Setting up a Wallet for Cryptocurrency
Before you get your bitcoins or other cryptocurrencies the first step you need to do is set up a wallet to store your bitcoin – you will need one, whatever your preferred method of purchase. There are many different types of crypto wallets: hard wallets, hosted wallets or non-custodial wallets.
This could be an online wallet (either part of an exchange platform, or via an independent provider), a desktop wallet, a mobile wallet or an offline one. If you buy bitcoins for betting online wallet will be enough for you. Some of the most popular online wallets are Greenaddress, Exodus, Mycelium and Spectrocoin. These wallets are just for storing bitcoins. You can't buy any cryptocurrency from these sites.
Below you can find some tips from WikiHow regarding the use of cryptocurrencies.
- Try an online wallet if you have a small amount of cryptocurrency
- Download software for more control over your crypto transactions
- Use a mobile wallet for convenient, easy access to your cryptocurrency
- Buy a hardware wallet to secure larger amounts of cryptocurrency
- Hold cryptocurrency for long-term investment with a paper wallet
Now we can tell you how to buy and cashout your crypto assets.
Open an Account at an Exchange
Cryptocurrency exchanges are to buy and sell bitcoins. There are hundreds currently operating, with varying degrees of liquidity and security.
With the clampdown on know-your-client (KYC) and anti-money-laundering (AML) regulation, many exchanges now require verified identification for account setup. This will usually include a photo of your official ID, and sometimes also a proof of address.
Most exchanges accept payment via bank transfer or credit card, and some are willing to work with Paypal transfers.
Each exchange has a different procedure for both setup and transaction and should give you sufficient detail to be able to execute the purchase.
Once the exchange has received payment, it will purchase the corresponding amount of bitcoin on your behalf, and deposit them in an automatically generated wallet on the exchange. If you wish (recommended), you can then move the funds to your off-exchange wallet.
Depositing to Sportsbook
Now it's the last step. You need to choose a bookmaker for depositing with cryptocurrencies. The easiest one for register and depositing process is 1xBet. There are many different cryptocurrency options. So you will be free to choose which currency you will use. You just need to go to deposit panel and you should copy the address which you are getting from them. You will use this address in your wallet for transferring money. Depending on the network volume your money will be transferred in minutes or hours.
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