People make mistakes. People can also correct their mistakes.
Gambling with Bitcoin presents its own set of unique challenges when it comes to doing things the right way. Many mistakes that can be made with traditional money can be fixed by a customer service representative or a banker.
But Bitcoin’s mission is to allow the individual to be their own bank. That means there are certain kinds of mistakes related to Bitcoin gambling that can cost you a fortune in ways betting with traditional money won’t.
Let’s help you avoid making some of those mistakes before it’s too late. Here’s a list of the top Bitcoin gambling mistakes you’re going to be able to avoid moving forward.
Sending Cryptocurrency to the Wrong Address
When you make a mistake with your wagers in traditional fiat currency, you not only have access to a customer service representative, you can also call your bank or your credit card provider if there is an issue. The betting site can also deal with credit card companies and third-party payment providers to help you out.
On a Bitcoin gambling site, you’ll still have the benefit of reaching out to a customer service representative, but they won’t have anyone to complain to if you send your Bitcoin to the wrong address.
Once you send money through the Bitcoin network, it’s gone for good. As they say in the world of home improvement, when it comes to sending Bitcoin, you should “measure twice and cut once,” so to speak. In other words, confirm that you’re sending your Bitcoin to the right place twice before you click “send” once.
Sending Currency In The Wrong Format
Sending crypto to the wrong address is one thing, but there is also such a thing as sending it in the wrong format. This particularly applies to the US Dollar Tether token. It’s a token tied to the value of the American dollar that doesn’t really fluctuate. It’s a way to bet with cryptocurrency without having to deal with the volatility of it.
The downside is that Tether is encoded in two formats. One is its own Tether format. The other works with the Ethereum blockchain. If you send Tether tokens to the wrong blockchain, or Bitcoin to the wrong Bitcoin blockchain (Bitcoin Cash, Bitcoin SV, etc.), your money is gone forever and there’s nothing you can do about it.
Wagering the Wrong Amount
Bitcoin trades to 12 decimal places. Traditional money only trades to two. You have to keep in mind that if one Bitcoin is worth $10,000, that means a wager of 0.10 BTC is worth $1,000, not 10 cents, and 0.00010 BTC is worth $10, not a fraction of a penny. This might seem simple now, but making a mistake placing a wager to the wrong decimal place can cost you lots of money.
Betting on the Wrong Platform
Several traditional betting sites like Bodog and 5Dimes are now accepting wagers with cryptocurrency, but there are also crypto betting platforms that exist solely on the blockchain, with no customer service representatives to help you at all. You can send the wrong currency on the wrong blockchain and lose your bankroll if you don’t know what you’re doing.
Not Having Enough BTC In Your Bankroll To Wager
Picture this. You want to bet on Sunday Night Football and kickoff is 15 minutes away. You decide to deposit Bitcoin only to find out that the game has started and your BTC doesn’t show in your bankroll yet. You contact customer service and they tell you they haven’t received the funds yet.
This scenario happens on a regular basis. Since nobody owns the Bitcoin network, no one can guarantee how fast your transaction will register on the blockchain. Sometimes it may go through in 10 minutes. Other times it may take 30 minutes. It depends how congested the network is at the time you generate your transaction.
Nobody can control this. The best thing you can do to avoid not having enough Bitcoin to place your bet before kickoff is to make the transfer sooner rather than later. Otherwise you may find yourself on the sidelines.
There you have it. The top five Bitcoin gambling mistakes you’re now equipped to avoid. May the winners be yours.