Common Mistakes To Avoid When Gaming With Crypto
One of the most popular ways to game, especially at online casinos, is to use cryptocurrencies such as Bitcoin. And, as you will expect, because cryptos are now very much a mainstream product, more people than ever want to use them to fund their gaming activities. But there are common mistakes to avoid that everyone should be aware of.
Don’t put all your eggs in one basket
One of the most common mistakes to avoid when gaming with crypto, if not the most important, is not to put all your eggs in one basket. And what we mean by this is a lot of people will notice that Bitcoin is the most reputable crypto out there, and reputable online betting brands accepting crypto all give the thumbs up to the world’s leading coin.
But, because of the natural volatility of all cryptos, including Bitcoin, those who may have a wallet full of BTC can see its value drop dramatically at any given moment. But by having multiple crypto coins available, if the value of one drops, it doesn’t necessarily mean the price of the others will too.
Transact using a wallet and not an exchange
For anyone who has a basic understanding of cryptocurrencies and how to go about making transactions using them, they’ll know that, in most instances, what you do is deposit and withdraw using a crypto wallet, of which there are many types. Doing it this way is the best way. It’s not up for debate.
However, another common mistake that occurs, and usually with those new to cryptocurrencies, is that because it is understood they must buy crypto to then use when depositing at an online casino, it can be seen why it may be preferred to transact everything directly to and from an exchange, arguably because of the convenience. But this is a big no-no for multiple reasons, one being that if an exchange collapses or the service is halted, users potentially then lose all their funds. Store everything in and transact everything via a wallet, and then these risks are no longer present.
Learning as you go
In many circumstances, thinking about learning on the job is a positive rather than a negative. And in many ways, doing so where crypto and gaming is concerned can be beneficial, but this isn’t the case across the board because funds are at risk. When funds of any type are in use and potentially at risk, having an off-the-cuff approach can increase the risk level, which isn’t ideal.
The way to offset any risk is to prepare before the actual doing, which means putting in the time to research. Research topics should include cryptocurrencies, how to use them to make transactions at online casinos, crypto-based casino games, crypto wallets and more. If a person arms themselves with the basics, that will stand them in good stead, and they’ll be in a position where they can then learn the rest as they go.