We have a popular saying that no one is above mistakes. However, we can’t deny that there are challenges for punters in the Online Cricket Betting ID Thankfully, mistakes made with traditional currencies can be fixed with a call or trip to the customer service representative in In Cryptocurrency Gambling.
Amazingly, cryptocurrencies aren’t bound by the bureaucratic processes of banks. Also, the freedom and control a person can exert over his crypto earnings are the core reasons they are gaining popularity.
Indeed, cryptocurrency gambling is not too different from regular online betting. Nonetheless, the major difference is in the currencies used. So whether you are a crypto miner or trader, you need to look out for pitfalls when investing in online gambling.
Pitfalls To Avoid When Gambling Using Cryptocurrency
Several mistakes will cost you your bets even in reputable crypto casinos. Hence the need to avoid them at all costs to ensure a smooth gambling experience. The following are loopholes to watch out for when gambling with cryptocurrency:
1.Wrong recipient address
Customer service representatives help you address any issues during transfers in traditional currencies. Similarly, crypto gambling sites offer some form of customer support to their members.
However, little can be done if you make a crypto transfer to the wrong address. Once you make transfers on the crypto network, they are as good as gone. Therefore, it’s good practice to take a moment to double-check before sending valuable crypto assets during bets.
2.Making transfers in the Wrong Format
This mistake may not be common as it is peculiar to certain tokens, such as the US Dollar Tether token. The token maintains a fairly stable state by being tied to the US dollar. Hence, players often prefer to bet with this cryptocurrency because of the security against volatility.
However, the Tether has two encoding formats; the main Tether format and the Ethereum blockchain format. Therefore, it’s necessary to avoid sending tokens or even bitcoin to the wrong blockchain. Once done, there is no way to recover them.
3.Making the Wrong Wager amount
Understanding conversion rates of cryptocurrencies with traditional currencies is vital. For instance, Bitcoin can be traded to 12 decimal places. So if 1 BTC is worth $40,000, that means that a wager of 0.10 BTC is about $4,000 and not 40 cents.
This simple mistake can be avoided by taking the extra steps to ensure you make the correct wager.
4.Wrong Gambling Platform
While technology has allowed traditional betting sites to accept wagers in cryptocurrency, others exist only on the blockchain. These platforms may have no customer support to assist you in the event of a problem.
This pitfall is similar to the mistake of making transfers in the wrong format. If you transfer the wrong currency on the wrong blockchain, you lose it forever.
5.Low amount of Crypto Assets to Wager
Imagine depositing bitcoin to make a wager in a 15 mins game only to realize that your deposit never went through. This can be frustrating, making you lose games without even playing.
Nobody owns the crypto network, and there is no guarantee on how fast your transactions go through. It may take as little as 10 mins or even 30 mins for your transaction to register on the blockchain. Avoid this pitfall by making your deposits well before the gameplay
Pitfalls to avoid in Online Crypto Casinos
Today, Cryptocurrency fraud is growing at an alarming rate, and it’s affecting the online casino industry. While several reputable crypto casinos take steps to ensure safe gambling, there are others specifically designed to scam players.
The following list of pitfalls is directly tied to the online crypto casinos:
6.Absence of license and Certification
Running a check on the casino license should be the first point of call for picking out a fraudulent gaming platform. Note that licenses and certifications are often displayed at the bottom of the landing page of casino websites.
Placing bets in an unlicensed crypto casino has no guarantee of payouts if you win. Consequently, your crypto assets will be long gone before you realize it.
7.Poor User Reviews
If people give poor reviews about the crypto gambling platform, you need to consider looking elsewhere. Nevertheless, beware of bad reviews from agitated players who may have lost a couple of gambling Cricket ID rounds.
It’s wise to look for anything related to fraud or even fraud attempts among the user reviews.
8.Absence of Customer support
There is a high probability that you will run into some challenges if you use a gambling platform for the first time. Therefore, before you start gambling, make sure to check for the casino’s customer support.
What happens when there is a technical fault during gameplay? Unfortunately, as scary as it is, some crypto casinos will attempt to rip you off by refusing to offer support services. So, it helps to be careful when choosing a gaming platform to place bets.
9.Poor Software Implementation
Crypto casinos use software to organize their games and process payments to winners. The software used could be either a good one or a manipulative one. Some casinos may even go as far as manipulating the game results.
Casinos with poor software implementation may withhold your payments for strange reasons. Therefore, players should ensure the gaming platform of their choosing is wholly reputable before making any gambling attempts.
10.Request for too much Personal Info
If a crypto gambling site requests too much information, it is probably a phishing site. Unfortunately, hackers are known for putting up fake websites to harvest sensitive data from unsuspecting players. Thus, once sensitive information is required from you, this should be a major red flag.
Be careful about the information you enter on the crypto gambling site. If you feel uncertain, you can always double-check for the other pitfalls listed above.
Crypto gambling has allowed people with crypto assets to enjoy the trappings of the online betting industry. However, since there is no governmental regulation on blockchain technology, being careful when using crypto casinos can’t be emphasized enough.