Crypto gambling has been growing in popularity at an exponential rate, with more and more people becoming aware of digital currencies and the potential they have, the demand for cryptocurrencies is increasing as well, it is one of the many ways to invest in virtual currencies or use them as a form of entertainment and luckily, it comes with a lot of perks too; the problem is that playing casino games for crypto can also be a very risky venture if you’re not careful and that’s why today we are going to discuss how you can protect yourself from scams and lose less money on your crypto gambling excursions- read on to learn more about how to play safely and have fun along the way!
What is Crypto Gambling?
Crypto gambling is the act of betting with cryptocurrencies as your prize, unlike traditional gambling, however, where you gamble with money and hope to win, crypto gambling is more like a game of skill; you stake money on the outcome of a game that follows certain rules, and the winner takes all and in the case of crypto gambling, and there are gambling sites that allow you to wager on the price movement of coins and this is different from real-money gambling, where you exchange digital currency for goods and services and gamble on sporting events and esports.
How to Protect Yourself from Crypto Scams
Avoiding anything that seems too good to be true is the first and most crucial thing you can do to keep your cryptocurrency gambling secure. In other words, avoid falling for outrageous boasts of riches and winning percentages, it can be difficult to find trustworthy betting sites and casinos, so it’s important to stick with those that have a good reputation for paying out prizes.
To find trustworthy gambling establishments, try searching for the best crypto casinos or best bettors, it’s also a good idea to avoid casinos and betting platforms that promise to give you sizable bonuses, unclear T&Cs, or large returns on your initial investments; instead, look for establishments with clear regulations and gambling platforms that have a track record of paying out.
Know the Lingo
BitTorrent and Torrent Trackers BitTorrent is a kind of file sharing protocol that makes it easy for users to share files over the internet; the main purpose of torrent trackers is for sharing torrent files, which are digital files such as movies, games, music, or software and before you start playing on a certain crypto gambling platform, search for the platform’s name online to get reviews, articles, and other information regarding its safe gaming policies.
Coordination of trading is a common method used to defraud cryptocurrency investors, with this technique, a group of scammers set up a platform that promises high returns on investments, luring unwary investors with claims of guaranteed high returns, irrational profit margins, and lucrative referral programs and once they have people deposit money on their platform, they promise high returns and encourage them to spread the word about it, which is unfortunate.
The investors get their money out of the exchange and start promoting the scam again, this time promising other high returns and asking for more money from unsuspecting investors, with coordinated trading, it’s best to not invest too much in one platform and invest on multiple platforms instead as it’s also important to keep track of the prices of the coins you’re trading and not sell when the price is going down.