Cryptocurrency is the buzzword that has been doing the rounds all across the internet for the last few years. Like with any new innovation or technology, people are still not a hundred percent clear regarding the use of bitcoins and the safety associated with it. Since the primary reason for anyone to choose a betting cryptocurrency like bitcoins is to make money and not to lose it, it is important to know how to practice safe betting with a bitcoin. Read on to know more.
Regularly monitor your wallet and transactions
This is the most basic tip that everyone should follow. If you keep a detailed record of every transaction you make on a spreadsheet, you will easily figure out the betting trends and whether you are winning or losing. Once you know this, you will be in a better position to change betting strategy accordingly. This is far better than realising suddenly that you have lost a huge sum because you did not monitor your betting records before.
Don’t bet on your entire amount
This is the second most important step to follow. We all want to win huge sums in betting. But the truth is that it doesn’t happen always. Therefore, for any bet, you should not empty your entire bitcoin wallet. Safe betting with a bitcoin involves betting with a fraction of your bitcoin stock. It is prudent not to think of betting with bitcoin as an investment, but as a risk.
If you notice that you have a losing streak, it is advisable to decrease your betting amount. This way, you minimise your loss. Once you return to winning track, you can increase your betting amount because the risks associated with it will be lower.
Be prompt in withdrawals
As soon as you feel that you have won a fixed sum of money, withdraw it. This way, you ensure that you have the winnings in your pocket, and not in the virtual world in the form of bitcoins. The more money you have in your bitcoin wallet, the more likely it is for you to make an impulsive betting, that might jeopardise your winning amount. Therefore, you should be prompt in making withdrawals from your bitcoin wallet.
Set up Two-step verification
As with all virtual wallets, you should create a two-step verification and authentication process for bitcoin gambling and betting. Only username and password protection are not enough for safe bitcoin transactions. Add a second safety tier in the form of pin verification, for example.This is a pro-tip for safe betting with a bitcoin and will prevent any unauthorised use of your money.
We have all heard ‘Prevention is better than cure’. the same idiom applies to the betting and gambling world. It is better to follow practices that make betting with bitcoins safe and secure so that you don’t allow anyone to steal from your wallet. Lastly, you should double-check the details of the account before sending bitcoins. If you send it to the wrong account, there is no way to retrieve them.