Cryptocurrencies have taken the world by storm, and many believe that they’re the payment method of the future. If you’re wondering how cryptos have become so relevant, the answer lies in all the advantages they provide over fiat currencies. Cryptos are not mandated by any government, they provide complete anonymity, lighting-fast transactions, and uncapped withdrawal limits — which are all characteristics that also make them the perfect choice for online betting.
Cryptocurrencies have already become one of the primary payment methods in online casinos and crypto bookmakers, and many legal and licensed betting startups have started offering crypto as a form of payment. Before you make your first crypto deposit, however, there are a few things to consider. First, you need to get familiar with crypto: what it is, how it works, the crypto terms, exchange rates, and all the ins and outs — and we’re here to help you with that.
Learn what crypto is and how it works
Learning what crypto is and how it actually works will help you decide if you actually want to deposit using crypto, and might answer all the questions you’ve had in the past about it.
One of the best websites to get familiar with cryptocurrencies is Investopedia. Here, you’ll learn what blockchain is, how it works, and all the similarities and differences between blockchain and Bitcoin. Quick hint: No, they’re not the same thing. Bitcoin, and basically all other cryptocurrencies, use the blockchain technology for all transactions.
Another great website where you can get familiar with crypto is Forbes, where you can also get information about how to mine cryptocurrency, and learn more about different cryptos.
Learn about the different crypto exchanges
Although purchasing crypto a decade ago was fairly difficult, now it’s relatively easy — if you know what to look for. To buy crypto, however, you must use a crypto exchange site. These sites act as crypto wallets and provide you with the ability to trade cryptocurrencies — including some of the most popular cryptos such as Bitcoin, Ethereum, or Litecoin. Some of the most popular crypto exchange sites include Coinbase, Binance, eToro, and others. Before you register with an exchange site, however, we advise you to check out how many coins are available at the site, and the crypto trading fees. The fees can vary massively between different crypto exchange sites, so be cautious — especially when making bigger transactions.
Most of these exchange sites allow you to link your bank account and purchase crypto using fiat currencies — which you’ll find handy if you’re a beginner.
Keep up with the latest crypto news
Cryptocurrencies are more volatile than fiat currencies, and you should be aware of this before you make your first crypto purchase. Keeping up with the latest crypto news is crucial if you want to make the most of your hard-earned cash, and some of the best sites for the latest crypto news include CNBC Crypto World and Cryptonews.com. Besides crypto news, these sites feature information about crypto exchange rates, as well as guides on how to buy crypto, how to start with crypto trading, etc.
Moreover, you can find out more about the crypto legality in Australia on sites such as Freemanlaw and the government-owned Newsroom.usnw.edu.au.
Choose the right crypto betting site
Once you’ve made up your mind and decided that you want to jump on the crypto bandwagon and start betting using crypto, the next step is to choose the right crypto betting site. To start the process, you first need to find a suitable site that accepts cryptocurrencies as a payment method. This is where a site such as Hellsbet.com comes in handy — presenting Aussie punters with the best crypto sites that are currently available.
When it comes to choosing the site, there are certain factors to consider. First, make sure that the site is licensed by a reputable body, and the easiest way to do it is by looking for a seal of approval by the licensing body. To find out more about casino and online betting site licensing in Australia, you can visit the government-owned site acma.gov.au.
After you’ve chosen the crypto betting site you want to deposit at, the next step is to create an account, claim your bonus, and enjoy your crypto betting experience.