How to Gamble on Sports With Crypto
Per various financial sources, the global blockchain sphere should continue rapidly growing, hitting a market size of $39 billion in the next two years. That should come as little surprise if one knows that, according to polls, around 89% of adult US residents have heard of Bitcoin. And they have an idea of various uses for the world’s first form of virtual money. Consequently, it should be no shock that the amount of people using cryptos to gamble is growing exponentially, as is the number of trustworthy platforms that offer this activity.
Coin-based betting first became a thing in 2012, when the first sets of crypto dice sites debuted on the Web, a year after the world’s initial cryptocurrency exchange democratized the price of BTC units. From 2014 onward, once adequate regulation set in, advanced Bitcoin sportsbooks began popping up on the internet, featuring an array of betting markets. Even established hubs running from the inception of this sphere made the crypto switch. BetUS is a legit gambling site operating in the internet gambling sector since 1994, the year of its birth. It now not only accepts virtual money for wagering fun. But it provides cryptocurrency bonuses to coin-gambling fanatics. These are more generous than their fiat offers.
In the subheadings below, essential tips get presented that everyone curious about getting into this hobby must know. These pieces of advice are proven lifesavers for coin-betting newbies.
Naturally, before one can bet using crypto, coins must get bought. Such a purchase can happen at top-end exchanges like eToro, Kraken, Binance, Coinbase, and Gemini. It is crucial to point out that the growth of this sector has led to the creation of countless exchanges, making it difficult for newcomers to this landscape to discern dependable and quality ones from shady platforms.
Nefarious exchanges exist, are widespread, charge ridiculous fees, feature no apps, and boast weak customer support. Coinbase is a choice that is apt for beginners, delivering a simple UX design that allows users to make quick purchases. Gemini is also a terrific pick for those inexperienced with cryptos, supplying lightning-fast deposits in the US.
Pick a Non-Volatile Cryptocurrency
Some will say that this is an oxymoron. Given that, as a rule of thumb, all cryptos are super volatile, something that gets owed, in large part, to the still prevalent skepticism regarding their long-term adoption. That much is evident by the price of Bitcoin going from $61,000 at the end of 2021 to sub-$20,000 territory in mid-2022.
These figures show how much the crypto momentum can change in short periods, which is why it is wise to stick to coins that display that they can withstand dramatic market tides. Such choices include Tron, EOS, and Bancor.
Use a Secure Crypto Wallet
Various types of wallets are available to the coin-consuming public. They get divided into mobile, paper, hot, and cold. The latter often get referred to as hardware or non-custodial wallets, and these represent offline storage. They tout high-end security and are less prone to hacks. That said, they are not adequate for crypto betting.
The best ones for this practice are Blockstream, BRD, and Electrum. They are light, safe, and simple software options, far better picks than default exchange ones. That is because they deliver little to no in-app purchases, speed, and low charges.
Look for Sites with Low KYC
Know Your Customer (KYC) Procedures are the bane of most online gamblers’ existence. They are verification procedures in which bettors must prove their identity by supplying copies of various personal documents. They take out one of the primary factors that drive people to crypto sportsbooks, the ability to bet anonymously. However, this is still possible at licensed sites with lax KYC rules. Those are ones where this policy does not get activated until a gambler attempts to withdraw more than 0.5 BTC in a single transaction.
Bettors can learn of a platform’s KYC stipulations on its general terms and conditions page. Everyone should read this rulebook before signing up for the sports betting app.
Explore Staking Opportunities
What is staking at a gambling site? It is an investment opportunity some crypto operators supply to users. It allows active gamblers to lock some of their account funds for specific periods in exchange for dividends, as fungible and NFT rewards.
The dividends get paid out from the profits the cryptocurrency sportsbook accumulates over the time a user’s funds have gotten locked for, and the percentage paid depends on the size of the frozen amount. Staking is an excellent way for frequent bettors to earn a passive income.
To Sum Up
Crypto gambling is, without argument, not only the present but also the future. Dozens of brands are making the blockchain switch monthly, and seeing as coin-based withdrawals can go through in seconds, it is clear why more gamblers are choosing to bet using cryptos.
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