How to bet with crypto: A simple guide

How to bet with crypto: A simple guide

Amid much questioning from non-experts on what makes crypto worth investing in, one of the easiest ways to answer that question is to mention betting. It is, at least, one of the ways that can easily be explained. Betting is an industry that has embraced crypto in a way that few others have, so there are plenty of references you can easily call up, and even when crypto, in general, seems to be suffering through a down period, crypto casinos and bookmakers are still remarkably resilient. 

Let’s look, as an example, at Cloudbet. It’s been running as a betting site dealing specifically with crypto since 2013. Many people wouldn’t even believe that crypto even existed back then. Cloudbet, after years as an Ethereum, Bitcoin, and Litecoin casino, among others, is still performing well enough to innovate with moves like its Marketplace, a loyalty program that rewards regular customers with Lightning Points. These points can be redeemed for small things, like a free bet or some free spins. They can also be redeemed for very big things, including a Lamborghini sports car. Cloudbet can do this because it has been very successful at operating as a crypto casino – and if you are looking for a way to explain crypto betting, the simple how-to guide below will be very helpful.

Open a crypto wallet

Before even buying the cryptocurrency to put in it, getting a cold wallet is essential for betting at crypto casinos and sportsbooks. Once you have a wallet, it is possible to buy crypto without storing it at the exchange – which is extra important because most exchanges will ban you if you use your stablecoins to deposit at a betting site.

Then buy the crypto

If you’re explaining this to a crypto-curious friend, it may be important to mention this part. It might seem obvious, but it is necessary to cover all the bases. So someone looking to bet with crypto should buy their coins – either from an exchange or direct from the betting site, in some cases. The money can then be stored in their wallet, which can be disconnected from the internet for security.

Pick a site to play at

We recommend that you pick one that has been tried and tested over the course of years. Crypto betting has become popular recently, spawning a wave of imitators. Some of those sites are sure to be excellent, but others may be less trustworthy, so it is beneficial to focus on the ones that have been around for a while and earned themselves a positive reputation. Once a site has been chosen, sign up, connect your wallet, and deposit.

Keep a check on the exchange rate

You may find that betting with crypto can be confusing if you’re unfamiliar with the specific coin you’re betting with. It can look like you’re not betting much, but when you convert the amount back into fiat currency, you realize you’ve been betting a lot. It may be an idea to ensure that you view your balance in standard currency, to begin with, for the sake of simplicity.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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