How to Manage Your Bankroll When Betting With Bitcoin
Bitcoin betting works the same as wagering with American or Canadian dollars. You have a set amount of currency, except in this case, BTC represents the value of our currency instead of U.S. or Canadian dollars. You look for the bet you wish to make, you decide how much you wish to wager, and then you make your bet.
But although the process is the same, there are differences. Check out everything you must know to effectively manage your bitcoin betting bankroll.
See a step-by-step guide on how you can manage your bankroll when betting with bitcoin.
5 Steps to Manage Your Bankroll with Bitcoin Betting
1. Understand mBTC as compared to BTC
On June 1, 2023, the price of a bitcoin was at close to $27,000 for a single coin. Don't be confused and think that when you wager, you bet in bitcoin.
When you bet with bitcoin, you bet in units of mBTC, not BTC. mBTC's are 1/1000 th of a bitcoin. So if you were to place a single mBTC on a bet on June 1, 2023, you would wager about $27.
Understanding the difference between BTC's and mBTC's is the first step in knowing how to manage your Bitcoin bankroll.
2. Know how much you are paying in transaction fees
When you use a third-party transactor, like Cash App or Coinbase, you must pay certain fees. Fees you pay don’t come close to the amount of money it costs you to fund your account via credit card.
So paying whatever transactor fees Coinbase or a similar organization charges you is well worth it. But although the transaction fees aren’t as significant as what you pay via credit cards, it’s still important to know what those fees are.
Keep track of your fees. It will help when you decide your bet amounts for each wager. It will really help if you decide to bet via the 1-unit method, for example, a personal betting unit equal to $50.
3. Find an mBTC to dollar converter that works
Test various mBTC to dollar converters to know the exact amount of money you will bet each time you make a wager.
It’s important to test the converter you choose. For example, one popular converter, Nomics, had a glitch on a day where we tested it. The glitch discounted the mBTC to dollar conversion by at least $100.
The glitch appears to have been corrected. But if we stuck with Nomics on the day the glitch occurred we would have been wagering more than we believed we were betting. So test for sure. And then, test again.
4. Keep the converter up while you bet
If you use Nomics, or any online mBTC to dollars converter, keep it up while you wager. This is excellent practice to make sure you have the correct information while you bet.
Bitcoin prices fluctuate. Therefore, mBTC prices fluctuate. You want to know how much money you are betting no matter the fluctuation in BTC market price.
5. Check your records once a week
Bitcoin only sportsbooks like NitroBetting keep detailed records. You want to check your wagering record once a week. First, it’s important to adjust how much you bet and on what you bet based on past performance.
So, if for example, you won every single bet on the Los Angeles Lakers the past week, but lost every bet on the Golden State Warriors, maybe, you target Laker games in the coming week.
Maybe, you sit out playing the ponies this upcoming week because you’ve lost too much money in the racebook. Whatever the case may be, handicapping, betting, and money management exist harmoniously together.
You will manage your bankroll more efficiently when you become a better gambler. So concentrate on all aspects of your betting life: handicapping, placing bets, and bankroll management, so you become an expert in every phase.
Where to Bet with Bitcoin
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
READ MORE: How to Stay Safe and Avoid Scams When Gambling Online
