Cryptocurrency has been around since April 2009 but it has gained much traction nowadays. It has been quite revolutionary in introducing a new form of currency which is very different from how paying has been so far. It is even a step further from the online modes of payment that are available nowadays. Cryptocurrency is somewhat different from the currency that you keep in your bank. Generally, you would deal in dollars, euros, pounds, yen, sterling, rupees, and so on. You can have physical cash against any amount that is reflected in your bank account for such currency. Cryptocurrency, on the other hand, is digitized money or a virtual form of currency. It only exists online and there is no physical form to it.
Cryptocurrency has come on a very long road since its initial initiation. Nowadays, the value of a single bitcoin has gone as high as $60,000 while it was only available at meager amounts of $1 to $10 so far. The entire lot of cryptocurrencies that are in circulation amounts to something over $1000 billion. To put it into perspective, if you think about time, while 1 million seconds only corresponds to about 12 to 13 days, 1 billion seconds would mean a passage of more than 31 years. Yes, cryptocurrency has flourished a lot and will be an influential factor in days to come. Many people from coffee sellers to automotive dealers and many more have started accepting cryptocurrencies as valid modes of payment. Even the world of betting is going to be revolutionized through the use of cryptocurrency.
If you are looking for ways to ensure that you get the grasp of using cryptocurrency to meet your betting needs, you have come to the right place. Cryptocurrency is going to bring about new avenues into the betting game and change the ways how betting is done in years to come. Here are some steps that will help you with betting on sports matches using cryptocurrency such as bitcoin.
Bookmaker accepting Crypto currency is not necessary
Do you want to bet in Crypto but your bookie is not accepting crypto? Check if your crypto wallet is partnered up with your bookmaker, if yes the conversion from wallet to money will be done with the deposit and the other way around as you withdraw. The bookmaker is your gateway into the betting world. There was a time when bookies were real people around whom hundreds would stack around to make their bet. However, the online world has brought forward many applications and websites where you can log in to find decent odds to bet on. The important thing you should be aware of the betting crooks.
All you need to do is find such a bookmaker and sign up to their website. The sign-up process is quite simple and requires general information about you to set up your account. Since using crypto in betting is a fairly new thing, you are sure to get some kind of bonus from most of the available bookmakers. Be sure to use these bonuses to the maximum benefit.
Load Up Your Wallet
In the case you found a bookie that accepts crypto, you have to understand the technology around whole online crypto world. Once you have set up your account with the bookmaker, you need to transfer sufficient funds to start with betting. Transferring cryptocurrency to your betting account is pretty simple. You have to find and copy the bookmaker’s crypto address, copy it down in your crypto wallet, assign the amount, and make the payment like any other online payment portal. Once your account is loaded with the required funds, you can easily start placing bets.
Place a Good Bet
Now that you have got money in your account, it is time to place a bet. There is no yes and no when it comes to betting- there is only a possibility, and you have to find the best possibility. There is no hard and fast way to learn how to bet and you could only get better with experience. A word of advice, if it is the first time that you are betting on sports events, then you should do your homework. A successful bet can only come from good groundwork and research as you can get lucky only a handful of times.
Transferring Funds to Crypto Wallet
Whether you win a bet or have residual funds in your betting account, retrieving them is fairly easy too. You have to follow a similar procedure as you had followed to transfer the funds into your betting account. You would have to put your crypto address into the withdrawal section of your betting account. The next step would be assigning the amount that you would like to withdraw. Finally, you have to put in your pin or password to make a successful transfer to your crypto account.
Cashing Your Winnings
As already mentioned, cryptocurrency such as bitcoin is a virtual form of money and there is no physical form to it. You can have it, but you cannot carry it around. The only way you can cash your cryptocurrency is through selling them. You make this sale in dollars, euros, or any other known currency and then you can transfer the amount to your bank account and withdraw it from there.