Tips For Staying Safe When You Gamble With Cryptocurrency
- Tips For Staying Safe When You Gamble With Cryptocurrency - June 20, 2017
Gambling with crypto-currencies, such as bitcoin, litecoin, and ethereum, can be easier and more convenient than doing so with traditional currency. But if you aren’t careful, the experience can be riddled with headaches. Keep these tips in mind to stay safe when gambling with cryptocurrency, to avoid having to worry about anything but winning your wagers.
Use A Major Brand
There is a reason that people buy things from companies like Ford and Apple over unproven brands. Established brands have a track record of taking care of their customers, otherwise they would fail. The same principle can be applied to gambling with cryptocurrency. Stick with entities that have documented histories of providing quality services, and let others risk their money to validate an unproven entity. Crypto-gambling sites with proven track records for honesty and fairness include Nitrogen Sports, CloudBet and FortuneJack.
Two-factor authentication isn’t inconvenient, and can be the difference between keeping your account safe and losing your funds to hackers. It’s a no-brainer to activate it and keep your money in your hands, so you can wager with it as you please.
Do Some Research
You wouldn’t buy a car without looking into things like its gas mileage and safety ratings, so why choose a cryptocurrency gambling site without looking into its ability to pay its players and offer the games you want? And this research shouldn’t end as soon as you choose a cryptocurrency gambling site. Performing test withdrawals after making a small initial deposit can give you a first-hand look at how well a site pays its players and whether you should do business with them on a long-term basis.
If a cryptocurrency gambling site doesn’t have strong support systems, it is clear that they don’t care much about their players and making sure that they are having a positive experience. There are a number of crypto-currency gambling forums and subreddits where players leave honest reviews. To get an idea of how much your experience matters to one of these sits, try submitting a support ticket and examine the time it takes to get a response. If it’s more than a day, chances are that the site isn’t worth your time or money.
Avoid Leaving Funds On Exchanges
Bitcoin exchanges are great for helping players to convert traditional currency into crypto that they can gamble with without any legal issues. But exchange sites are also frequent targets for hackers, and aren’t places where you should leave your funds. It’s best to get your cryptocurrency from exchanges, and move them where you need to in a timely fashion.
In cryptocurrency gambling, making sure that a game is provably fair is a must. Provably fair is a tool that allows players to look at the unique identifier that went into each hand or roll, so players know that they aren’t being cheated by casino operators. If your operator doesn’t have this capability, it’s time to find a new crypto-casino.
Withdraw Your Large Wins
When you win big, it’s natural to develop a feeling of invincibility, leading to higher risks and the potential to lose your profits. Instead of engaging in such risky behaviors, it’s smarter to withdraw your bigger win totals, so you can continue to grind away at your normal bet amounts and know that you’ve got some of the house’s money stashed away no matter what happens with your original funds.
Beware Of Overly Generous Promotions
Just like those awful ads that tell you that you can multiply your bitcoin exponentially by investing it with some people you’ve never heard of, chances are that if a promotion sounds too good to be true, it usually is. When it comes to promotions on cryptocurrency gambling sites, it’s a good idea to be skeptical. Figure out what rollover requirements they have, or if the promotion isn’t just a way to entice people to deposit their money before the operator takes it and runs.
My issue with the Crypto Currency industry is the lack of liquidity on any one currency/blockchain. This was highlighted recently in an article on Futurism.com, and IMO, they got it right. It’s just too big a risk if a large sell order is raised and the currency can’t handle it in one go. Or other determining factors like the fake news/death of the Ethereum founder, which saw the currency drop to 0.10c. Maybe the answer is a decentralized trading platform like Omega One, https://omega.one, where by trades are made across all crypto exchanges, thereby reducing fraud, risk and cost.
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Bitcoin, Litecoin, Dogecoin, Dash, Ethereum, Monero, ZCash, GameCredits, NEM, Bytecoin, Sibcoin.
Those are the most popular, you can always check what is the current option available in your country:
Remember enjoy the game!
This tips are superb, Have been looking for these.. Want to venture into crypto gambling
Love this information ….so important to me….need more infor.
This tips are superb, Have been looking for these.. Want to venture into crypto gambling…
I am glad you mentioned doing your research before gambling with cryptocurrency. My friend now exclusively uses litecoin and bitcoin and we are planning on going to Las Vegas in a couple of weeks. I appreciate the tips for gambling with this type of currency.