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Manage your Bitcoins like a Pro.


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As we have mentioned several times, cryptocurrencies, especially Bitcoins offer many advantages to bookies and it is a payment mechanism that came to the betting industry to stay. The problem is that being such a new payment method some bookies still do not know very well how to handle it, this is added to that the cryptocurrency market tends to be very volatile, which results in many bookies been afraid of the cryptocurrencies or in some cases those that have already implemented this method of payment in their betting sites have great losses of money.

Below we present a series of recommendations so that bookies can make good use of bitcoins and can get the most out of the cryptocurrencies for their business.

Always check twice

Before carrying out any transaction with bitcoins you should check the address of the person who is going to receive the funds two or three times since as it is well known, the transactions are anonymous, this means that any mistake in a digit or letter of the address of the recipient will make the money be lost. Also, keep in mind that in this type of transactions there is no intermediary such as a bank, so there is no one to turn to for help if you were wrong in some data.

Keep separate wallets

Some digital wallet services allow users to store several types of cryptocurrencies in the same service, this is not recommended, as this can lead to confusion. If you are going to make transactions with bitcoins, use a bitcoin digital wallet.

Keep the money circulating

At the moment bitcoins are a means and not an end, ie the bitcoin must be transferred and converted into USD as quickly as possible, for this the bookies will need in addition to the digital wallet where they receive and process bitcoin transactions, an Exchange services that are linked to their bank or PayPal account and that allows them to change from bitcoins to USD. In this way, the bookies are protected from losing money due to the fluctuation of bitcoin prices and they also protect themselves from losing their money since the services of digital wallets are prone to hacking.

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