Betting is an ancient practice. It was common in ancient China were people used to bet on animals as far back as the 5th BC. This kind of betting is still popular in today’s world. However, the most common type of betting today is placing bets on sports. People place these bets using fiat money, but previously, they used commodity money for this purpose or currencies backed by gold. Today, more and more people are betting with digital currencies. Unlike other currencies, these ones lack a centralized source. Therefore, betting with them requires a bit of caution. Here are 4 tips to betting on sports with cryptocurrency.
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Look at the Commission
Betting sites charge commission. Consequently, the money that you get from successful bets reduces because of it. Limiting this reduction is possible if you compare the commission charged by different betting sites. Looking at it is especially important for people who bet with cryptocurrencies. They should be careful about commission because cryptocurrency exchanges charge them as well for the transactions that they make on their platforms. Limiting these overall charges would help them stay with as much money as possible in their cryptocurrency wallets. Therefore, choose a betting site that asks for a reasonable commission on your winnings as opposed to an exorbitant one.
Look at Your Liquidity
In this case, liquidity refers to the ease of finding and using cryptocurrencies. Increasing this ease is an excellent idea because it helps you take advantage of once-in-a-lifetime opportunities. For example, imagine that a horse race is about to take place and you are sure about the horse that will win that race. Failing to place a bet on the race means that you will lose potential winnings. Liquidity is especially important for people who bet with cryptocurrencies. Remember, the cryptocurrency market is a deregulated one. Consequently, market fluctuations, including the scarcity of digital currencies, occurs more frequently in this market than it does in the Forex one. Avoid this scarcity by keeping as many cryptocurrencies in your wallet as possible in case a good bet comes along.
Look at the Currencies
Hundreds of cryptocurrencies exist in today’s world. However, only a few of them are acceptable. For example, the most acceptable cryptocurrencies in the world are Bitcoin, Bitcoin Cash, Litecoin, Ether, Ripple XRP, and EOS. Unfortunately, some betting websites limit you to a few of them. For example, they can limit you to two or three of them. Some of them accept bets on one cryptocurrency only inconveniencing many people who use other digital currencies. Avoid these websites as much as possible. Instead, go for websites that allow you to place bets using a broad range of cryptocurrencies. For example, Fairlay.com has a platform where you can exchange cryptocurrencies so that you can trade with your preferred digital currency.
Look at Anonymity
One of the principal benefits of using cryptocurrencies is that you can initiate and complete transactions anonymously. Doing so is especially important for people who place bets online. More specifically, they have to think about their security if they make a substantial amount of winnings. Moreover, opposition to their betting activities is likely if their friends or family members have negative views on betting. Therefore, anonymity is critical when it comes to placing bets. Go for betting sites that build on the strengths of cryptocurrencies. In other words, go for sites that help you bet anonymously.
*Collaborative post.