A guide to buying and using USDC for online sports betting
Sports betting has been around for years but through the online platform, people became more interested in it. Aside from a variety of markets to wager on, there are also several payment methods available when sports betting online.
What’s great is that there is a variety of digital currencies to choose from such as Bitcoin (BTC) and Ethereum (ETH). However, one of the rising digital currencies that punters use for sports betting is USD Coin (USDC).
Betting sites such as Sportsbet offer USDC as one of their top payment options due to the benefits it offers. Despite the success of USDC sports betting Japan, a few new punters are still hesitant to try crypto sports betting in general.
What is USDC?
USD Coin (USDC) is a stablecoin backed by the US dollar. It was created by Circle and Coinbase in 2018 as a way to provide stability to the crypto market. The coin is built on the Ethereum blockchain and is an ERC-20 token. It has a 1:1 exchange rate with the US dollar, meaning that 1 USDC is equivalent to 1 USD.
Unlike other digital currencies, USDC is less volatile because it is pegged to the US dollar. This means that its value is less likely to fluctuate. USDC is also backed by reserves of US dollars, which are held in audited bank accounts. This ensures that USDC is fully collateralized, providing stability to the token.
Due to the stable nature of USDC, online sports punters have started using it for online betting. Using USDC for sports betting ensures punters that the value of their winnings won’t suddenly drop when they decide to withdraw them.
How to buy USDC
Buying USDC for online sports betting is easy and simple but it does require a bit of research to maximise them to the fullest. Buying USDC for the first time can seem overwhelming, but once you know how USDC works, you’ll figure out that buying USDC is easy and all you need is a good crypto exchange.
To help you get started, here’s a guide on how to buy USDC:
Choose the best crypto exchange
Make sure that the crypto exchange of your choice is not only easy to use but guarantees safe and secure transactions. You can find the best crypto exchange by researching and reading reviews. It’s also crucial to check first whether the exchange supports more coins other than USDC to avoid any hassle.
To help you narrow down your choices, here are some of the best crypto exchanges for UDSC:
KuCoin is a popular crypto exchange that allows you to buy, sell, and trade various types of coins including USDC. Crypto investors and online sports punters alike use KuCoin because it’s simple to use and boasts a lot of features to take advantage of. Some of the best features of KuCoin include:
- Low trading fees → KuCoin charges low trading fees of 0.1% per trade, which can be further reduced if you have KuCoin token (KCS).
- Security → KuCoin is not only easy to use but is also secure. It has measures in place to protect user accounts and funds. These include two-factor authentication (2FA), SSL encryption, and a multi-level risk ID system.
- Customer support → KuCoin has a committed customer support team that is available 24/7 to assist you with your inquiries and issues you may encounter.
Kraken is one of the oldest and most trusted crypto exchanges that supports over 70 digital currencies such as USD Coin (USDC), Ripple (XRP), Litecoin (LTC), and Ethereum (ETH). Aside from securely storing USDC and other coins, Kraken is also a reliable trading platform designed for frequent traders. It offers advanced charting tools, customised trading interfaces, and charting tools. Other notable features of Kraken include:
- Mobile app → Kraken has a mobile app that allows users to buy, sell, and trade on the go. There is an advanced order feature where you can be more flexible and specific on how you position your assets in the market.
- Futures trading → This feature gives you a glimpse of the possible future prizes of various coins.
- Security → As one of the top exchanges, Kraken is also guaranteed secure and provides various security measures such as secure socket layer (SSL) encryption.
OKX is a well-liked crypto exchange that was launched in 2017. One of the key features that make OKX unique is its commitment to providing users with a seamless and secure trading experience. Buy and sell, margin trading, futures trading, and perpetual swaps are just some of the advanced trading options available on the platform. Other notable features of the exchange are:
- Languages → One of the unique aspects of OKX is its commitment to global expansion. It supports various languages, including English, Chinese, Korean, and Japanese which makes it accessible to a wide range of users from around the world.
- Innovation → OKX also focuses on technology and innovation to provide a seamless and improved user experience. To achieve its goal, the platform is constantly releasing new products and services. For instance, it released its own blockchain called OKChain, which is designed to be a fast and decentralised backbone for blockchain-based apps.
Tips when buying USDC for sports betting
Buying USDC is simple. With the wide range of crypto wallets and exchanges to choose from, finding the one that you need the most is fast and easy. Since not all USDC exchanges are the same, it’s crucial to be extra cautious when buying USDC.
To help you buy USDC for your online sports betting session, here are some tips:
Choose the best crypto exchange
Using USDC for sports betting for the first time can be overwhelming. However, once you’ve chosen the best crypto exchange to use, buying and using USDC is easy. To find the best USDC exchange that has all the features you need, you can research and check recommendations by other USDC users. Some of the most popular USDC exchanges you can use are Kraken and Binance.
Consider the fees
When buying USDC, it’s important to always consider the fees linked with crypto transactions. To avoid hidden fees, be sure to read the fine print and know all the fees that come with buying and using USDC for sports betting.
Complete the verification process.
For a hassle-free experience when buying USDC for sports betting, always make sure that you finish the required verification process. Most crypto exchanges require users to complete verification processes before they can buy or sell crypto. By completing the needed verification process, you can ensure that your account is in good standing.
How to use USDC for online sports betting
Once you’ve bought USDC, using it for online sports betting can be done in a few easy steps. To start your online sports betting with USDC, follow these simple steps:
Choose the best online sportsbook
The first step to using USDC for sports betting is to find the best online sportsbook that accepts USDC and also has a good reputation. Research to find out whether the online bookmaker of your choice is reliable and secure as well. It is highly recommended to read reviews made by other punters to know whether the betting platform is worth your time and has all the betting options you prefer.
Create an account
Once you have chosen the best online sportsbook, create an account by providing your personal info, such as your name and email address. You may also need to provide some documents to verify your account depending on the online bookmaker.
Link your USDC wallet or exchange to your account
Now that you have your account, you can link your USDC wallet to your sportsbook account to make deposit and withdrawal transactions. To link your crypto wallet and make a deposit, go to the online sportsbooks’ deposit or transaction page where you can select USDC as your deposit method and enter the amount you want to deposit.
Once you have deposited USDC to your online sportsbook account, you can start placing bets on your favourite sports events. Most online sportsbooks will offer a wide range of betting options, including pre-match and live betting.
Benefits of using USDC for online sports betting
Aside from utmost security, using USDC for online sports betting comes with more benefits you can take advantage of. This includes faster and easier transitions. Since USDC is a digital currency, it can be transferred easily and fastly, with low transaction fees compared to standard payment methods.
To have the best sports betting Japan experience using USDC, always choose a licensed and reliable online bookmaker such as Sportsbet. You can also claim bonuses offered by the betting platform to boost your odds of winning big.