5 Mistakes to Avoid When Gambling With Bitcoin
Many real money online casinos now accept Bitcoin and some even accept various altcoins. This makes it easier than ever to make an online casino deposit. However, many players make key mistakes that end up costing them money. Today, we will go over the top 5 mistakes to avoid when playing with Bitcoin at online casinos.
Using the Wrong Crypto Address
Bitcoin isn’t like sending money from your checking account or credit card. If you are off by a number, the transaction will not initiate. Often, the account number will be deemed invalid by the casino software.
However, with Bitcoin, if your address is off by a single digit, your money still leaves your wallet and your money is lost. The same is true if you happen to use the wrong address. For example, if you try to reuse an address to send money to an online casino, your second transfer will fail. Make sure you use a new address every time.
The best way to avoid errors in account numbers is to use copy and paste. Double-check and make sure the addresses match before sending funds. This way you don’t lose money.
Depositing From Crypto Exchanges
The first step in playing at Bitcoin online casinos is acquiring Bitcoin. This is easily done through many crypto exchanges. Most think you can buy some Bitcoin and send it on to the casino. Unfortunately, it is not that simple.
While most crypto transfers are anonymous, it is well known that transfers to gambling establishments from crypto exchanges experience problems. Often, your crypto will be lost. Worse still, neither the exchange nor casino will help you. Once your currency is lost, it is lost.
The best way to avoid this problem is to send your crypto from an exchange to a personal or web wallet. From there, you can send your money to the casino. While this seems an unnecessary step, it is a prudent one.
Cashing Out to Crypto Exchanges
It is also not recommended to send withdrawals to crypto exchanges. Some casinos will warn you against sending money to crypto exchanges. Some of this may be because of the payment processor some companies use for crypto.
Again, your best option is to send it to a personal or web wallet. Once you’ve received your crypto, send it to an exchange if that’s what you desire.
Sending the Wrong Type of Crypto to the Casino
Some of you are probably wondering how someone could possibly send the wrong crypto to a casino. If you consider how that some cryptos have similar names, you can see the confusion. The most common is involving Bitcoin.
There are several versions of Bitcoin. There’s also Bitcoin Cash, Bitcoin Gold, Bitcoin SV, and so on. Some people make the mistake of thinking that Bitcoin Cash is the same as Bitcoin and try to use it for Bitcoin deposits. Unless your casino accepts Bitcoin Cash, if you send BCH to a BTC address, it will fail.
This goes for any crypto. Make sure you are sending the appropriate currency and that the address you’re sending it to is for your currency. Otherwise, you will lose your money.
Sending Less Than the Minimum Deposit
Bitcoin transfers work differently than other deposit options. If you try and make less than the minimum deposit using a credit card or checking account., online casinos will reject the deposit. That’s because they can control the deposit at the point of sale.
However, with crypto deposits, you will set up the deposit and then you must send the money separately. It is not a POS transaction.
Let’s say you want to deposit .001 BTC to the casino but you accidentally send .0001. In many cases, the casino will not give you credit for this deposit, and your money is lost. You’ll have to make another deposit.
When sending a deposit, make sure you account for miner fees. If you try and send .001 without adding mining fees, your deposit will be less than .001 and it will fail.