It can apply to many different option positions so kind of need to know what your thinking. Lot's of gamma scalping which is delta hedging with straddles and strangles. Throw out a strategy and can give you some ideas of how it works.
its mostly suitable for options. you could use it when you trade stocks but it would be a little odd.
My familiarity with delta hedging is to use it to keep option positions flat by going long or short the underlying when they get out of line. Without an options market for bitcoin I'm not sure how you would delta hedge.
I don't know much about it. Gave it a look volume looks pretty light. Suppose you could buy the straddle and gamma scalp it.