Increased popularity and use of cryptocurrencies has skyrocketed in the last couple of years and it is becoming more widely used on a daily basis. It has crept its way into different markets and is proving to be very useful. Most still view cryptocurrency as a form of investment instead of a legitimate currency that can be used. And while the more valuable ones are being used to make large purchases, there are more and more markets where the use of cryptocurrency is being used daily and in smaller increments for all users.
One area that cryptocurrency is becoming very popular is sports betting and online gambling. There are a number of reasons for this which we will explore, but a main one is that it is safe, secure, and faster than using a traditional banking system to deposit and withdraw money in and out of the gambling platform you choose to play on. So if you are looking to get started in sports betting on the weekend’s NASCAR odds and are also drawn by the idea of cryptocurrency, then you are in the right spot.
1.) Getting Cryptocurrency
For many people who are new to the cryptocurrency game, it can be a little intimidating and seem like a daunting task to get started. But it is actually pretty simple. Search for and find a reputable online cryptocurrency exchange and then get an account using your basic information. Once you have created an exchange account, you will need to deposit money in order to then buy the cryptocurrency of your choice.
Be sure that whatever betting platform you will be using, takes the cryptocurrency that you are looking at purchasing. Also, when looking to purchase, keep in mind that other vendors such as Venmo and PayPal are now allowing people to purchase cryptocurrencies through their platforms.
Once you have purchased your cryptocurrency you will more than likely have to wait 5-10 days before taking the cryptocurrency off of the exchange platform. Once your cryptocurrency is purchased and eligible to be sent off the exchange platform, you can then transfer your crypto to a crypto wallet for safekeeping and easy use. Once you have gotten to this point, it’s time to visit your favorite betting platform.
2.) Depositing & Withdrawing Cryptocurrency
Once you have your cryptocurrency and are heading to your favorite betting platform, you can then see if they have any promotions or deals going on that revolve around cryptocurrency. There are currently many sites and platforms offering bonuses and matching offers when you deposit cryptocurrency into your bankroll. Online betting and gambling sites are trying to get into the cryptocurrency game right now too.
Most of the sites will have a sending address that you need to copy down and enter into your crypto wallet. Once that is done, you have now created a link between your gambling site and your crypto wallet that will allow you to transfer funds back and forth as needed.
The nice thing about cryptocurrency and using a crypto wallet is that transfers are quite fast with transactions usually taking less than an hour to occur. This is much different, especially with withdrawals that usually take a few business days to hit your bank account. There are also lower fees on cryptocurrency compared to using traditional banking systems.
3.) Things To Look For
When dealing and betting with cryptocurrencies, you need to pay attention to the value of your particular crypto and how it is acting in the market. It is best to deposit your crypto when the price is low. And when depositing it, keep it as cryptocurrency. Some sites allow you to convert it to actual currency. Avoid this when possible because when keeping it in cryptocurrency, as the value of the crypto changes on the market, so will your betting bankroll, hopefully for the better.
Also, cashout and withdraw your cryptocurrency when the value is trading low. Most sites will let you take out a different crypto than what you deposited and this can work to your advantage. Taking out a lower trading crypto will allow you to take out my coins based on your value. If you pick the right one and it begins to trend up, you could hit it big on that specific crypto