Sport betting has always been an exciting thing for most people. However, the popularity of this hobby started growing exponentially in the last 2 decades with the introduction of online sports books such as N1bet.
Today, there are so many different types of sport bets that it’s hard to keep track of everything you can bet on! One of the most popular forms of sport bets, is with cryptocurrencies.
In this article, we’ll give you some top tips for successful crypto betting.
10 Tips for Crypto Bettors
Crypto betting can be a great investment. However, it also comes with its own unique risks and rewards. Here are some tips to help you get started betting on your favorite cryptocurrency or ICOs.
- Do your own research first
Unlike traditional markets, there really isn’t any regulation in the cryptocurrency markets. So it’s important that you do your own research before investing in a project or placing bets on events. There are plenty of websites and YouTube channels out there that can help you with this task.
- Use stop-loss limits when possible
This strategy is basically where you set a stop-loss limit to automatically execute a sell order when an asset reaches a certain price. The idea is that you don’t want to stick all of your eggs in one basket and it also helps prevent you from buying into something at an inflated price or selling too low.
- Use proper money management strategies
By using proper money management strategies you’ll be able to limit your losses and increase the amount of profit that you make. A good example of a money management strategy is not risking more than 1% of your account per bet.
- Always read the rules
This tip may seem kind of obvious but it’s important to always read all the rules before betting on an event. If you don’t, you could end up breaking the rules, losing your bet and having your account deactivated for some time (usually less than 24 hours).
- Analyze past bets to learn from mistakes
Learning from past mistakes can help you avoid making those same mistakes in the future. This way, over time if your winnings are increasing you’ll have a better understanding of why.
- Betting on the cryptocurrency market as a whole
This is helpful because if one coin or token goes down for whatever reasons it won’t affect your overall winnings in the same way betting on an individual event would. It’s also less risky in general to bet on something that isn’t susceptible to individual failure.
- Use the right odds
To figure out what the “right” odds are you’ll need to do some research into how likely something is to happen. You can easily do this by looking at people’s comments on forums like Reddit or bitcointalk, looking up general information about an event (like whether or not a certain team is favored to win) or doing some quick Google research.
- Avoid making bets based on emotions
Bets tend to be more successful if you’re thinking logically rather than just reacting from sheer emotion. So try your best to fight those knee-jerk emotional reactions, take a step back and think about the facts that you know about the topic.
- Do some research into a new coin or ICO
Before you invest in a new cryptocurrency project it’s important to look into how likely it is for that project to succeed and what its goals are if it has any. This will help reduce your overall risk and make sure you’re investing in something with potential.
- Have fun
Betting responsibly should always be your number one priority but it’s important that you enjoy yourself while doing it. If you’re not enjoying what you’re doing then there’s no point in doing it, just find something else that you do enjoy and leave the ones that aren’t worth your time or energy alone.
Betting on cryptocurrency can be a fun and rewarding hobby as long as you’re doing it responsibly. Just make sure that you avoid placing bets just to gamble and always do your own research before investing or betting on anything.
The main thing to remember when betting on cryptocurrency is that you need to be responsible. That doesn’t just mean that you shouldn’t bet money or tokens that you can’t afford to lose, it also means that you shouldn’t feel pressured into making bets just because other people are doing it.
If you’re going to be betting on cryptocurrency then it’s important that you take the time to read up on past bets so you can learn from them and figure out what went wrong when things don’t go your way. Remember though, even when you’ve done everything right sometimes things just don’t work out the way you want them to. That’s why it’s always important to have a money management strategy in place so you can limit your losses and still be able to continue with your hobby.