Cryptocurrencies have been changing the global order of doing things with particular regards to payments. The betting industry is not left out in this worthy revolutionary trend occasioned by cryptos.
As a matter of fact, many bettors have started having a high preference for cryptocurrencies over fiat. Widely regarded as the future of gambling, cryptocurrencies make betting much more convenient for all players who understand it. Obviously innovative, betting with cryptocurrency has quite started taking over fiat deposits and withdrawals in many online casinos. You can find the best available sportsbooks that accept cryptocurrency on CryptoBetting.
As an online bettor, you may be thinking of switching to cryptocurrencies too, but you are not quite conversant with it. This article looks at the different methods of buying cryptocurrencies for betting.
Why Bet with Cryptocurrencies?
The following are top reasons for betting with cryptocurrencies:
Fast, Convenient Payments
As a bettor, you’ll agree with me that the payment method you choose is very essential to your overall experience. Cryptocurrencies seek to rid the gambling industry, especially players, of the stress of waiting for days before payment is completed. And to an undeniable extent, this has been achieved in the gambling sphere.
For instance, the average withdrawal time via cryptocurrencies is 20 minutes to 1 hour. Most times the withdrawal is effected instantly in a matter of a few minutes. To most players, nothing else compares to instant payouts.
No Third Party
Fiat deposits and withdrawals are structured in a way that gives access to third-party financial institutions. Hence, you can only bet when the money has been sent from the institution. From day one cryptocurrencies operate differently, in that it’s just you and the casino.
No third-party financial institutions are involved which it possible for you to remain technically secured.
Little or No Transaction Fees
The good thing about betting with cryptocurrencies is that you can win big, and you won’t be charged high. In some instances, you are not even charged. And when you do get charged, it amounts to almost nothing compared to fiat charges.
What of regulatory charges from your country? That is greatly eliminated as the regulatory body has no trace of your dealings, unlike fiat transactions.
No Government Restrictions
Some passionate bettors whose central or regional/state governments prohibit offshore gambling can still bet. It’s not only possible for them to bet, they can also pocket their winnings entirely without being taxed by the government. This is because cryptocurrencies are highly decentralized digital currencies with no government force behind them.
Hence, the bettor can withdraw their winnings and exchange them for other digital coins or for fiat currencies.
How can I Purchase Cryptocurrencies for Betting?
Purchasing cryptocurrencies is one of the preliminary requirements for betting with digital currency. But to do that, you have to follow to either opt for a crypto exchange or via your crypto wallets.
Cryptocurrency exchanges are a form of online marketplace for buying and selling major cryptocurrencies. Most crypto exchanges operate a Peer2Peer model that allows people to transfer, receive or exchange their crypto assets based on agreements with others. In essence, you may purchase crypto with fiat currencies such as the dollar, euro, or pound sterling, or with other cryptocurrencies.
The platform helps ensure that the transaction is genuine and confirmed. Through such exchange, you may now go to the sportsbook and play.
How to buy cryptocurrencies on a crypto exchange
- Carry out some research on crypto exchanges and what they offer to bettors. Then decide on the platform of your choice.
- Create an account with the exchange.
- Download the app on your mobile phone for easy access.
- Set up your details on the app, including your name, email address, phone number, state of residence, among others.
- Verify your identity (email address, phone).
- Add bank details. The exchange should provide you with the option of choosing direct bank transfers, credit/debit cards, or even electronic wallets. Try to study the payment processing time of whichever details you provide beforehand.
- Check out the list of cryptocurrencies offered and select.
- Make a deposit of the money you wish to keep on the exchange.
- Then purchase the corresponding amount of coins with it. There may be little transaction fees from your banking institution.
- You may deposit coins on the sportsbook and start betting.
Cryptocurrency wallets are a personalized online vault, which gives a cryptocurrency owner entry into where their money is. Crypto wallets provide you with private keys with which you may access your crypto assets and essentially affect transactions. These keys are highly personalized codes that are peculiar to every owner.
This means that you have to ensure the code’s safety at all times, which you can do by storing it on your google drive. Other safety options include manually writing down the code on a paper, saving on a flash drive, saving on your phone’s secure note tab, etc. Your wallet also allows you to send and receive cryptocurrencies while safeguarding the coins.
How to buy cryptocurrencies on a crypto wallet
- Decide which wallet to use and download it.
- Create an account on the wallet.
- Set up your identity as required on the wallet.
- Verify the email address and phone number you provided.
- Select your recovery phase/model for your account.
- Then back up your details via your google drive (other digital drives can suffice) and manually, too.
- Get your private wallet keys and keep them safe.
- You may now deposit coins into your preferred sportsbook.
To leverage the convenience offered by cryptocurrencies, you have to really understand how it all works. You can start by reading this guide and also reading up more information on cryptocurrencies, especially with regard to gambling. This means that you should take your time to learn a few things before making the decision.
Of course, the industry is large enough for millions of new users daily, you simply have to tap into the technology.
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