ShareIt has been a little over a decade since the cryptocurrency bitcoin made its debut since when it has become the leading form of crypto by market capitalisation and has also become very popular among online gamblers to fund their online activities. The process of placing bets on sporting events with cryptocurrencies is extremely easy and satisfying. Because of this, it has now become one of the most popular ways to fund online gaming meaning that most cryptocurrency casinos or betting platforms now accept BTC, Ethereum, Litecoin and others.
There are a number of reasons that make using cryptocurrencies to place wagers a good idea the next time you want to gamble, and these are as follows.
Crypto Payments Are Fast
Before the launch of bitcoin as a banking method for betting accounts, gamblers had to use their credit or debit cards. It was only a matter of a few years ago that online sports betting sites began to add crypto options allowing players to enjoy faster transactions. Now, it only takes a few seconds to complete the deposit to your sports betting account.
Crypto Payments Are Feeless
Bitcoin gamblers tend to enjoy much more affordable transaction fees, and in some cases there are no fees whatsoever. In most cases, if there are fees included, these won’t be above 2% of the total transaction cost. This is an excellent deal in comparison to the 4%+ transaction charges that can be applied by some credit and debit card providers.
Crypto Payments Are Anonymous
Happily, for those that don’t want anyone to know that they are gambling, crypto payments are privatised, which means that third parties are not able to get access to any transaction information. Whereas it can be possible to trace your credit card, debit card and bank wire transfer deposits, the same cannot be said about crypto payments.
How to Start Betting with Cryptocurrencies
If you think that betting or placing bets with cryptocurrencies is your style, then go ahead and give it a go. Here is how to get started with Bitcoin betting and the whole process of placing your first bet with cryptocurrencies.
Firstly, you will need to create a Cryptocurrency Wallet which can also be known as a Digital wallet, a Virtual wallet, a Crypto wallet or a Bitcoin wallet. There is no need to get confused if the names are interchanged as they all mean the same thing. Decide on the best option to go for as there are different kinds of crypto wallets to choose from, including those known as cold wallets and hot wallets.
The hot wallet is a downloadable or mobile-based cryptocurrency wallet and is the most popular type due its simplicity and versatility. This wallet from can be downloaded from either the Google Play Store or the Apple App Store. Some examples of popular mobile-based cryptocurrency wallets include Trust Wallet, Coin98, Coinomi and SafePal.
Creating a cryptocurrency wallet can involve entering your email address, noting down your passphrases, creating a strong password that will protect the wallet and then manually adding your preferred coins.
BTC is the most popular form of crypto that is currently being deposited on online sports betting platforms. To be safe and certain, it is a good idea to visit the website of the crypto bookmaker in order to find out exactly what cryptocurrency is accepted there. You can then buy the correct crypto and store it in your cryptocurrency wallet ahead of making your first or next deposit. There are a number of ways you can buy the cryptocurrency you want including the following.
- Cryptocurrency Wallet: Purchase the coin directly from the app/wallet by linking your credit and/or debit card. Then, enter the value of the coin that you wish to buy before authorising the transaction. In-app transactions can take a few minutes.
- Cryptocurrency Exchange: You can also buy the coin directly from an exchange, like Binance, KuCoin, and Huobi. You can either buy the coin with its trading pair (BTC/USDT) for the Bitcoin/Tether pair or you can swap your current coin for another. The process only takes a few seconds to complete, depending on how fast you are.
- Third-Party Cryptocurrency transactions: These are now available for third-party transactions and the process is referred to as Peer-to-Peer (P2P) and is common with popular exchanges like Binance. All you need to do is to connect with a merchant, make a payment and provide your BTC wallet address to receive the corresponding value of the coin that you paid for. P2P transactions can take a lot of time as they require multiple confirmations.
Sign Up With An Online Bitcoin Betting Site
Crypto deposits are only accepted on sports betting platforms that allow for such gambling activities. This means that your focus should be on signing up to a platform that accepts cryptocurrency deposits and provides cryptocurrency gambling services.
Wire Your Crypto To The Corresponding Wallet
Once you have found your perfect betting site, locate and head over to the banking section. Make a copy of the wallet address before going back to your cryptocurrency wallet on an exchange. Next, paste the wallet in the withdrawal column of the cryptocurrency that you purchased.
Now all you need to do is follow the on-screen instructions to complete the transaction. This will only take a few minutes for the transaction to be completed. In a few moments, you will have the BTC wired from your bitcoin wallet to the betting account on your chosen online sportsbook. Now, you’re good to go.
