What can casino gaming technology teach you about money management?

There is an old saying in the casino world: "Never bet more than you can afford to lose". However, in reality, professional gamblers are somewhat similar to investors who play the stock markets. Of course, not everything can be controlled, but some timely and conscious steps can reduce the likelihood of a negative outcome. In reality, there are many nuances that we can learn from casinos when it comes to money management, and this does not only apply to investments.

According to 2016 data, there were around 10 million bitcoin e-wallets in operation last year, and the number of transactions per day ranged from 80,000 to 200,000. Overall, more and more people are turning to cryptocurrencies, both for the purpose of investment and as a personal choice of online currency. Let's take a look at what the casino world has to recommend in terms of money management and what it can teach us, whether we play or not.

Bankroll first

Probably the most important aspect we should learn from the casino industry in terms of money management is security. Every move a player makes is based on the size of their financial resources - their bankroll. For example, a professional poker player uses only 1% of his bankroll to enter a tournament. If it is a real money game with a maximum deposit of $100, the player will only sit down to play if he has at least $4000 in his account.

Since for casino players the money in their accounts is of particular importance, security in this case becomes extremely necessary. Let's take one of the most popular operators as an example.

So, when you go to Betway's website, you'll notice that its casino platform has a number of built-in security solutions.

SSL, a cryptographic security protocol first developed by Netscape Communications in 1994, ensures the integrity of data that is sent by the player to the website and vice versa. In addition, player protection is aided by the oversight of regulatory bodies such as the UK Gambling Commission.

Security is also provided by the Independent Betting Arbitration Service (IBAS) and the European Sports Security Association (ESSA). According to the terms of these organizations, the player can refer to the provisions of the contract in case something went wrong, hence, customers feel protected when deciding to play casino online.

Extreme importance of security

A similar trend is beginning to develop in the world of cryptocurrencies. Yes, the pseudo-anonymity of cryptocurrencies such as Bitcoin and Dogecoin, provides a high level of protection, but what if your wallet does get hacked?

According to an article from Forbes, the Federal Trade Commission received 1,038 reports of wallet hacking in 2013. In 2016, the number of cases rose to 2,658.

The companies are currently working on implementing new security protocols modeled after the solutions of online casino sites. The developers of the Jaxx bitcoin wallet have stated that a PIN will be used for every login. This method has been used by banks, e-wallets and even casino sites for about a dozen years, and now bitcoin will resort to this solution as well.

Cost is always relative

One thing casino players always realize is that value is relative. Since casinos often only work with one or two currencies, a foreign player may notice that the value of their bankroll is capable of varying. For example, a player from the UK visits a site that only accepts deposits in euros or dollars. In this case, pounds will be converted according to the exchange rate at the time of deposit or withdrawal.

Since the exchange rate fluctuates, enterprising players will monitor the performance of the exchange and make withdrawals at the most favorable moment. The same is true for cryptocurrency users. If you are new and are about to make an exchange, first analyze the market rate before making a purchase.

Everything that can happen in 2017 is capable of affecting the bitcoin market. In April, its value reached $1125 thanks to the implementation of new regulatory norms in Japan. At the same time, Chinese investments contributed to the rise of lightcoin to $7.75 in the first quarter of 2017. Therefore, if you want to make the most out of your investment, you should carefully study market reviews, read the news and monitor daily rates.

Think like a professional

Everything from the value of the bankroll and its security to the consideration of its relative value has been taken into account by casino players for years. So the next time you want to resort to bitcoins or other cryptocurrencies, try to think like a true professional.

Source : https://logincasino.com/