Using cryptocurrencies to gamble and bet on sports and esports offers several benefits to online gamblers. You, for example, don’t have to wait for a bank to complete your transaction, as crypto transactions only take a few minutes.
If you want to stay anonymous while betting, a crypto bookie can also help you. Crypto transactions are completely anonymous, so the gambling platform won’t get your personal data when you make a payment.
The problem with betting with cryptocurrencies is you first need to understand how cryptos work. Doing this is not similar to betting with fiat currencies, so you have to get ready for that.
Anyone can make beginner mistakes, but it’s best to avoid them to take the most advantage you can of your crypto. We are here to help you with that.
Dive into this page to know common mistakes you should avoid as a beginner in crypto betting!
Betting Without Knowing the Basics of Cryptos
It’s essential to at least know the basics of crypto before trying to bet with them. You don’t need to become a crypto expert overnight, but you can’t use an asset if you don’t understand how it works either.
Learn how to buy cryptocurrencies, how to use crypto wallets, and the main features cryptos offer.
Not all cryptocurrencies are the same, but they are all decentralized digital assets, so you should start by learning what those terms mean.
Bitcoin is the most popular cryptocurrency out there, so you should take it as an example of what you can do with crypto. That doesn’t mean you will always use Bitcoin for crypto betting, but you should start there.
Some gambling platforms only let you use specific cryptos, so you may have to do additional research if the one you want to use asks for a crypto you don’t know.
Needless to say, if you try to bet with cryptocurrencies before studying these assets beforehand, you will either get lost along the process or lose a lot of money.
Going All-In
Traditional gambling and betting are not the same as crypto betting. Therefore, there are some things you may do while betting with fiat currencies that you should avoid when doing it with crypto.
One of them is going all-in while betting.
Cryptocurrencies are volatile assets, which means you should be more cautious with the money you invest in them.
If you are just starting to learn about how cryptocurrencies work, try to only make small moves until you become more confident with the platform you are using and the assets you buy to bet.
Even if you already know the basics of crypto, it’s easy to make mistakes or miss things along the way. Handling a bad investment is easier when you make small moves.
You can make larger bets once you’ve become more experienced on the matter, but that doesn’t mean you have to go all-in.
Sharing Your Crypto Wallet’s Key
Anyone looking forward to using cryptocurrencies to bet or gamble should get a crypto wallet to store their crypto. These wallets often come with access and signing keys.
The access key lets you check your funds, and the signing one is for making transactions. You should nevershare those keys with anyone.
People may think it’s okay to give the keys to their close friends or family members, but that puts them at risk of losing all their funds.
Why’s that? Because you can’t recover your keys once you lose them. If you forget your email address’s password, you can change it in a few minutes. However, if you lose your crypto wallet’s keys, you can forget about using your cryptocurrencies.
Try to always keep your crypto wallet’s keys somewhere safe.
Falling for Scams
One of the main reasons people don’t like cryptocurrencies is the number of crypto scams online. Most scams consist of crypto exchanges or trading platforms offering a huge amount of money if you send money to them.
People desperate for money invest all their savings in those platforms and end up getting nothing in revenue. No one wants to lose money, so users are often scared to buy cryptos since they think all trading platforms are the same.
Although not all cryptos are the same, there are indeed many scams online. You should take all the time you need to find a reliable crypto exchange.
There are many ways to tell scams apart from trustworthy platforms. You’ll be fine as long as you stay aware of the main red flags and green flags of crypto trading websites.
Getting to the red flags, you shouldn’t pick a platform that offers unrealistic amounts of money or benefits. The same happens if it has obviously fake testimonials.
As for the green flags of trading platforms, check if it has a customer support team. Scammers don’t care about addressing users’ needs, so they don’t often include customer service.
Review websites help people know if they should trust a product/service or not, so look for reliable reviews of the platforms you want to use.
Picking the Wrong Cryptos
Gamblers who don’t know much about how cryptos work often think they are all the same. That couldn’t be further away from reality.
Although all cryptos are decentralized digital assets, they offer different benefits, so you can’t use them for the same things.
Most people start with Bitcoin since it’s the most popular one out there. Even beginners in the trading world know what Bitcoin is, and since it has all the features you would find in most cryptos, it’s a great start.
Once you get used to how Bitcoin works, you can try to learn what other cryptos offer and how they can make your betting experience better.
Conclusion
Online gambling and crypto betting are now more popular than ever, and they keep improving as time passes.
The benefits cryptocurrencies bring to the table are undeniable, so you should try to learn as much as you can about it if you want to take the most advantage you can of online betting.
We have many other crypto-related blog posts on the Bet999 website, so check it out if you are interested!
