USD Coin sports betting deposits are the most recent addition to the growing list of cryptocurrency possibilities at legitimate online sportsbooks. It’s common knowledge that bitcoin and other cryptocurrencies are the best choices for funding legitimate, online sports wagers.
There is no other deposit method that is protected by blockchain technology that is immune to quantum hacking, has a success rate of one hundred percent, grants access to the best bonuses available, and enables instant payments.
When it comes to placing wagers on sporting events, the advantages of adopting cryptocurrency significantly exceed the slight hassles associated with entering the crypto market. There are many various crypto coins to select from, so it’s crucial to find the one that suits your needs the best.
The ability to fund your sportsbook account with USD Coin (USDC) is an enticing new option; however, USD Coin is a “stable coin,” which means it operates a little differently from Bitcoin and other altcoins. Check out the rest of this article to find out if this cryptocurrency is perfect for you.
What Is USD Coin?
The cryptocurrency USD Coin (ticker symbol: USDC) is a stablecoin, meaning its value is pegged to that of the US dollar at all times. One of the most popular stablecoins, USDCoin is now the eighth most-traded cryptocurrency on the world’s largest exchanges.
For consistency’s sake, we’ll always say that the value of a single USD Coin is $1.00. Similarly, USD Coin has lately replaced Tether as the preferred cryptocurrency deposit option at the top legal sports betting sites.
How To Buy USD Coin
USD Coin is one of the easiest cryptocurrencies to acquire and sell. Stablecoin assets can be purchased in the same way as any other cryptocurrency (via a digital currency exchange) but there is no need to monitor the market or worry about buying low to maximize value.
It is important to keep in mind that stablecoin pricing is always the same. As a result, investing in USDCoin is never a “bad” idea. The main concept of crypto stablecoins is that they are always pegged to the value of $1.00. US Dollar Coin is available for purchase on all major cryptocurrency exchanges.
Where To Buy USD Coin?
US Dollar Coin can be purchased from any online exchange that is licensed and regulated in your jurisdiction. So, the traditional suspects are the best suppliers in the United States. Although we advocate using Coinbase to purchase USD Coin and other stablecoins because of its user-friendliness, the cryptocurrency exchanges we’ve included below are reliable and secure options.
For this reason, it is strongly suggested that, after purchasing USD Coin (or any other cryptocurrency), you transfer the funds to a cryptocurrency wallet that is located outside of the original online exchange. Your assets are much safer here, and you can still quickly transfer money to and from your preferred online sportsbooks.
How To Get USD Coin Instantly
While cryptocurrency exchanges are a convenient place to purchase most cryptocurrencies, they may not be the best option for first-time crypto gamblers who need to quickly fund their online sportsbook accounts.
Keep in mind that for up to 10 days after purchasing cryptocurrency, users of the leading exchanges will be unable to transfer their funds to an external wallet or address. The odds are stacked against you if you try to place a sports wager tonight. Thankfully, Atomic Wallet and Coinify are two trustworthy options for purchasing USDC immediately.
Our Atomic Wallet review explains how you can use this all-inclusive iPhone and Android crypto wallet to instantly buy USDC and a number of other popular crypto assets with any major credit card.
In a flash, you can transfer your USDC (or any other cryptocurrency gaming asset, such as Ripple XRP) to your preferred betting site. Atomic’s 5% cost is reasonable when you consider how easy it makes purchasing cryptocurrency.
You may buy USD Coin and other popular gambling cryptocurrencies with your credit card in just a few minutes at the Coinify Store, an online market stocked with crypto assets that accept customers from all 50 states.
Remember that Coinify is not an exchange and that you will need a private crypto-receiving wallet to get the coins you purchase. After that, you should be able to make a deposit in your sportsbook as usual.
Best USD Coin Wallet For Online Sports Betting
The USD Coin can be kept in a number of different places. You can store your USDC in a paper wallet, a software wallet, a hardware wallet, or even an internet wallet. Since paper wallets are meant for long-term cold storage and are unsuitable for completing quick online sports betting transactions, we recommend any of the first three options.
In addition, non-stablecoin cryptocurrency assets that may rise in value are often stored in paper wallets.
Here are some of the best USD Coin wallets currently available. Software wallets are often recommended for online sports betting due to their convenience, speed, and added security.
Is It Safe to Use for Betting?
From a legal standpoint, USDC is properly supervised, audited, collateralized, tested frequently for vulnerabilities, and managed by a trustworthy financial institution. When compared to Tether, USD Coin is also more stable.
On top of that, the corporation that issued the USDC coins can track where they’ve been spent; if, for example, you gambled with them in a country where the legality of online gambling with cryptocurrency is hazy, the issuing firm might consider this to be an illegal move and freeze your USDC cash. When redeeming USDC for USD, you’ll need to give identification to the issuers, and they’ll keep track of all your transactions. Users’ ability to remain anonymous is completely compromised.
Use of the coins for online gambling in jurisdictions where such activity is permitted should not result in any problems with Circle. Unlike other cryptocurrencies, the price of USD Coin is pegged to the value of the US dollar, with very no variation.
Advantages and Disadvantages
All users have access to the USD Coin circulating supply and transaction history because it is issued on the Ethereum blockchain. US Dollar Coin also has high liquidity and can be traded on several of the best cryptocurrency platforms.
Accounting firm Grant Thornton performs monthly audits of USDC reserves to ensure they are at a true 1:1 ratio with US dollars, and the reserves are stored in separate bank accounts. Circle, Ltd., which is authorized and controlled by the NYDFS, regularly releases such reports (New York State Department of Financial Services).
The fact that Circle, Ltd. is responsible for all aspects of issuing, maintaining, and managing USDC is likely to turn off many crypto enthusiasts. If the issuing authorities believe that you are using the tokens illegally, they will be able to freeze or confiscate your centralized stablecoins quickly and efficiently. Additionally, if you choose to exchange your USDC for fiat currency, you will be required to go through a Know Your Customer (KYC) process with Circle, Ltd. and produce identification documents.
Conclusion
While USDC is widely traded on the cryptocurrency exchange market, it has not caught on with gamblers due to the fact that so few casinos accept it.
