As online casinos and crypto have become popular, millions of punters have embraced crypto gambling, and you can also bet on sports with Bitcoin at TenexCasino Canada. However, like with anything new, there are some strategies that can help you avoid common mistakes and enhance your experience. This will allow you to benefit from the advantages offered by crypto betting while also elevating the thrill of sports betting.
Choose a Reliable Bitcoin Sportsbook
While many Bitcoin sportsbooks have come up, some are not very reliable. In fact, others are outright scams set up to con users. This means that before you select a sportsbook, you need to set the right foundation by confirming it’s a reputable platform.
Start with the licensing and regulation. This information should be displayed on the lower page of the sportsbook or casino, and you can then verify its authenticity with the licensing body. Ensure you also look at reviews and testimonials left by other users on review sites, betting forums, and social media platforms.
Apart from that, the sportsbook should have features that help enhance Bitcoin’s advantages. These are fast deposits and withdrawals, privacy, and minimal transaction fees. The platform should also support other cryptocurrencies you can use when Bitcoin is not suitable, such as when transaction fees on the network are high.
Understand Bitcoin’s Volatility & Monitor Trends
While Bitcoin is the gold standard in the world of crypto, it’s not exactly the most stable coin (an honor left for coins pegged on physical assets). The cryptocurrency still fluctuates based on various market factors, and it’s important to understand how its volatility (and that of other crypto) works.
Basically, the movements are heavily influenced by factors like market sentiment, regulatory news, and tech developments. To stay ahead of the price swings, ensure you monitor the developments in the crypto space and note the opinions of notable figures and publications in the crypto world.
If you are worried about volatility at a time when you want to place bets, consider placing smaller bets, as this will help minimize risks. Otherwise, you can convert your assets into stablecoins like USDT and USDC, as these aren’t subject to price swings.
Monitor Transaction Fees and Speeds
Just like the prices, Bitcoin fees vary from time to time, even for similar transactions. This is heavily influenced by the network congestion at the time of the transaction. Before you transact, it’s important you check the transaction fee estimates, as they can eat into your winnings. You can also deposit your bankroll for the week or month at once, minimizing the number of transactions you want to make.
Apart from that, you should also consider the speed. Most Bitcoin transactions can often be confirmed in a few minutes, but that’s not always the case. To avoid big delays, prioritize sportsbooks that support faster Bitcoin transaction methods, such as the Lightning Network.
Use a Secure Bitcoin Wallet
Your wallet is where you store your crypto, and it’s important to ensure it’s not compromised, as you can end up losing all your assets. This starts by choosing reliable wallets that offer strong security and have a good reputation in the industry. You should then take advantage of the security features offered, especially setting up two-factor authentication (2FA).
Apart from that, keep your private keys private and back up your wallets securely (with the phrase provided by the wallet upon registration). This will help ensure nobody else has access, but you can still recover your wallet in case of any issues.
Take Additional Privacy Measures
It’s easy to assume that simply betting with Bitcoin offers complete privacy and anonymity. While it’s significantly better than traditional payment methods, even outside betting, you should still take extra precautions if you are looking for privacy.
First, be careful with the personal information you provide. Most sportsbooks will have a KYC (Know Your Customer) process, but it shouldn’t be overly invasive. Lastly, you can use multiple addresses to deposit and withdraw your bankroll or consider “mixing services” if you want to take your privacy to the next level. This will help keep your identity and funds under wraps while you enjoy the game.
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