Gambling can be fun and intriguing, especially if you are using Bitcoins which give you more privacy and anonymity while enjoying all that a casino can offer you. However, as with any other payment method, you need to tread carefully if you want to walk about of the casino as a winner, not a loser who just gambled away all those BTC’s.
Here are the main safety tips you should keep in mind when you are gambling with Bitcoins.
1. Never ever give your Bitcoin wallet’s private key to anyone
The first rule of dealing with Bitcoins: never give your private key to anyone.
It’s the most basic and most important safety tip that you should always keep in mind. Your Bitcoin wallet’s private key is similar to a regular bank PIN and it goes without saying you should always keep such information secure.
2. Gamble with only the money you’re willing to lose
Before you start playing in a casino and gamble on different casino games, you should set aside an amount you are willing to lose. Though it’s possible to win in a casino – and win big – there’s no guarantee and if luck is not on your side, you might lose all your Bitcoins. For that reason, only deposit such amount you’d be okay with losing.
3. Keep track of your BTC’s
It’s easy to “lose touch” when dealing with cryptocurrencies. Since the money is not physically under your nose 24/7 and not staring at you from your physical wallet, you might not develop a stronger sense of the money you have, so you might act carelessly and accidentally gamble away all of your crypto coins.
To avoid that from happening, start budgeting and writing down each and every deposit and withdrawal you’ve made on your casino account. It doesn’t sound like fun but in order to have fun, it’s a crucial step to take.
4. Don’t gamble away your winnings
As Bitcoin’s value seems to increase every minute, it’s very tempting to just keep playing, win more BTC’s and then “get rich”. To be frank, there’s 99.9% chance that’s never going to happen. Gambling with your winnings is a very dangerous road to take and most likely, it will lead to losing those winnings and walking away with little to no Bitcoins.
Don’t be the slave of your impulses and withdraw the winnings as soon as possible. It’s always better to be on the safe side, especially when you are dealing with luck-based games and a very volatile currency such as Bitcoin.
5. Don’t take it too seriously
Gambling is not a means to earn money, unless you’re the owner of the casino. Gambling is meant to be a relaxing entertainment that can take your mind away from everyday worries and when you’re lucky, there’s even a chance to win a little something.
But everything will go downhill if you start taking gambling seriously. Gamble reasonably and remember that it’s just an entertainment. Don’t stay in the casino for longer than a couple of hours a week or even less. And if you win some more BTC’s, transfer those to your wallet immediately so you can actually enjoy the winnings, instead of walking away with disappointment.