Crypto betting is a new phenomenon, therefore as an online bettor, you may have made some mistakes while betting with crypto at a point, these could range from betting a wrong amount to betting on the wrong platform and some of the effects of these errors may outweigh others. Now that crypto betting is more rampant, various crypto betting sites educate users on how to play with crypto to reduce these common mistakes. You can find the top crypto betting sites here.
We have come up with this short but detailed text to point out the mistakes which are commonly made by crypto bettors, to prevent subsequent bettors from making such errors also. Therefore, read along to avoid falling into any of these common errors.
- Transferring to a Wrong Address
This is a common mistake made by crypto sports bettors who do not crosscheck the address they are transferring to, it’s not only crypto bettors who are prone to this error but all careless crypto users, it’s quite a dreadful error too, this is because when a transfer is made to the wrong crypto address, getting back the money sent to such address is impossible. The money is gone and can hardly be recovered. Hence, to avoid such an error, you must always crosscheck the address being sent to as much as possible.
2. Transferring using an incorrect format
While wrongly sending to the wrong address is a popular error amongst crypto sports bettors, another very common error is sending using the wrong format. This is because certain coins have certain formats in which they must be sent. For instance, this applies to the U.S. Dollar Tether. It is a token that is connected to the U.S currency’s value, hence it is not subject to volatility the way the others are. Hence, when betting with this currency, there is little fear about the value of the coin becoming of much less value.
The thing with this coin is that it is encoded in more than a format. While the first is the format of the Tether, the second format gets to work in the form of Ethereum blockchain. Therefore, whereby Tether tokens gets sent to the incorrect blockchain, or if it’s Bitcoin you’re betting with, if it gets sent to the incorrect Bitcoin blockchain, then such money is gone. It is gone for good and you can do absolutely nothing about that money. Hence, this is another error to avoid, you do not want to lose any money this way.
3. Betting the wrong amount
This is very common amongst new crypto bettors. There is a tendency to bet less or more than they had intended since crypto does not appear the way fiat currency does. While fiat currency trades to two places, cryptocurrency such as Bitcoin trades to up to twelve decimal places. Hence, you must have it in mind that whereby a Bitcoin is valued at $30,000, then where you wager 0.30BTC, it is valued at the worth of $3,000, not at 30 cents. Hence, to wager the amount of $30 when using Bitcoin, you must be careful to count your coins to 0.00030BTC, not more than this or less than this.
This appears quite basic, however, it is a common error which a variety of crypto sports bettors have been victims of. This appears quite simple at the moment, however, if you do not rightly fit the decimal in the proper place, you could lose a lot of money just like other careless sports bettors have previously done.
4. Wagering on wrong platforms
Since crypto betting recently began, individuals tend to fall prey to some fraudulent platforms. There are two forms of online crypto betting sites, the traditional sites which were previously accepting fiat currency, but then began to accept cryptocurrency as among their available options for transactions. Then the others are those crypto sites that recently got created and accept the only cryptocurrency. When you compare the security levels of both, the traditional sportsbooks are more secured as they have had to comply with Know-Your-Customer requirements and the Anti-Money Laundering regulations, whereas the security levels of the sportsbooks which are solely crypto are not as strict.
Therefore, it is always more advisable that you register on the trusted conventional sportsbooks which offer crypto as among their transactions, not those which solely offer crypto. In addition, to avoid this mistake, you must read the reviews of former users, and carry out your diligent research before signing up on any crypto site, where you do not carry out thorough research of the sportsbook you wish to play on, you could end up losing your money to fraudulent sites hiding under the guise of a crypto sports betting site.
5. Betting High Amounts as a First Timer
One thing you should avoid as a new crypto sports bettor is the urge to wager high amounts, hoping for high returns immediately. This is a common mistake among sports bettors given the enthusiasm which follows many novices; however, it is not advisable to bet very high amounts when you are just starting crypto betting. Instead, start from small wagers, carefully noting the numbers behind the decimal so you do not mistakenly place a high bet. This is advisable so that if you lose such a bet, it will not be of a huge effect, also to avoid getting affected by cryptocurrency volatility- especially when values become less.
These are just a few mistakes common to crypto sports bettors. It is always important to try to avoid making such mistakes above as some mistakes could turn out to be very costly in the end. Therefore, always crosscheck the amounts you’re about to wager, the addresses you are about to register with, and most importantly also, you should register on the conventional sportsbooks that offer crypto coins among their betting options as these are more trusted sportsbooks.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.