Betting with cryptocurrencies is, in many ways, somewhat like wagering with a conventional FIAT currency. However, a few things make Bitcoin betting special and there are a couple of things you need to be aware of. In this guide, we will look at those and provide you with a few top tips for betting with cryptocurrencies online.
Beware of Volatility
Cryptocurrencies are not like the FIAT currency options. They are decentralised and far more volatile than their more customary counterparts. Bear in mind that betting with cryptocurrencies is a double investment. First, you are wagering with them at casinos. Secondly, you are also gambling with an investment. If cryptocurrencies lose a lot of value, you could end up losing out twice.
Choose a Flexible Casino
Never play at any old cryptocurrency casino. Today’s cryptocurrency betting sites can be just as secure and licensed as conventional online casinos. Domains like bitcasino.io are regulated and licensed and should be chosen over run-of-the-mill random casinos, especially those promising vast bonuses but that have spurious terms and conditions attached.
Know the Value of Your Cryptocurrency
Almost make sure that you understand what your cryptocurrency is worth. What is its value? The reason we say this is that new cryptocurrency users may end up spending a fortune on wagers. 1 BTC is by no means equal to $1. In fact, at the time of writing, 1 BTC is closer to $40,000. On top of that, each cryptocurrency has its own value, so one 1 ETH or 1 LTC is worth a vastly different sum than 1 BTC. Avoid nasty surprises by ensuring that you know precisely what a single unit in your chosen cryptocurrency is worth in real money.
Read the Terms and Conditions
As touched on, claiming a Bitcoin bonus which is worth 5 BTC, sounds like a great idea, but the value of the offer alone is not what determines how valuable the bonus is. In reality, crypto players will also need to check the terms and conditions attached to any claimable bonuses to ensure that you are going to get decent value. For instance, any bonus with exceptionally high wagering requirements and other far-flung terms and conditions has no value whatsoever.
Smart Storage Rules
Finally, the storage option you choose can be important for both security and convenience purposes. If you have a large amount of cryptocurrency, then we strongly recommend using a cold wallet. These cost money, but these external devices are often far more secure, assuming you keep tabs on your keys. By contrast, it may suit you better to opt for a hot wallet, such as an online or mobile option, if you have just a tiny sum of cryptocurrencies at your disposal. These are only a touch less secure but far more convenient if you intend to regularly wager at Bitcoin and cryptocurrency casinos.
See More: How To Earn Money From Bitcoin