Betting and gambling online with stable coins


Betting and gambling online with stable coins


Often, the biggest concern of those wishing to get involved with cryptocurrency is the volatility of the market. It's hard to deny that it does lack the stability offered by traditional finances. For investors, this can often be an advantage. For bettors, though, it can make it harder to see it is a good way to bet.

 

That's why stable coins should be an option you consider when looking into online betting. There are many stable coins on the market that do not fluctuate as wildly as the big coins do, and therefore they are often much safer to use.

Let's look at some of the key things to consider when betting and gambling with stable coins.

1. Using a reputable exchange

Probably the biggest stumbling block is going to be the relative obscurity of the coins you are looking at. As everyone has tried to get in on the hype of crypto, over 18,000 different individual coins have come and gone in recent years.

The biggest coins are, by their nature, unstable. Stable coins are by necessity slightly smaller in scale, otherwise the stability would be lost.

So, the first tip for betting online with stable coins is to use a reputable exchange to buy your coins. You eliminate the risk of scams and you'll always be able to trade for the coins you need. You often won't even need to pass KYC most of the time.

The main advantage of stable coins is that you get all the advantages that broader cryptocurrency has, without the dramatic swings in value. By using a reputable exchange, you guarantee that you're getting the right price for the coins you're buying.

At its peak, Bitcoin, the biggest cryptocurrency, was worth around $30,000. Less than 4 months later, it was worth less than a quarter of this. Protecting yourself against these swings is extremely advantageous.

2. Use a dedicated wallet

One of the big mistakes that newcomers make is not having a dedicated wallet to store their coins. Of course, you will have a wallet, both on the betting site you use to play the coins and the exchange you use to buy them.

A wallet gives you greater control and security of your coins, and with smaller stable coins, you don't need to worry about large transaction times.

Transferring funds from an exchange directly to a bookie puts your coins at risk and may mean that the transaction will be slower.

There are almost as many choices of wallet as there are choices of crypto coin, but you will be fine using the biggest ones such as Electrum. See your wallet as your main hub for managing your coins.

3. Verify site's security

At the moment, there aren't really any dedicated stable coin operators. If a site supports one or another stable coin to use in their betting, then it's probably in addition to the large, main coins like Bitcoin, Ether and others. Sites like Fortunejack offer pretty much everyone of the big crypto currencies to customers.

If you've settled on a specific coin you want to use, you may have to take a bit of time to find an operator that accepts it.

When you do find that operator, it's vital that you take the time to verify the site's security. You need to know that your deposits and withdrawals are going to go smoothly, and the site has no history of issues in that area.

Often, crypto betting markets will be mostly anonymous, and the security verification required will therefore be quite different. You'll have to go through limited KYC to get access, but you should make sure the site offers basic protection on your account like 2FA.

If you merely need to log in with a username and password, then you should find a different stable coin betting site. This isn't secure enough.

Stable coins have been a much-needed injection of order into the sometimes-chaotic world of cryptocurrency. Though the advantages are, nonetheless, still plain as day, it can be understandably worry for many bettors to put their money into something which may lose its value so rapidly. You'll be pleased to know, then, that betting online with stable coins is now a greater possibility than ever.