This is the age of the crypto revolution and blockchain technology. Even though cryptocurrencies have been around for a while, CryptoBetting is still infantile. Yet, there’s such a big craze about this sub-niche of online betting that so many betting enthusiasts jump in head-on without looking properly, only to crash land.
We don’t want you to crash land, which is why we have sweated blood and tears to bring you the most common mistakes novices make when trying out Bitcoin betting. Keep reading so that you won’t make any of these mistakes yourself and ruin your safe and secure crypto betting experience.
10 Top Crypto Betting Mistakes to Avoid
To keep your Bitcoin bet-winning dreams afloat, here are the 10 most common Bitcoin betting mistakes newbies make. Although this list isn’t exhaustive, it covers everything you need to know.
- Betting on Fake Crypto Casinos
This pitfall is one of the most common and so many people have been victims. When you want to bet on a Bitcoin betting site like a BTC-based online casino, you’ll find two kinds of sites.
The traditional online betting sites that formerly accepted fiat currencies followed the trend to include cryptos as a part of their portfolio. The second type of website is newer ones that accept cryptos exclusively – in this case, BTC.
It’s always safer to use the former type of website than the newer ones. That’s because the conventional ones that include cryptos as a payment option have wider coverage and a reputation to protect than the newer, relatively unknown, and exclusively Bitcoin betting websites.
Additionally, don’t forget to read the reviews of other previous bettors who have used that Bitcoin betting site. You need to do extensive and detailed research before giving up your hard-earned crypto. If you don’t, it may end up on a fake Bitcoin betting site.
Remember to study the terms and conditions of the Bitcoin-betting platform before giving them your tokens. You can see a red flag by just following this tip.
- Not Doing Sufficient Research
Research is important because good research will get you legit, safe, and secure crypto betting sites to wager on. Furthermore, you’ll have good knowledge of which team to place your bets on because of its Bitcoin sports betting.
You’ll know which one has a higher chance of winning based on the information you have gathered about away and home form, playing schedules, injuries to players, past team results, and others.
- High Wager Betting for a Rookie
When starting out with Bitcoin betting, don’t be overly excited and pumped out about cashing out huge rewards when you bet humongous bets. If you end up losing, it’ll hit you hard, and you may become discouraged.
Rather, a better strategy would be to start with small bets and increase gradually as you win. This strategy will boost your confidence, and you won’t be disappointed if you don’t win. Remember to keenly look at the digits before the decimal point so that you don’t wager on something else that wasn’t your intention.
- No Budgeting
A lack of a budget plan can cause you to lose large sums of money. This strategy helps you keep greed in check. Always prepare a budget before you begin each betting session. This will prevent you from losing all of your cryptocurrency. When you’ve reached your limit, discipline yourself not to go over it, as this may end up bad if you do otherwise.
- Incorrect Wager Betting
Many newbies to Bitcoin betting make this mistake frequently. Betting with cryptocurrency is very different from betting with fiat money.
In conventional fiat money betting, you only have two decimal places, but in Bitcoin betting, you may have as many as 12 decimal places, which can be quite confusing. That’s why it’s important to take your time and study this system first before placing bets so that you don’t bet more than you planned. This mistake is very common in Bitcoin casinos.
- Falling Prey to Scams
You should be careful when looking to place bets on Bitcoin betting sites. Some fraudsters may pose as genuine operators and offer you deals that are too good to be true. Don’t fall for this because, if it’s too good to be true, it’s probably not true.
- Crypto Wallets that Are Virus-infected
Some crypto wallets out there for storing your cryptos are loaded with viruses. You shouldn’t just go to the Google Play Store or iOS App Store and download an unknown app. You may be saying goodbye to your crypto tokens. Use well-known wallets like MetaMask, Trezor, Ledger, or Exodus. These crypto wallets are secure and safe.
- Fake Coins
Some newbies fall into the pitfall of buying fake digital coins. That occurs because there are so many crypto tokens that distinguishing which one is legit is tricky. You may lose your personal information and your cash in some cases. Therefore, make sure you do your due diligence when researching Bitcoin betting websites and tokens.
- Betting on Games or Teams You’re Not Familiar with
This error is common among novices in Bitcoin betting also. If it is a slot game or a sports match, you should not just jump into it because there is a big jackpot attached.
Never bet in unfamiliar waters; get acquainted with the game, sports team, or match first before placing your wager. That could save you some disappointment. Good research cannot be over-emphasized.
- Having Huge Expectations
A lot of new bettors in crypto betting come with so many expectations that they think they’ll land a big jackpot after a few betting rounds. The bitter truth about betting is that you’re far more likely to lose than win.
Many of the big wins you see come after so many trials, so control your expectations and plan your strategy carefully. Be encouraged when you don’t win, as you’re likely to win big in the long term. Not giving up too easily is a good strategy too, which is why you should start with small bets.
There you have it. We have looked at the commonest mistakes rookies in Bitcoin betting are guilty of. Even though Bitcoin betting on casino websites is a bit similar to conventional betting online, you should watch out for these mistakes. Make good use of promotions and bonuses; make and stick to your budget plan; take a good look at the casino’s terms and conditions; and make sure you send your Bitcoin tokens to the right address.
Above all else, good research is premium as it’ll save you from making most of the mistakes we have outlined above. Therefore, let this article be your bible, and keep it dear to your heart so you don’t get yourself into a rough start. Good luck winning on crypto betting sites.