There is a new payment method out there that has taken the financial industry and consequently the betting sector by storm. Cryptocurrencies are now a major player in the online betting industry, going toe to toe with fiat currency. In the online betting industry, processing payments is a thing of critical importance. A poor or inadequate payment method in a platform can lead to loss of customers. If players are not able to fund their accounts, then it is not possible to place bets. Therefore, the payment methods present in an online betting platform are very important. 

Cryptocurrencies are now becoming a staple option in the payment section of online betting platforms. Many top platforms offer some of the most popular coins to bettors to use for deposits and withdrawals. Also, there is a high demand by players for bookmakers to operate cryptocurrencies. These bookmakers have listened and have added it to their payment section. Similar to fiat currency payments, cryptocurrency payments are also very easy to use. To get started processing payments with crypto, you need to meet the two requirements below.

1. Set Up a Crypto Wallet

A crypto wallet is used to store your cryptocurrencies. There are numerous crypto wallets out there, so conduct your research before picking one. Settting up your crypto wallet requires a lot of verification, so get prepared. In your crypto wallet, you can store your favorite coins. 

2. Set Up a Crypto Exchange Account 

Once you have created a crypto wallet, the next step is to set up a crypto exchange account. This helps you to purchase and exchange cryptocurrencies. However, most crypto exchanges also store cryptocurrencies for their customers. 

Funding your Bet Account with Cryptocurrencies 

On the betting platform head to the payment section, and select the cryptocurrency payments option. However, before registering with the bookmaker, check if it operates the cryptocurrency you have in your wallet. Not all bookmakers accept the top coins in the market. Depositing money into your bet account through cryptocurrencies is pretty straightforward.

• Choose your Preferred Currency: TonyBet Ireland have several coin options to fund your account with. If you have Bitcoin in your crypto wallet, choose Bitcoin from the options. 

• Copy the Deposit Address: After selecting your coin, the bookmaker generates a unique wallet address to which you have to send the bitcoin. Copy the deposit address and head to your wallet or exchange platform. 

• Send the Crypto: From your crypto wallet or exchange, input the desired amount you want to send, paste the wallet address you copied, and send. 

• Confirm Your Payment: Always ensure you are sending your crypto to the correct address before hitting send. After sending and the transaction is confirmed, your bet account will be funded with the amount you specified. 

Withdrawing Your Profits Through Cryptocurrencies 

The process for depositing cryptocurrencies into your bet account is similar to that of withdrawals. To cash out your crypto, head to the withdrawal section and select the cryptocurrency you would like to receive your profits in. Then head to your crypto wallet to copy your wallet address, as this is where your profits will be sent. Head back to the betting site, input the amount you want to withdraw, and paste your wallet address into the withdrawal form that pops up. Confirm your transaction and wait. Withdrawals usually take a longer time to process. Once the transaction is confirmed, the amount you withdrew in its equivalent coin will reflect in your wallet.