You might be a crypto newbie, or maybe you’ve been playing crypto gambling for a while and just didn’t know it, even so, there are several ways to play crypto gambling if you’re new to this exciting but also challenging space and to help you get started, we’ve outlined five ways you can play crypto gambling if you’re new to the game; however, before you dive in, know that these aren’t necessarily the safest or most profitable ways to gamble with cryptocurrencies, make sure that what you’re doing is right and that you have the necessary precautions in place.
Don’t Wager More Than You Can afford to Lose
Before you start playing crypto gambling it’s a good idea to make sure you have a plan for when things start to go south, one of the most important things you can do is to avoid wagering more money than you’re willing to lose and make sure that you’re aware of your limit and have a plan for when things start to go south.
One of the best ways to do this is to sit down and write out all of the possible scenarios that could result in you losing money, make certain that you’re aware of the different possible outcomes and what would happen if you lost that much money and keep this information close to the chest — it’s best to keep a tight lid on things when you’re just getting started in this exciting new space.
Only Play with reputable sites
You might notice that there are quite a few casinos and gambling websites that are listed on this list, and while it’s great to play at casinos where they take precautions to make sure you don’t lose money, it’s also important to choose trustworthy casinos; sites like these tend to have good reputations and are less likely to engage in bad practices.
Limit the amount of cryptocurrency you play
Many new players get into crypto gambling thinking that they can play with massive amounts of money and win big, while it’s understandable that you want to start small and work your way up to more risk-filled trades and bets, this approach won’t work in the long run; the reason is that it’s much easier to lose money when you’re just playing a few dollar worth of cryptocurrency at a time.
Choose altcoins over Bitcoin
The SEC has also warned financial institutions that they must examine the potential risks posed by cryptocurrencies, which means that many of them could be added to the list of banned entities as this could lead to many cryptocurrencies being lumped into one category and banned, including altcoins; it would be a much better decision for financial institutions to ignore the SEC’s warnings and list the entire cryptocurrency market as a whole as being in an amber alert — a warning that things are not yet under control.