Cryptocurrencies are the future of money. It’s not us who say that, but the great experts in financial matters. In a few decades, we will see the total digitization of the financial world. That is, the traditional money notes have their days numbered. And what does this have to do with betting on esports? All.
Today, many bookmakers already accept cryptocurrencies as a payment method — some even specialize in cryptocurrency betting. Several positive points make this form of payment one of the most preferred among bettors. And if you want to know what they are, continue with us in this article.
How to Start Betting with Crypto on Esports?
Now that you know how cryptocurrencies work let’s talk about what interests us: how to bet on esports with bitcoin or any other type of crypto. Although the bet is straightforward, the same as other forms of payment, to use cryptocurrency, you need to have an account on an exchange. Therefore, we will show you a brief step-by-step.
Do you want to start? Check Thunderpick.io’s portfolio for an esports betting experience.
1. Open an Account on an Exchange
Exchanges are the sites where cryptocurrencies are sold. You need to have an account because this is how you will buy and sell your cryptocurrencies. You can also use the exchange as a virtual wallet to make financial transactions (withdrawals and deposits) with the betting house. Or, you can create your virtual wallet on another platform with no problem.
2. Buy Cryptocurrencies
You can buy cryptocurrencies on exchanges: via trade (the digital financial market itself) or P2P (Peer To Peer, that is, from person to person). The P2P method is where you’ll get the best purchase prices. Although the process is simple, we advise you to seek help from someone with more experience to show you how to do it correctly.
3. Register at a Bookmaker That Accepts Cryptocurrencies
Once you already have a virtual wallet with cryptocurrencies, it’s time to look for betting sites that offer this payment method. As we said at the beginning, many platforms accept it, but unfortunately, the biggest ones don’t. But that’s okay, as bookmakers using cryptocurrencies are just as reliable.
So, look for a platform that suits your needs. A good criterion is determining if the bookmaker offers any esports bonuses or promotions for those who use cryptocurrencies. Also, to find out if the site is secure, you can look for licenses and registrations, which should be located at the bottom of the main page.
After choosing the bookmaker and registering, the rest is straightforward start betting. Check out the deposit and withdrawal process, the minimum transaction amounts, and how to request a withdrawal.
Attention: not all bookmakers accept all types of cryptocurrencies. Check which kinds of crypto the platform accepts before registering. The most common ones are Bitcoin and Ethereum. Some sites have a digital currency, but that doesn’t mean it’s convenient, as it can be an undervalued currency.
Advantages of Betting with Cryptocurrencies
So that you can make an informed choice, we will show you the advantages and disadvantages of using cryptocurrencies in esports betting.
- As it is an international currency, that is, without state bonds and regulation, cryptocurrencies do not have tax taxation;
- Digital currency transactions are anonymous, with no sender tracking;
- In most bookmakers that accept cryptocurrencies, transaction limits are higher compared to other payment methods;
- As there is no state regulation, transactions are faster and less bureaucratic;
- Although anonymous, operations with digital currencies are very safe because they rely on Blockchain technology;
- Some bookmakers offer exclusive promotions for users who use cryptocurrencies as a payment method.
What Are Cryptocurrency Bets?
Although you probably know what it is, let’s start by defining basic concepts so there are no doubts. Cryptocurrency betting is any betting on virtual, sports, and traditional sports that use cryptocurrencies as a payment method. Simple.
