5 Steps to Manage Your Bankroll with Bitcoin Betting

[nitrobetting]

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.

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[harizen]

Most crypto-gambling sites nowadays do have a feature to show the crypto balance in its fiat value instead.

In that way, users can place a bet in crypto but with much control. No need for a hassle thing to check every crypto-conversion site, do some Mathematics, and regular computation, know the exact figures in crypto, etc., and something along those lines.

Anyhow, managing a bankroll is critical whether you are using fiat or crypto. It doesn't matter what currencies you use but always make sure that it lasts long and that includes a proper approach to gambling in every session - being disciplined.

[yahoo62278]

I've really only heard bankroll management being applied to poker. Having a certain number of buyins at a level before being able to move up or down in stakes you are playing. Obviously, people should know how much they are betting, but like harizen just said, sites normally put your balance in fiat these days and make it super easy for players.

[ralle14]

The third and fourth step depends because like they've said, there are casinos with crypto converters placed on the deposit or cashier page and other casinos place the current prices at the top or bottom of the casino page.

I get that it's a must to track the fees you're paying, but this shouldn't help you decide your bet amounts unless it significantly reduces your bankroll, which you shouldn't allow to happen if you're tracking your fees consistently.

[Wexnident]

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Don't casinos usually have the Bitcoin amount already converted to USD at the moment of the bet? And the fees as well. Casinos usually have an internal wallet for crypto so that each game doesn't need any transaction fees, I'd imagine the rage of casino players if each game they played required them to pay a fee. That could amount to something pretty big in the long run after all. You'd only ever bother yourself with the fees when transferring money from an external wallet over, or if buying from the casino through their promoted/hired third party crypto-fiat provider.

[noormcs5]

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Don't casinos usually have the Bitcoin amount already converted to USD at the moment of the bet? And the fees as well. Casinos usually have an internal wallet for crypto so that each game doesn't need any transaction fees, I'd imagine the rage of casino players if each game they played required them to pay a fee. That could amount to something pretty big in the long run after all. You'd only ever bother yourself with the fees when transferring money from an external wallet over, or if buying from the casino through their promoted/hired third party crypto-fiat provider.

Also, most people gamble using trx, dogecoin or litecoin, the three most popular coins being used for gambling. Only a few people bet with btc and those who do should know the technical difference between BTC and mBTC.

From my point of view, managing the bankroll is not calculating the fees and conversion of fiat to crypto or vice versa, it is more of a way to manage your portfolio in such a way to minimize the risk involved. It is a way so that in case of a single loss, we do not lose our major bankroll. Money management is the true essence of gambling bankroll management.

[ethereumhunter]

When we deposit money using bitcoin and use it for gambling, we will only see the balance of the money in the form of the currency we want because the casino already has the converter when we play gambling. But there are also gambling games that don't convert to currency values but use values in the form of bitcoins. And gamblers already understand this and they already have their favorite coins to gamble with.

When the bitcoin price falls like it is today, maybe many gamblers will switch to using altcoins or even stablecoins that will not be affected by the bitcoin price. But for altcoins, maybe it will follow the price in the market so at least we should deposit more amount when the altcoin market goes down.

[swogerino]

1 mBitcoin which is 0.001 Bitcoin is always like that 0.001 Bitcoin.When the FIAT value of Bitcoin fluctuates we should have a simple bankroll management process which should be,stop gambling if Bitcoin price is less than 25.000 dollars as 0.001 Bitcoin would be near 25 dollars so not much value in here,in fact I don't play at all right now from my own mining activity,I only gamble a little amount with the money I get from signature weekly at this point.It is much better to play when Bitcoin price is above 40.000 dollars as in that time 0.001 Bitcoin is 40 dollars and as such it gives you more spins when you are playing in the casino.I don't know any other type of bankroll management.

[Negotiation]

Bankroll management as seen in poker and blackjack and unlike the game, the player plays according to his vision of the game but must manage his bankroll better to limit losses and. But when it comes to managing a bankroll in bitcoin, betting on bitcoin is better than altcoins because there is less risk involved. Bitcoin maintains its balance more than other currencies and will bounce back even if the price goes down. Other currencies depend on the price of bitcoin. Price fluctuations are caused by a number of factors that affect supply and demand in that particular market but after a halving, prices may increase if strong demand outpaces reduced supply.