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4 Common Bitcoin Casino Mistakes You Must Avoid

Written by Contributor, on 20th Oct 2021. Posted in General

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With Bitcoin continuing to surge in value and the crypto market in general enjoying a bullish run of form, it is becoming harder to ignore the wider implications of this trend.

While many people see Bitcoin as a value store, it is also being embraced as a means of paying for goods and services. Online casinos were among the earliest to adopt cryptocurrency as a means for customers to make deposits, and so can be partly credited with the current boom in this market.

Not every casino site supports crypto, but those that do are increasingly common. That said, you can still make all sorts of missteps if you want to enjoy web-based gambling courtesy of your crypto assets.Here is a look at a few of the most widespread foibles so that you can hopefully avoid them.

Misunderstanding the types of casinos available

As explained in this special guide about Bitcoin games, there are actually two main varieties of online casino service which support cryptocurrencies in some shape or form. If you do not know the difference between them, you could be caught short.

The main thing to note is that while some will operate entirely using blockchain technology, providing added anonymity to users as a result, others will simply allow crypto deposits to be made, but will change the coins into a more standard currency type so that games can be played.

The latter variety, also known as hybrid casinos, may not actually allow you to withdraw your winnings as Bitcoin because of the way they are designed. This is not always the case, so reading the small print is important and knowing what rules apply to a specific site and service will help you avoid disappointment.

Falling for scams

Because of the unregulated and decentralized nature of cryptocurrency, it is frequently targeted by cybercriminals looking to trick unsuspecting victims into parting with their Bitcoin.

Scams are rife throughout online services, and casinos are no different, yet extra vigilance should be used if you are looking for a site that accepts crypto for deposits and withdrawals.

Your best option is to make sure that you only play on sites which are fully regulated and independently reviewed to ensure safety and security for customers.

At the moment, only a small number of regions have licensed and regulated casinos where Bitcoin transactions are permitted, with the UK being at the top of the list in terms of global prominence.

There are of course challenges and compromises which come with playing on casino sites that are hosted overseas, especially if your own area does not currently support domestic online gambling. Even so, making sure that you avoid dodgy sites and stick with reputable operators instead is essential.

Errors during deposits & withdrawals

If you are an experienced user of Bitcoin and other blockchain-based currencies, then you know how important it is to double check the address of the recipient when you are carrying out a transaction.

A mistake at this point could leave your crypto in limbo, deliver it to the wrong recipient or completely erase it altogether.

It would be heartbreaking to attempt a deposit into an online casino service, only for the funds to never show up at their intended destination, and the same goes in the opposite direction for withdrawals.

The key is to ensure that you copy the address provided by the operator exactly, and that you check it thoroughly to ensure it matches up, before initiating the transfer of Bitcoin from your wallet.

Likewise if withdrawals in crypto are offered by the casino in question, the same level of rigor needs to be applied when you are adding the address of the wallet you want the funds sent to.

Impatience

The last but by no means least frequent issue encountered when using Bitcoin casino sites is a lack of patience.

This all comes down to the way that crypto transactions are processed, and while in some cases it may take a very short time for your currency to become available for placing wagers, in others it could take a lot longer.

Rather than immediately worrying that a transaction has suffered a mishap of some kind if your deposit is not instantly showing up in your casino account, it is better to keep calm and wait it out.

Reputable casino operators should have support teams on hand to help you out if you have any issues, so the main piece of advice is to ask for help if you need it.

Image Source: Pixabay

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