Everyday, we are literally bombarded with information regarding cryptocurrencies, crypto-investments and crypto gambling and we have come to think of ourselves as – at least- knowledge holders of the crypto world and its basic functions and operations. Of course this is millions miles away from the truth – that is for most of us, let’s don’t just generalize assumptions – and it is also very risky if we decide to utilize our ‘hypothetical’ good knowledge over cryptos in inherently risky actions, like betting.
Even if we choose to use cryptos for betting in the best bitcoin casino in the Philippines, where admittedly there is an aptness for cryptos, we are still running the risk of hitting bottom rock unless we deal with some mistakes, which are very common, on the one hand, but they are very challenging and potentially “damaging” for our bankroll, on the other hand.
Let’s go and see which are these mistakes and how we can deal with them so as to keep ourselves safer, when betting with cryptos! These mistakes are for the most part concerning rookies and newbies, but it would be a good idea for everyone to read them, as sometimes it is also the Pros that fall into their trap.
1. No betting knowledge
One thing that many people plausibly think is that crypto owning is similar to crypto investing. This is because in the bottom line acquiring cryptos for the most part comes from investments and keeping cryptos is pretty much the same. But this reasonable assumption leads to a false thinking that investing in cryptos makes you good at gambling or betting with cryptos. However, they don’t work in the same way.
Betting is not the same as investing and for that reason it requires understanding of how it works, how it functions, how the implied probabilities of events are expressed, how prices are compiled and how the odds are set by crypto casinos and sites. So, getting into crypto betting without any knowledge over betting itself is a critical mistake that can lead you to crypto-losses!
2. No sports knowledge
It is one thing to know about betting and another thing to know about the sports on which you are betting. And take a guess… It is important to know both. If you want to bet with your cryptos make sure that you are also familiar with the sport itself, or else it is like simply putting your cryptos out there with the hope that they will be multiplied.
3. Using highly volatile cryptos for betting
Cryptos have too many advantages and benefits for the users, but they can be challenging as well, especially when it comes to the fact that they are volatile. Indeed cryptos’ volatility is one of the most critical “weaknesses” of digital assets and this is something that we should always keep in mind, not only in betting with cryptos but in every transaction with cryptos.
One common mistake in crypto betting, thus, is not to have in mind or neglect that prices do not remain stable and that there is so much volatility that we can see prices drop sharply and suddenly every other day, or the other way around of course. So, we should do our research and see which are the most volatile crypto currencies in order to avoid using these cryptos in betting. Or we should search for betting sites which make the exchange on their own – to the fiat currency and secure ourselves from fluctuations.
4. Going with the first available crypto gambling site
Another critical mistake in crypto betting is to go with the first available site without doing any research or without shopping around. Scams are everywhere and the world of crypto betting is certainly one which has many unreliable and non-legitimate websites which are primarily interested in getting you to bet your cryptos without actually offering anything substantial. So, it is important that you select a trusted platform or a gambling site to bet with cryptos.
5. Betting just for the sake of betting
Finally, betting just for the sake of betting using cryptos is another crucial mistake, based mostly on the fallacy that cryptos have an inherent element of gambling in their nature and so what is more suitable than betting with cryptos? Clearly this is a wrong perspective and a risky approach. You should engage in crypto betting because you have a strategy, a plan, even an intuitive feeling or a hunch, but not because you think that betting with cryptos is the best thing to do with cryptos.