Crypto betting sounds exciting as people can enjoy faster transactions, more privacy, and in some cases, even avoid high taxes. The process is also simple as platforms like the 1xbet betting app only require a few steps to get started.
However, betting itself requires a bit of caution, and adding crypto makes the stakes even higher. It’s not unsafe, but it needs you to do a bit more homework and keep a few things in mind. If you are looking to get started with crypto betting, this guide will point you in the right direction.
Learn the Basics of Cryptocurrency First
Before you place a bet, it’s important to understand the basics of crypto. You can’t just write it off as digital money since it operates on an entirely different system. It doesn’t pass through banks, and it’s not backed by governments.
If you are new to crypto, here are a few basics you can start with:
- Blockchain: This is the underlying structure behind cryptocurrencies. Note that different cryptos use varied blockchains.
- Wallets: This is what holds your funds. Most of them are online, but you can still store your funds offline. Ensure you manage your keys and passwords carefully.
- Token types: Most betting sites allow the use of the common cryptos like Bitcoin, Ethereum, and USDT. However, note that each comes with different transaction fees and speeds.
Once you understand these crypto basics, you can start small as you test the process to see how everything works.
Understand and Minimize the Risks of Volatility
Betting with crypto essentially combines two risks – losing your money and losing value in your holdings. You see, in crypto, the prices are quite volatile. For example, Bitcoin can be at $95k when you buy it, but it can drop to $90 by the time you sell.
This means your winnings and bankroll can easily shrink (or grow) without any betting activity or by the time you cash out after winning. If it’s a negative swing, your entire winnings can even get wiped out.
So how should you deal with this?
The best way is to use stablecoins like USDT or USDC instead of Bitcoin or Ethereum. These coins are pegged to the value of the U.S dollar, so they don’t deviate from it in value. Otherwise, if you want to use Bitcoin, withdraw your winnings often instead of letting them sit on the platform.
Choose a Reputable Crypto Betting Site
Crypto betting is a bit tricky as the space isn’t well-regulated. Some crypto sites are licensed, transparent, and focused on ensuring everything is fair. Others? Not so much.
Due to the lack of proper oversight, it’s important to check several things before you deposit a single coin:
- Licensing and regulation – Check the site for a recognized gaming authority such as the Malta Gaming Authority, Curacao eGaming, or your local authority.
- Security measures – Any good site should offer a two-factor authentication (2FA) option, encrypted transactions, and strong account protection measures.
- Real user reviews – Other people have used the site, so check what they have to say about it. Be keen on red flags.
If you find that the site lacks transparency or has many complaints, look for a better alternative.
Use Security Features to Protect Your Funds
Unlike the banking system, you are responsible for your own security in crypto. There’s no “forgot password” option if you lose your wallet keys, and there’s no security team to reverse a fraudulent transaction.
This means that you need to set up several security measures for your accounts. Some are:
- Turn on two-factor authentication (2FA) – This one is non-negotiable. Use an authenticator app (instead of SMS) for stronger protection and reliability.
- Use a strong, unique password: Make it unguessable, store it well, and don’t use it across accounts.
- Withdraw to your personal wallet – Don’t leave large amounts of money sitting in your betting account. Even legit ones can get hacked, so withdraw big winnings.
- Stay alert for phishing scams – Watch out for fake customer support, bogus emails, or lookalike URLs. Always double-check links and never share your wallet details in a chat.
These will help ensure your wins stay yours and make crypto betting more enjoyable.
