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Crypto is an enormous craze that it’s difficult to avoid hearing about today. It is seemingly everywhere, and countless people are talking about. That has driven its popularity even further, especially in the world of online betting.
The technology is still somewhat complex, though, and there is something of a barrier to entry. Knowing how to use it isn’t as intuitive for some as it is for others. There are many pitfalls when you’re getting started with crypto gambling, but don’t worry, we are here to help.
Today, we’re going to look at the top four mistakes that new crypto gamblers make. Let’s get started.
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Lack of research
The biggest mistake that new gamblers make when using crypto casinos like Coincasinos is not putting in the proper research. This means research broadly speaking, but primarily that you research well into the casino or betting site you’re considering.
There are many basic things you need to look out for with a new betting site. It needs to have robust security features, like 2FA, and it should really only ask for limited amounts of personal information.
You can also research user reviews. Again, one of the most common mistakes new crypto gamblers make is eagerly signing up for a site with an attractive welcome offer, only to find an unfair, barely functional site.
Check for any specific complaints people have. For example, customer service. If you sign up to a site with limited customer service, when something goes wrong, you are going to have a harder time setting it straight.
All in all, research is the single most important thing you can do. At the very least, make sure the site is licensed by the relevant commission, and that it provides the basic security needs. It’s easy to miss all of this without proper research
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Lack of budgeting
From a gambling perspective, the most important thing you can do before you start is set yourself a budget. This is where most people tend to fail in their crypto betting. As I’ll get into shortly, you’ll need to understand value a slightly different way with crypto betting.
On average, bettors in the U.K. who are identified as problem gamblers have debts in the region of £10,000.
In a great many cases, this is due to a lack of budgeting. With crypto gambling too, many get involved and start betting without a real plan in mind.
This way, bettors end up getting emotional, and betting more than they can afford to lose. Then, when that money is lost, in their desperation to recoup their losses, start chasing those losses.
So, with crypto gambling, you need to set yourself a strict budget. Even if it’s in a crypto amount, you should always stay within your budget and never bet more than you can afford to lose.
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Understanding value
Following on from that, crypto can be a bit difficult to get your head round when it comes to its value. Depending on the coin you’re using, the value can fluctuate wildly. Whereas in normal betting you can bet with nice round figures and multiples of five or ten, with crypto, you’re going to need to understand the value of the coin you’re betting with. One Bitcoin, for example, could be worth anywhere from £10-15,000 on a given day. So, you’re going to be betting with fractions of a single Bitcoin.
If you aren’t savvy on the most up to date value of the coin, you might not understand exactly how much you’re betting.
So, you need to take an entirely different approach to value with crypto betting than you do with ordinary betting.
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Reading the Terms and Conditions
Finally, it’s not something any of us want to do, but when it comes to betting, there is plenty of good
reason to carefully read the terms and conditions before doing anything. Not doing so is one of the biggest mistakes newcomers make.
You’ll need to understand the conditions under which you’re betting, and how well protected your crypto is. You’ll also need to understand the ins and outs of extras the betting site is offering, such as any bonuses or promotions.
It’s very easy to miss vital information and even end up losing money if you don’t comb through the terms and conditions.
The simplest and best advice I can give you, then, is to just do your research. It’s really important that you understand what you’re signing up to before you do it, otherwise you could open yourself up to a world of trouble. Crypto gambling has lots of potential, and there are plenty of ways you can take advantage of it to get ahead. At the same time, you need to know where it is that most newcomers initially fail.
