Any online gambling site worth playing at includes some sort of responsible gaming disclaimer on its pages. In many jurisdictions, such disclaimers are required by law. The reasoning is very simple: some gamblers can get carried away if they don't make a purposeful effort to control themselves. Disclaimers are intended to be a reminder to be careful.
Some jurisdictions also require online gambling operators to implement certain tools to encourage responsible gambling. That is why you might be playing online when you suddenly see a timer pop-up to let you know you've been playing for certain amount of time. That timer is intended to be a reminder to stop a while and take a break.
Gambling responsibly is just a good idea. Playing slots can certainly offer you hours of entertainment. But if you do not control how much you are spending and how frequently you spend it, you could find yourself in serious financial jeopardy down the road. Responsible gambling seeks to avoid that trouble.
This brings us to the idea of playing casino games with Bitcoin. You may view Bitcoin as more advantageous in terms of responsible gambling. It can be, if used wisely. That's what we will discuss through the remainder of this post. We will talk about practical ways to control your Bitcoin gambling so that you do not spend money on slots that should be put towards something else.
1. Set limits for each session
This first responsible gambling tip applies regardless of your means of deposit. It is the simplest of all gambling fundamentals: set limits for every session. Whatever limit you set is the total amount of money you can afford to lose during that session of gambling.
We know that playing online is highly entertaining. Every spin of the reels represents an opportunity for you to win. And with jackpots that can be so large, it is natural to want to keep gambling in hopes of getting a shot at one of those jackpots.
Just remember that you can lose as easily as you can win. Therein is the point of establishing session limits. Setting a limit is based in the reality that you could lose every coin you gamble. For your own good, you really need to approach gambling that way. Approach every session with the understanding that you may come out with nothing. Then when you do win, it is all that much sweeter.
2. Utilize inconvenient cold storage
Cold storage is something every Bitcoin user should be taking advantage of. What is cold storage? It is any method of storing your cryptocurrency that takes it offline. It includes removing digital assets from any device that is routinely connected to the internet.
Examples of cold storage include removable USB flash drives, purpose-made crypto storage devices with built-in encryption, and even paper records. The fact that none of them are connected to the internet is what makes them so valuable.
Cryptocurrency experts recommend the use of cold storage to prevent theft and fraud. Both are valid. But as a tool for online gambling, cold storage also helps to regulate how much you deposit. How so? By making depositing a bit more inconvenient. The more inconvenient your cold storage is, the more inconvenient making deposits is.
Let's say you are making online casino deposits using your credit card. You can make a new deposit with very little effort. Just pull out your credit card, enter the information, and off you go. And if your browser keeps track of credit card information for you, pulling out the card probably isn't even necessary. Just start typing and your browser fills in all the information.
On the other hand, let us say you make your deposits in Bitcoin from a cold storage solution that you keep in a separate location. Let's say it is a USB flash drive stored in a safe deposit box at the bank. Now your BTC is not within arm's reach. You actually have to go retrieve the flash drive to make a deposit. Doing so is inconvenient, making it less likely you will spend money you cannot afford to spend.
3. Tie gambling to Bitcoin prices
Another helpful way to control your Bitcoin gambling is to tie your sessions to the actual price of BTC. In other words, feel free to gamble up to your session limits as long as the price of Bitcoin remains equal to, or higher than, the price of the coins you deposited. Stop gambling with Bitcoin on days when the price drops below what you paid for it.
Tying your online gambling to the price of BTC accomplishes a couple of things. First, it gives you an easy-to-understand number you can look at every day. If your BTC was worth US$2,000 when you purchased it, you will know it is worth more when you get up in the morning and discover the price has climbed to $2,500. This higher price means you have more value. It means you can gamble up to your session limit without fear of less value for your coins.
Second, tying your Bitcoin gambling to the price of BTC should make you more aware of how to time your coin purchases and sales. It encourages you to pay attention to the daily price of BTC. As you get more familiar with it, you will gradually discover that cryptocurrency volatility can work in your favor.
Suspending online gambling when the price goes down keeps you from losing while the value of your coin is also falling. It essentially prevents a double loss. Yet it also reminds you to protect your BTC assets until the price bottoms out and starts to climb again.
4. Look for Bitcoin bonuses
When it comes to Bitcoin, the bonuses can be especially attractive. So we recommend looking for every available bonus as a way to help control the amount of Bitcoin you actually gamble.
You might have a session limit of 500 credits, with each credit being equal to the BTC equivalent of one U.S. dollar. What if you found a Bitcoin casino that offer you a 100% matching welcome bonus just for signing up? You would instantly have 1000 credits to play with on your deposit of $500 in BTC.
That is a terrific way to start. But do not exceed your 500-credit session limit. Stick with it, win or lose. You will finish that session with at least 500 credits in your account - even if you lose all of your bonus money. Next time you visit that site to play, look for more bonus money. Casinos offer everything from additional deposit bonuses to targeted bonuses for each day of the week.
The point of this is to say that bonus money can stretch your Bitcoin further. Bonus money could help you fund your 500-credit daily limit even if you only have the equivalent of $250 to deposit. Bonus money still allows you to gamble up to your session limit without risking extra money, even if you don't have enough to deposit to cover your session limit.
5. Deposit with a BTC debit card
One the latest trends in the cryptocurrency universe is something known as the crypto debit card. We refer to it as the BTC debit card because most of the cards currently on the market support Bitcoin first and foremost. Be that as it may, a BTC debit card is one way to fund your online casino deposits.
The benefit of the debit card is that it facilitates more responsible money management. How so? By requiring you to fund the card in much the same way you 'load' cash onto a prepaid debit card. Having to load a prepaid debit card forces you to pay attention to the amount of money you are spending.
The same principle holds true for the BTC debit card. Every time you load that card, you are confronted with the fact that you are spending a certain amount of money. For a lot of people, all they need to gamble responsibly is a small reminder. Having to load your card serves as that reminder.
An added benefit of the BTC debit card is that it can be used for a lot more than just online gambling. Any business entity that normally accept debit cards for purchases will accept a BTC debit card branded by one of the big credit card companies. Having a card in your wallet gives BTC the utility you have always wanted it to have.
Stop and get help if needed
All of the tips mentioned here will hopefully help you gamble responsibly even while using BTC as your payment method. Please help yourself in this regard. If you ever feel like you are starting to lose control, stop immediately and get help. There is plenty of help available by way of nonprofits and charities, counselors, government resources. etc.