The one thing everyone knows about Bitcoin, and crypto in general, is that there are risks involved. This is also one of the things everyone knows about betting - so when it comes to betting with Bitcoin, it does become vitally important to be aware of the potential risks. Betting safely with Bitcoin certainly isn’t impossible, but it will always be a good idea to do the groundwork and check every investment you make on a regular basis, whatever that investment may be.
If you’re interested in signing up for a crypto casino, then there are always useful pieces of advice to keep in mind. The following tips are the absolute minimum steps you should be taking to protect yourself.
Research the casino
There are crypto-based betting sites that have been around for close to a decade, even before Bitcoin was a word used in most households. These sites have been through a lot - crashes and price spikes alike, just to begin with. These are the casinos you can trust, and these casinos are the ones that can handle whatever the future throws at them. They’ve survived this long because they look after their customers, so they’re the ones you should look at first when you’re considering signing up.
Get yourself a cold wallet
Even some crypto whales have experienced the horror and the ignominy of being hacked and losing their coins and NFTs. This is a fate that becomes more likely the more you leave your coins to be handled by online wallets and brokerages. When you buy Bitcoin, store it in an offline wallet. Better yet, store it in a hardware wallet that needs to be attached to your PC or laptop whenever you want to use it. That way, your Bitcoin will only be online when it is being transferred to the casino: keeping control means staying safe.
Play provably fair games
One benefit of crypto casinos is that they tend to be more adaptive to newer tech than standard casinos, and this is why there are more Provably Fair games at the former. Essentially, these games make their code available to everyone so that you can see their algorithms are fair. Not all games at Bitcoin casinos are provably fair in this way, but those that are will be signposted, and are worth supporting for obvious reasons.