Crypto Sports Betting Tips for Beginners: Avoid These Common Mistakes
Crypto gaming and sports betting are quite exciting as they promise lots of benefits that traditional online casinos can’t match. You get faster and cheaper transactions, access to global casinos, and great anonymity, among other benefits. However, it’s easy to jump in relying only on prior gambling experience, something that will often lead to some common crypto betting pitfalls.
If you are thinking about trying out crypto casinos, you can experience live casino gaming with Bitcoin at TenexCasino USA. However, there are some common mistakes you’ll need to stay away from.
Betting with Highly Volatile Cryptocurrencies
One of the most appealing features of crypto is that it can gain massively within a short time. However, this can also be a double-edged sword for beginners, as the massive drops and gains can significantly affect the value of your bet.
The first thing you need to keep in mind is that smaller cryptos, or those with frequent price movements, aren’t suitable for betting. If the currency has a massive drop in pricing, this can wipe out your entire profit. If you want to bet with volatile crypto, prioritize popular ones such as Bitcoin (BTC) or Ethereum (ETH).
Otherwise, you can use Stablecoins to stay safe. These are cryptocurrencies pegged on stable assets such as the US dollar or Gold, so their value doesn’t change. Some of the most popular ones are USDT (Tether) and USDC (USD Coin).
Ignoring Crypto Transaction Fees
One of the biggest advantages of using crypto to bet is that you avoid multiple institutions that all take a cut of your transactions. However, it’s common for beginners to assume these fees are negligible, which is far from the truth.
This is especially true if you use cryptocurrencies such as Bitcoin or Ethereum. The fees paid for transactions here change depending on the network traffic, and they can be significantly higher when there’s congestion.
When planning your transactions, ensure you factor in the transaction costs. Otherwise, you can use stablecoins, as they are cheaper to transact with. There are also others like Litecoin and Bitcoin Cash that are significantly cheaper than Bitcoin and Ethereum.
Failing to Secure Your Wallet
Security is one of the most important factors in all payment systems. And in crypto payments, it’s easy to assume everything is safe due to the decentralized nature of the systems. However, if you don’t secure your wallets, losing all your assets is easy.
Before using your wallet and betting platform, enable two-factor authentication and use strong passwords. Remember to keep your private keys secure, as they can be used to compromise your wallet.
Skipping Research on Crypto Sportsbooks
When you’re eager to start betting with crypto, it’s easy to get caught up in the excitement and select the first sportsbook you find. However, if you skip the research process, you can easily end up with an unreliable sportsbook that may even scam you down the line.
Remember that not all platforms are trustworthy, so do some research before you select one. From there, look into important details like a platform’s reputation, withdrawal limits, and customer service quality. Don’t just be swayed by the flashy bonuses.
Falling for Bonuses Without Reading the Fine Print
Talking of bonuses, they are one of the most attractive aspects of crypto sports betting and gaming. Most crypto sportsbooks offer enticing sign-up bonuses, free bets, and deposit matches, as they also benefit more if you bet with crypto.
However, before you are tempted by the figures given, look into the fine print. All these bonuses and promotions come with terms and conditions you need to meet, and some are harder than others. Look into details such as wagering requirements, time limits, and restrictions on bet types to ensure you don’t end up frustrated or disappointed. Doing your due diligence before committing will help you choose the right crypto, sportsbook, and bonus.
