If you’re an online bettor – or if you’ve been thinking about signing up with a legal online sportsbook – it’s probably time you made the switch to cryptocurrency.
In fact, there’s no “probably” about it.
Today, for the first time all year, Bitcoin (BTC) has dipped below $30,000, trading at $29,765 at the time of this writing.
That’s less than half of its all-time high (ATH), and for gamblers, it’s the perfect time to start paying close attention.
While the volatility of crypto can be a turnoff for many potential investors and traders, that’s only a negative when people consider crypto’s negative trends.
The Bitcoin price dropping by 55% over just a few months can paint a picture of a market that’s about to implode.
If you’re used to the stock market, that argument has historical relevancy. It’s a bad slide.
On the other hand, there’s rarely been a better time to buy in.
While this is also true with stocks, the crypto market works differently. The dips see flurries of sell-offs, but history tells us that no dip is permanent and that no ATH is the final ATH.
This time last year, Bitcoin was trading at just $8500 or so per coin.
And this isn’t just true for BTC, either. All major cryptocurrency assets tend to go as Bitcoin goes.
Today, these major assets (just to name a few) are down as follows:
- Bitcoin (BTC) -2.85%
- Ethereum (ETH) -10.01%
- Cardano (ADA) -5.24%
- Ripple (XRP) -4.19%
- Bitcoin Cash (BCH) -3.45%
- Litecoin (LTC) -3.85%
- Chainlink (LINK) -4.30%
- Stellar (XLM) -4.19%
The inverse of a rising tide is an ebbing tide, and all boats are affected similarly.
When the water’s deep, you have to jump in. When it’s shallow, you can step in. A small investment in crypto today – for the same gains – would require a much larger investment in crypto last month.
Or next month.
The metaphors are endless, but the upshot is always the same:
Buy low, sell high.
Thus, if you’ve been considering gambling on crypto – or gambling with crypto – it’s time to make it happen.
Here’s how you can buy BTC and other crypto coins, and the general method is the same no matter where you live in the US or abroad.
- Sign up with a reputable online exchange like Coinbase, Bittrex, Binance/Binance US, or another established operator. These exchanges allow you to deposit USD/CAD/GBP/etc. from your bank account directly into your crypto exchange account or trade that fiat money for the crypto coin of your choice. We recommend Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Cardano, albeit Cardano is not yet supported by most legitimate online betting sites. For investors, it’s the best bet, but bettors will want to buy an asset their favorite gambling sites support.
- These sites use KYC (Know Your Customer) standards, so you’ll have to prove your identity via one or more typical government IDs.
- Once you’ve deposited fiat money, you’ll immediately be able to trade on-platform for whatever cryptocurrency you want. If you transfer fiat to crypto at the outset, you’ll be credited with the amount of assets at their live market price at the time of purchase. In either case, you’ll have to wait 5-10 days before you can send your assets off-platform. If you want to bet sports online, for example, you’ll have to wait until this time period clears before you can make online betting deposits with your site of choice. (You can bypass this wait by buying Bitcoin specifically via the Zelle-To-Bitcoin process if you live in the USA.)
- Once your funds are tradeable off-platform, you can then send them anyplace you please. For investors, we recommend sending your cryptocurrencies to a software or hardware crypto wallet for private, secure storage. For traders, we recommend keeping your balance on the exchanges themselves to facilitate easier trading. For bettors, either option is fine, though we like the former for its added security.
Getting started in crypto is really that easy. If you take about 30 minutes, you can get everything set up, and the rest is simply waiting on that tide to come back in.
If you’re an online sports bettor with an active account at any reputable offshore sportsbook, you can actually take advantage of this market dip in a unique way.
Until recently, to withdraw in crypto from any legit betting site, you had to first deposit in crypto.
That’s no longer the case.
If you’ve deposited using credit or debit cards like most players, you can now claim your winnings via cryptocurrency.
With the market price of these assets trending low, it’s the perfect time to pull out those winnings in crypto.
All you need to do that is a free cryptocurrency wallet (Atomic, Exodus, Mycelium, etc.) and an associated crypto receiving address. Simply request your payout in the supported coin of your choice, enter in your receiving address, and submit the form.
Regardless of how you go about it, there’s no better time to get in the water.