Esports is at the spearhead for the advancement of sports in the digital age. Fittingly, it is constantly pushing towards the newest developing technologies. One such technology is cryptocurrency. The integration of cryptocurrency into esports betting provides new avenues for fans to enjoy their sport of choice.
What is Cryptocurrency and why is it used in Esports Betting?
Cryptocurrency is a digital currency developed using cryptographic functions to enable financial transactions over the Internet. Cryptocurrencies utilize blockchain technology to progress towards three key traits: distribution, transparency, and anonymity.
- Cryptocurrency has fast distribution because it is not controlled by a central authority. This means that access and control over cryptocurrency funds lie with the owner: no one can block their wallet or take their funds.
- Cryptocurrency exchanges are transparent as a result of blockchain technology. Transaction progress can be viewed at any time, and its open distribution over the blockchain network means that merchants cannot try to mislead buyers as the transaction information is visible on the network.
- Cryptocurrency is also anonymous. While transactions are open to view, the status of traders’ wallets is known only to their owners and people with whom they choose to share it. No one else knows how much cryptocurrency any buyer owns.
These traits allow a direct exchange of cryptocurrencies between two parties using private or public keys with minimal processing fees. As a result of this speed and ease, cryptocurrency is gaining popularity with sports bettors. Successful bettors can receive their winnings near-immediately upon the conclusion of the matches.
Traditional payment methods such as bank transfers require the bookmaker’s bank and the bettor’s bank to approve and process the payment. This typically takes a few days to complete. Cryptocurrency is transferred directly between individual parties without the bank functioning as a middle man to process the transfer. This allows for faster payouts.
Examples of popular cryptocurrencies are Bitcoin, Ethereum, Litecoin and Bitcoin Cash, but there are many more altcoins designed for various purposes. Full list of top Cryptocurrencies by market capitalization can be found on CoinMarketCap.
How to Buy Cryptocurrency
Cryptocurrencies can be bought online through different websites. This checklist will cover the basic process.
- Pick a website, that accepts your preferred payment method. Common methods are credit card, bank transfer, or sometimes cash. Available payment methods can also depend on your region. Examples of crypto trading platforms are Coinbase, Kraken, or Binance.
- Choose which cryptocurrency you’d like to purchase. Different websites offer different cryptocurrencies, but most popular ones like bitcoin, ethereum or litecoin are available on all of them. If you’re planning to make a deposit on Thunderpick, then you should get one of these: Bitcoin, Ethereum, Litecoin, Ripple, Tether or Bitcoin Cash.
- Create a cryptocurrency wallet that will securely hold your purchased cryptocurrencies and transfer your crypto from the exchange to the wallet.
There are three types of wallets of varying security:
- Online wallets: These wallets are provided by websites, such as exchange sites like the mentioned Coinbase. These are not advised for bettors as the wallet’s private keys and therefore access is in the exchange’s control. It adds complications to the process of moving finances that cryptocurrency was designed to avoid.
- Software wallets: These wallets are available through downloading an application. They are quicker and safer than online wallets and should be sourced from companies that are not exchanges. We recommend one of these for your first crypto wallet.
- Hardware wallets: These wallets are available through purchasing a portable device that connects with a computer through USB ports. This is the most secure wallet as the cryptocurrency will exist entirely in the physical control of its owner.
An example of a cryptocurrency wallet is TrustWallet, Jaxx, and Mycelium.
How to Make a Deposit on Thunderpick with Cryptocurrency
With all the preceding information, you are now hopefully more informed and knowledgeable in the world of cryptocurrency. Now, you can choose to experiment with cryptocurrency in the realm of sports betting.
You can follow this simple step-by-step guide to make deposits with cryptocurrency on Thunderpick.
- Click on the “Deposit” button in the top navbar which will redirect you to the deposit page.
- Choose “Crypto” as a payment method.
- Select Crypto Currency from the list of cryptocurrencies currently available: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tether, Ripple.
- Select or type Deposit Amount in Euro and click on the “Deposit” button.
- Confirm that all future transfers will be in cryptocurrency by clicking “Proceed.” This will ensure that future transfers will be in the “Crypto” account type.
- You will then see the Deposit Address and Deposit Amount in the selected cryptocurrency. Copy both the Deposit Address and Deposit Amount, go to your crypto wallet and send that amount from their wallet to the specified address.
- The deposit will be credited automatically once there are enough confirmations on the blockchain. The number of confirmations depends on the cryptocurrency used and is generally two to three confirmations.
If you have any questions regarding cryptocurrencies or making a deposit on Thunderpick, please contact our Customer Support team via Live Chat available on the website or email: [email protected]
Thunderpick offers esports betting for near-all popular games such as Counter-Strike: Global Offensive, DOTA 2, League of Legends, Overwatch, Rainbow Six and more. To get started, you can refer to the following betting guides for League of Legends, CS:GO, Dota 2, and esports in general.