crypto assets, it’s suggested that you only assign 1% of your total crypto assets towards gambling online. When you start playing with larger figures, the risk factor rises exponentially. When you do start using more than 1%, make sure you’re not a beginner.
Bitcoin casinos are growing rapidly in number, with many people turning to cryptocurrency as a more secure way to pay. Although there are clear benefits to using crypto, it’s important to understand the risks involved. Use the tips above and you’ll have fun at BTC casinos.