Cryptocurrencies are on the verge of global adaptation, with so many sectors adopting it into their platform. The online gambling industry is part of the many that have jumped on the cryptocurrency bandwagon. On numerous bookmakers, you will find coins like Bitcoin, Ethereum, Dogecoin, and Litecoin as part of the payment options. The security aspect of crypto payments is part of the reasons why players are clamoring for bookmakers to operate cryptocurrencies. Most bettors started their gambling journey using fiat currencies, and switching to a newer payment option could be difficult.
Cryptocurrencies are widely used by young players in the industry. However, the same cannot be said for the old-timers. A little bit of preparation is needed before jumping into the crypto payment world in online bookmakers. When it comes to crypto payments, your priority should be ensuring your transaction is successful. Cryptocurrencies are not like fiat currency when you can track a transaction and request a reversal. Anonymity is very high in crypto transactions, so be careful. To be of help, here are some useful tips for using cryptocurrencies in online gambling platforms.
- Use Reputable Crypto Betting Platforms
Exercise caution when picking out an online betting platform that operates cryptocurrencies. There are a lot of scam platforms out there trying to take advantage of players. So, always ensure the bookmaker you are registered with is a reputable one. To know if a bookmaker is a good one, the type of gaming license it operates is a good way to start. Top bookmakers operate the best licenses in the industry.
- Be Alert When Processing Transactions
When processing payments using cryptocurrencies in online gambling platforms, avoid doing it in haste. If you make an error, it is irreversible. Once the transaction has been processed, there is no going back. So always triple-check every transaction ensuring the wallet address is correct, and you are using the right network. The best way to ensure you are working with the right address is to copy and paste. Copy the wallet address TonyBet provides for you when making a deposit, paste it into your crypto wallet and send. Avoid typing in wallet addresses.
- Stay Updated on Transaction Fees
Depending on the bookmaker and the cryptocurrency you are operating, you might come across transaction fees. The transaction fees may vary as it is dependent on a lot of factors. Crypto exchanges may also charge a percentage for each transaction processed on their platform. So always stay updated to ensure you don’t lose a huge chunk of your money on fees.
- Apply Additional Security to your Wallet and Bet Account
Your bet accounts are targets for cybercriminals. If they are unable to access your crypto wallet, their next course of action is to go for your bet account. So, always ensure all your accounts are protected. Only one protective measure is not enough, add extra. Enable Two-factor authentication on your crypto wallet, exchanges, and online casino account. By implementing 2FA no one can access your account without your permission, or you get notified.
- Be Alert to Market Volatility
Coins like Bitcoin, and Ethereum have a fluctuating price value, which means the price value you saw yesterday might not be the same today
It might go higher or lower, depending on the market. For this reason, it is advisable to store your crypto winnings in stablecoins. An example of a stablecoin is Tether (USDT).