Press "Enter" to skip to content

Things to Know Before Gambling With Cryptocurrencies

Many people are discovering online casinos and betting sites that accept Bitcoin and other Cryptocurrencies. Here’s what you need to know before you test casino gambling.

We’ve all seen it in movies, our hero will sit at a Blackjack table, run some calculations, and by the end of the scene, win millions. We have seen jackpots won on slot machines, massive wins on Roulette and other Casino games. Those are movies.

In reality, Gambling should never be about winning big money. It should be about enjoying yourself while you try your luck and some skill.

My first brush with a casino was over 5 years ago. I was in Vienna where I won 30 EURO and left. From then on, Casinos became my favourite way to pass the time. I have won and lost money multiple times. I keep experimenting with new casino games even today.

In India, only two states are allowed to have casinos – Goa and Sikkim. I have known many friends who plan Goa trips just to hit the big boats that host huge casinos in the middle of the sea. But with Bitcoin and other cryptocurrencies, access to online gambling is easier than ever. And eventually, everyone of you, who trade in cryptocurrencies, will discover it and will be tempted to use it.

Many Youtubers in the space have been promoting gambling sites for months now. You may have used fantasy gaming (not gambling) sites like Dream11 or poker sites like Adda52 already.

Poker and Fantasy games are considered “skill games”, but you risk losing money there as well. That is why it is important that you understand Gambling, its psychology, and if you want to gamble, only use it as a recreational tool.

Recreational Gambling – dos and don’ts

Mark DeVol and Dr. Mike, the hosts of the highly regarded, You Can Bet on That podcast, can be credited with coining the term “recreational gambling”.

The term Recreational Gambling is used to describe people who consider gambling to be a non significant activity. They play occasionally, taking account of their financial limits and knowing how to end the game in a controlled way. They accept that they might lose money and do not play on in order to recover their losses.

Gambling should make you excited, happy that you did something different, something unique, not because you won a lot of money. In other case, you should also not be depressed about losing money.

Eddie Miroslav, the founder of online casinos Primedice and Stake.com says “the phrase bitcoin gambling should be viewed as a sport is in many ways simply correct”. The Australian compares gambling and investing in Cryptocurrencies to cricket. “You’ll be bowled a no-ball which may give you a free hit. Or you may be beaten all ends up, clean bowled”.

You need to know when to let go.

BUT LETTING GO IS NOT EASY. How many of us have chased after our losses in margin trading on exchanges such as Bitmex? Forced liquidation of a position is one of the worst ways to lose precious Cryptocurrencies.

Miroslav says they try to make it easy on Stake.com for players to take control of their situation. A player can choose to be banned for 24 hours from the platform. 24 hours is a good cooling period to learn to not chase after the losses or not to rebet the profits.

“I also value the vast importance on personalisation in terms of customer service and your experience on a website. I am able to have a professional yet personal relationship with all of my players, creating an experience on my website that gives players a sense of security.”

Eddie Miroslav, Stake.com

Despite all the measures put in place, the players have the responsibility on their shoulders to ensure they take their profits or cut their losses in time before they regret it. Gambling can turn problematic just as quickly.

Education is Key

We at Coin Crunch write about things that no mainstream media or blogs may speak about. We saw that lately, many people with huge number of young followers are promoting betting and skill gaming sites. Many are joining and gambling. Some are happy, some aren’t.

But there is a fundamental problem in India unlike the developed nations of the world. Gambling comes with a taboo, and those who gamble in India often do it in isolation, as they do not want anyone to find out.

Isolation can be dangerous for not just gambling, but everything that we do. Human beings receive social feedback from a group and act upon it. That makes us take better decisions in the future. If no one discusses gambling, who will give you the tips needed to not let it become problematic?

For those who gamble online, education is key, as Miroslav puts it.

“From the players perspective, I can see why some will write off gambling all together. Connecting your identity to a gambling service can be daunting. It can also come with preconceived ideas that come from external sources.”

Eddie Miroslav, Stake.com

“Take care with your gambling, and be open to it. It is a form of entertainment – if done appropriately.” Miroslav adds.

Some tips before you Gamble

Lastly, I want to put across my own take aways for healthy gambling.

  • Fix a time limit. Before gambling, decide the end time, say one hour. At any cost, leave the site in one hour and don’t look back.
  • Gamble with money you can lose. Gambling can go both ways, you can lose or win. Do not gamble with money you cannot afford to lose.
  • Take Profits. Set a target, leave the site once you have reached your target profit.
  • Do not chase Losses. You may end up losing, it is the nature of gambling. Do not run after your losses thinking you can recover it.
  • Bet Small. Even if you have one BTC at your disposal for gambling, do you bet the whole amount. Try putting 0.1% per bet and gradually increase bet amount as per your confidence.
  • Educate yourself before gambling. Learn everything about a game. Learn how many chances you stand to lose and win. Bet appropriately.
  • Take Breaks. If you feel exhausted, your heart is racing, stop gambling. Take a break and wait until you have calmed down and ready to start again.
  • If you do not want to gamble, but you keep having an urge to gamble. Keep delaying it in short durations like I will do it in 5 min, until that urge goes away. Or go something else instead.
Disclaimer: Gambling is a highly risky sport. The purpose of this article is to educate users about gambling with cryptocurrencies as it is taking prominence and the access to gambling is getting easier every passing day. We urge users to do their research before getting into gambling. If you need help staying away from gambling, you can read the resources or find a de-addiction centre near you from https://deaddictioncentres.in. 

Coin Crunch India does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Gambling involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing & gambling including total loss of principal, are your responsibility. Coin Crunch India does not endorse any platforms mentioned in the article.