5 tips for betting online with bitcoin

If you have heard good things about using Bitcoin to bet online, then you may be eager to get started with some cryptocurrency of your own. 

Before you take the plunge, however, here are some top tips to help you make the most of your Bitcoin betting and steer clear of any potential pitfalls. 

Make your own digital wallet

Before you begin betting with your Bitcoins, you need to have a wallet to keep them in. Creating a digital wallet is as simple as making a PayPal account, although there is more choice involved. This is because there are different types of digital wallets available – each one coming with different specifications, so people can choose the one that most suits their individual requirements. 

Choose a high-profile sport to bet on

While Bitcoin casinos are all the rage, many online sportsbooks also now accept cryptocurrency as payment. That’s right – you can use bitcoin betting with football. In fact, football is an ideal choice for anyone wanting to use cryptocurrency, as it is the biggest sport in the betting world. This means there is a wealth of information out there to help you bet with your Bitcoins, including vital stats on all your favourite teams, the highest-rated players, and the betting odds for different sporting events. While in-depth knowledge can’t guarantee a win, it can certainly help you as you place your bets. 

Make sure you’re using a legitimate site

There are plenty of reputable and fully licensed bitcoin casinos and bitcoin sportsbooks out there, but, as with any industry, there is also a fair share of scammers and hucksters. As a result, you should always make sure you do your homework before you sign up to any site and make a deposit. Spend some time exploring the casino or sportsbook website and look for emblems that reveal it is fully licensed and accredited, as this will ensure the appropriate levels of security and responsibility.

You should also read through the terms and conditions. If they seem bewildering or poorly written, this could be a red flag indicating that the site is a scam.

It’s also a good idea to research the website’s player reviews and testimonials, as these can flag up any potential problems. 

Keep your eye on Bitcoin’s value

While there are a number of benefits to betting with Bitcoin – including how quick and easy it is to make deposits and withdraw winnings – there is one major downside, and this is Bitcoin’s volatility. In fact, volatility is a significant concern for all cryptocurrencies, and it’s definitely worth keeping tabs on, as you never know when the value of your Bitcoins will plummet. Stay abreast of the latest crypto market news and updates, and try and make your withdrawals during the periods when your Bitcoins have a higher value. 

Practice makes perfect

While you are still new to betting with Bitcoins, it can be a good idea to practice. Many bitcoin casinos offer casino game demos that give you the chance to learn the ropes of a particular game without investing a single coin. These demos help you to prepare for the real thing and gain valuable experience. They’re also free fun, and that’s definitely not something to sneeze at.