Cryptocurrencies have changed the global order of things when it comes to payments. The betting industry is not left out in this worthy revolutionary trend caused by cryptos.
In fact, many bettors prefer cryptocurrencies over fiat. Cryptocurrencies, widely viewed as the future of gambling, make betting much more convenient for all players who understand it. Obviously innovative, cryptocurrency betting has started taking deposits and withdrawals from fiat in many online casinos. On CryptoBetting you will find the best sports betting available that accept cryptocurrency.
As an online bettor, you may also be considering switching to cryptocurrencies, but you are not entirely familiar with it. This article looks at the different methods of buying cryptocurrencies for betting.
Why bet with cryptocurrencies?
The following reasons speak for betting with cryptocurrencies:
Fast and easy payments
As a bettor, you will agree that the payment method you choose is very important to your overall experience. Cryptocurrencies are trying to relieve the gambling industry, especially gamers, from the stress of waiting days for the payment to complete. And to an undeniable degree, this has been achieved in the area of gambling.
For example, the average payout time via cryptocurrencies is 20 minutes to 1 hour. In most cases, the payout is instant within a few minutes. For most players, nothing else compares to instant payouts.
Fiat deposits and withdrawals are structured to allow access to third party financial institutions. Therefore, you can only bet if the money has been sent by the institution. From day one, cryptocurrencies work differently as it is just you and the casino.
There are no third-party financial institutions involved that allow you to stay technically secure.
Little or no transaction fees
The good thing about betting with cryptocurrencies is that you can win big and not have to pay high fees. In some cases, you won’t even be charged. And when you get topped up, that’s next to nothing compared to fiat charges.
What about your country’s regulatory fees? This is largely avoided because, unlike fiat transactions, the regulator has no trace of your business.
No government restrictions
Some ardent bettors whose central or regional / state governments prohibit offshore gambling can still bet. In addition to wagering, they can pocket all of their winnings without being taxed by the government. This is because cryptocurrencies are highly decentralized digital currencies that have no state power behind them.
Hence, the bettor can withdraw his winnings and exchange them for other digital coins or for fiat currencies.
How can I buy cryptocurrencies for betting?
The purchase of cryptocurrencies is one of the preliminary requirements for betting with digital currency. To do this, however, you will need to either opt for a crypto exchange or through 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 users to transfer, receive, or exchange their crypto assets based on agreements with others. In essence, you can buy crypto using fiat currencies like dollars, euros, or pounds sterling, or other cryptocurrencies.
The platform ensures that the transaction is genuine and confirmed. With such an exchange, you can now go to sports betting and play.
How to buy cryptocurrencies on a crypto exchange
- Do some research on the crypto exchange and what’s on offer for weather. Then decide on the platform of your choice.
- Create an account with the exchange.
- Download the app for easy access to your mobile phone.
- Set up your details in the app, including your name, email address, telephone number and place of residence.
- Check your identity (email address, phone).
- Add bank details. The exchange should give you the option of choosing direct bank transfers, credit / debit cards, or even electronic wallets. Try to investigate the payment processing time of the details you provided earlier.
- Check the list of cryptocurrencies offered and choose.
- Make a deposit of the money you want to keep in the exchange.
- Then buy the appropriate amount of coins with it. Your banking institution may have low transaction fees.
- You can deposit coins on the sportsbook and start betting.
Cryptocurrency wallets are personalized online safes that give a cryptocurrency owner access to their money. Crypto wallets offer you private keys with which you can access your crypto assets and essentially influence transactions. These keys are highly personalized codes that are unique to each owner.
This means that you must ensure the security of the code at all times. You can do this by saving it to your Google Drive. Other security options include manually writing the code down on paper, saving it to a flash drive, saving it to your phone’s secure notes tab, etc. Your wallet also allows you to send and receive cryptocurrencies while protecting the coins.
How to buy cryptocurrencies in a crypto wallet
- Decide which wallet to use and download it.
- Create an account in the wallet.
- Set up your identity as stated in the wallet.
- Check the email address and phone number you provided.
- Select your recovery phase / recovery model for your account.
- Then back up your data to your Google Drive (other digital drives may do) and also manually.
- Get your private wallet keys and keep them safe.
- You can now deposit coins into your favorite sportsbook.
To take advantage of the convenience of cryptocurrencies, you really need to understand how it all works. You can start by reading this guide and reading more information about cryptocurrencies, especially those related to gambling. This means that you should take the time to learn a few things before making the decision.
Of course, the industry is big enough to accommodate millions of new users every day. All you have to do is use the technology.