Quick guide to using MonaCoin in sports betting
Crypto betting is getting all the rage with more gamblers joining the blockchain community and vice versa. However, it takes a while for most cryptocurrencies to become accepted by every bookmaker. That is the case for Monacoin (MONA).
MonaCoin is one of the oldest cryptocurrencies having launched in 2014, predating Ethereum (ETH) which launched in 2015. The goal behind its creation was to fulfil what Bitcoin (BTC) was originally meant to be, a means of payment for merchants and businesses. However, the digital asset didn’t quite achieve what it was set to do but it is accepted in some e-commerce.
This gives MonaCoin a certain level of reliable liquidity. However, it is not yet as widely accepted as the likes of Bitcoin, Ethereum, or even Litecoin (LTC) which it was forked from. You can still exchange it to those aforementioned digital assets thanks to its volatility and popularity in Japan, giving it value among Sportsbet gamblers in the country.
What is MonaCoin
MonaCoin is one of the first generation cryptocurrencies, meaning that it is similar to Bitcoin in many ways. That includes the structure of its blockchain, the policies in the network, and the way its peer-to-peer (P2P) payment works. Its biggest defining feature is its cat-themed symbol and name inspired by Mona, an ASCII Art created by a MonaCoin community member named ‘Sabo’.
It stands for American Standard Code for Information Interchange, a character encoding format used professionally in scripting languages but some forums use its digits to draw. If you’re not familiar with the character, it is typically drawn like this:
| /\_/\ |
/ > >
How to buy MonaCoin
Despite its strong resemblance with Bitcoin and Litecoin, MonaCoin is not a widely distributed cryptocurrency. Only a select few exchanges offer it for sale and it’s not even accepted in sports betting Japan yet. However, it has a following strong enough to make it easy to liquidate. You just need to know where it’s offered and place an order for an in-demand currency.
Top three exchanges to buy MonaCoin
For now, MonaCoin is not available in the top markets of the crypto industry. Its market price is tracked by sites like Binance and Coinbase, the leading crypto markets in the world, but they are not supporting the asset.
The best way to buy MonaCoin is on the following exchanges which offer similar services to the aforementioned ones. Two advantages they all have to mainstream international exchanges are that they have cheaper convenience fees and full support of Japanese payment methods.
This crypto exchange was founded in 2017 with a wide range of cryptocurrencies supported. It’s meant to be accessible for all kinds of traders and MONA investors are no exception. CoinEx has a trading pair system that promotes which currencies are in demand to be traded for which other.
Thus, you’ll be quick to find MONA sellers and buyers alike as well as what they want in exchange for it. This makes CoinEx great for newcomer investors as well as casual traders with preference for convenience.
Founded in 2018, this exchange is focused more on experienced traders. They offer support for a wide range of cryptocurrencies, including its native token called ProBit Token (PROB), an ERC-20 token. That means it’s built on the Ethereum blockchain and can benefit from its decentralised apps (dApps) like swaps and trading of non-fungible tokens (NFTs). Speaking of which, NFTs are also traded on ProBit Global, making it one of the most versatile trading platforms for MONA users.
This is one of the oldest exchanges for MONA having been found in 2014, during the same year MonaCoin officially released. It facilitates trading pairs like CoinEx but it’s more advanced. bitFlyer offers tools for advanced trading techniques like margin and futures trading which makes it appealing for serious investors.
What makes it even more popular is its emphasis on security because there are strict regulatory policies that users must adhere to. bitFlyer is popular among Japanese users thanks to its helpful tools for micromanagement.
Steps to using Monacoin for sports betting
One unfortunate fact you need to face is that MonaCoin is usable in Sportsbet betting Japan directly. There will be some websites out there that support it but they don’t typically have the same quality of service and bonuses. If you insist on finding bookmakers that supports this cryptocurrency then this is what you have to do:
Store MonaCoin in a third-party wallet
MonaCoin is a relatively old cryptocurrency which gives it the edge on wallet support. Here are a few examples you can consider and all of them are available in Japan:
This is the official wallet for MONA, a web-based wallet where you can sign up and generate your seeding code. It offers services aimed at making MonaCoin trading as easy as possible with security features up to standards. Monappy also comes with charts and leaderboards for tracking market trends for different kinds of cryptocurrencies.
This is a third-party wallet with over 1500 supported cryptocurrencies, an impressive selection for a web wallet. It’s designed to be used on the desktop but it also has a downloadable app for Android and iOS which you can get directly from their website. Coinomi is also available on the App Store and Google Play for easy installation.
Ledger Nano S
This is one of the most famous hardware wallets in the crypto industry. It supports over 1800 cryptocurrencies including MONA, BTC, and ETH with clear plans to continue expanding. Ledger Nano S is a thumbstick hardware wallet noted for having one of the highest security levels among other wallets while still having a versatile functionality.
It can be paired with other software wallets, allowing you to store all your vital private keys offline. This is on top of benefiting from a more interactive platform that can connect with other exchanges.
This is also a hardware wallet that can be connected with either the PC or smartphone using a cable. It is a lot more strict with the type of crypto it supports, having only within 1000 in its selection. Fortunately, that includes MONA among BTC and ETH, still making it a good all-around device for all kinds of traders. All private keys are kept inside this small device which can be used if paired on other wallets or directly at exchanges when preparing to buy and sell.
Find crypto betting site that accepts MonaCoin
Once you have MONA in a third-party wallet, it’s time to look for a website where you can bet using it. You can look for them at listings websites featuring bookmakers and casinos dedicated to cryptocurrencies. From there, weigh your options but understand what makes a good crypto betting site and choose whichever meets your standards.
Make an account and deposit MonaCoin
Once you’ve found your ideal crypto casino, you should make an account so you can use its services. Doing so generates a wallet on the account with its address and private keys. Deposit MONA using the wallet’s P2P system where you copy your casino account’s wallet address to your third-party wallet’s recipient input box by copy and pasting. Alternatively, you can scan the casino’s QR code using your mobile wallet app’s scanner for a quick transaction.
Bet on sports events using MonaCoin
Choose a sports or esports event you find exciting and start placing bets on outcomes you have confidence in. Don’t forget to set the currency to MONA at the betslip or wagering options. Otherwise, you might end up trying to wager using the site’s default currency which is usually BTC or ETH.
Alternative way to use MonaCoin is to convert it to other crypto
If you cannot find a suitable crypto casino to bet using MONA, then the next best option is to use another crypto. Choose the casino with the best bonuses, games, and services like Sportsbet. Convert MONA to another currency with high liquidity like the crypto Tether (USDT) or fiat like Japanese yen (JPY).
Conversion to these currencies is ideal because they are stable, making them easy to sell at another exchange. Meanwhile, MONA is a volatile currency with value rising over time. The profit you earn from MonaCoin trading is best used this way for sports betting Japan. After all, there is no other website with better bookmaker bonuses.
Use MonaCoin for trading and betting
Despite being an old cryptocurrency, MonaCoin is supported by a limited number of services outside of Japan. Some exchanges and wallets accept it but it’s still not enough to consider it a fully adopted digital asset.
It still has a high liquidity that ensures profit for traders among Japanese traders, giving its traders advantage in buying and selling other assets. You can convert it best to USDT, BTC, LTC, or ETH because they are also the best assets for Sportsbet.