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.
Keep reading→
https://n2g.io/e23a495