What is Cryptocurrency?
In the current monetary system, purchases go through a centralized authority – a Central Bank. Banks and credit card companies take a percentage of every transaction through fees; they also simultaneously collect and retain the user’s personal information. This method of data collection has proven to leave users highly susceptible to fraud after security breaches.
Cryptocurrency was born from an idea to Decentralize money and remove the middleman (Banks and Credit Card Companies). Instead of banks or credit card companies recording every transaction in their central ledgers, cryptocurrency transactions are recorded on a Decentralized ledger or database known as a Blockchain. This allows users to safely transact across a peer-to-peer network without exposing their personal information to potential hackers. Therefore, no single user, Government, or Bank can force their will on transactions within the Blockchain. This limits the control Banks have over the flow of the currency which results in a secure, safe, and easy way to send or receive money.
What is Bitcoin ?
Bitcoin is a type of currency, just like the US Dollar is a type of currency. Cryptocurrencies, like Bitcoin, are cryptographically secured through a process called ‘hashing’. Without going into the technicalities, this process allows users to ensure their money is safely sent across a peer-to-peer network without any manipulations. Bitcoin is the most well-known Cryptocurrency and has the highest Market Cap.
MyBookie also accepts Bitcoin Cash, Litecoin and Ethereum. All these cryptocurrencies, including Bitcoin, can be purchased through Coinbase. Bitcoin can be purchased through Cash App. Purchasing crypto through these Exchanges is easy, fast, and safe.
In three easy steps you can use crypto on MyBookie and reap these benefits:
- Setup an Exchange to Buy Cryptocurrency
- Download a Personal Wallet to Send & Receive Cryptocurrency
- Deposit your Cryptocurrency to MyBookie
1. Getting Started: Open an Exchange Account
An exchange account allows you to purchase cryptocurrency using your local currency. MyBookie recommends the following Cryptocurrency Exchanges:
Cash App is a mobile payment service that allows users to quickly purchase and transfer Bitcoin. It was developed by Square, Inc.; an American Financial Services and Digital Payments company based out of San Francisco, California. It has been publicly traded on the NYSE since 2015. Click here to download Cash App. Follow the app’s prompts and in less than 3 minutes you will have your very own Exchange account.
The combination of simplicity and security makes Coinbase the most user-friendly Exchange account out there. Located in San Francisco, California, in the heart of Silicon Valley, Coinbase is a trusted company with best-in-class technology. Click here to download Coinbase. Follow the app’s prompts and in less than 3 minutes you will have your very own exchange account. Watch this quick video to see the process from start to finish.
Watch this quick video to see the process start to finish.
Other Cryptocurrency Exchange Recommendations:
2. Purchase Cryptocurrency
MyBookie accepts Bitcoin, Bitcoin Cash, Litecoin and Ethereum. All of these cryptocurrencies can be purchased through Coinbase. Bitcoin can be purchased through Cash App. Purchasing crypto through these digital wallets is easy, secure and instantaneous. In 3 easy steps you will own cryptocurrency.
Open your Cash App, click on the profile icon in the top left corner and scroll down to ‘Funds’. Follow the app’s prompts and in less than one minute you will own Bitcoin. Watch this quick video to see the process start to finish.
Open your Coinbase App and click the blue button with arrows pointing in opposite directions. Follow the app’s prompts to buy crypto and in less than one minute you will own Cryptocurrency. Watch this quick video to see the process start to finish.
3. Open a Personal Wallet
You need to store the Cryptocurrency you bought in a secure Wallet which only you have access to. ‘Exodus Wallet’ and ‘Blockchain.com Wallet’ are both popular options available for iOS and Android. Once you have a Personal Wallet, simply send your crypto from the Exchange to the receiving address for your Personal Wallet. Always make sure you Copy/Paste the receiving address or scan the QR Code. Never type out an address when sending funds.
Exodus Wallet was founded in 2015 and is headquartered in Nebraska, USA. It is a global, easy to use personal wallet that supports the sending, receiving, and trading of 150+ cryptocurrencies. Exodus has an extensive help section and offers customer service support via email. Click here to download the Exodus app. Follow the app’s prompts to create your account.
Once your account is created, be sure to secure it through the following steps:
- From the home page, tap on the icon.
- Click on Security.
- Select “Backup”.
- Tap on “View Secret Phrase”.
- Select “Press and Hold to Reveal” to show the 12-word recovery phrase.
Once you have set up your Personal Wallet, click on the cryptocurrency you would like to transfer. Now, click ‘Receive’ and follow the prompts to transfer from your exchange account to your Personal Wallet.
Blockchain.com was founded in 2011. With 30 million users in over 200 countries across the world, they are one of the most popular Personal Wallets. Click here to download the Blockchain app. Follow the app’s prompts and in less than 3 minutes you will have your very own Personal Wallet. Once you’ve set up your Personal Wallet, click on the transfer button in the bottom right corner of the home page, then click ‘Receive’ and follow the prompts to transfer from your Exchange account to your Personal Wallet. Watch this quick video to see the process start to finish. Click here for our guide to depositing cryptocurrency to MyBookie.
4. Deposit Cryptocurrency
Depositing cryptocurrency into your MyBookie account is quick and easy. It results in quicker transactions while simultaneously helping to avoid declined credit card transactions and fees. Send the Crypto from your Personal Wallet to your MyBookie account by clicking ‘Deposit Now’, choosing the correct Cryptocurrency, and use the receiving address we provide you at the confirmation screen. We will hold the current exchange rate for up to 20 minutes to ensure your deposit isn’t affected by changes in value. Please ensure you send the crypto from a Personal Wallet and not from an Exchange. Exchanges are regulated and may hold your funds if they suspect the transaction is for Online Gaming.
Exodus and Blockchain (4 steps)
Step 1. Login to your MyBookie account and click “Deposit Now” to enter the Cashier.
Step 2. Click “Use Another Deposit Method”, select the cryptocurrency you wish to deposit, enter the USD equivalent and click “Continue”.
Step 3. Click “Copy Address” to copy the cryptocurrency address provided in the Cashier.
Step 4. Open your digital wallet, paste the address provided by the MyBookie Cashier and click “Send”.
You have now made your first Bitcoin Deposit to MyBookie!
5. MyBookie Crypto Rewards
What Are Crypto Rewards?
Think of Crypto Rewards as cash that you haven’t unlocked yet. They accumulate with each Credit Card deposit you make and can only be redeemed once you’ve made your first Crypto deposit.
How It Works:
- You earn Crypto Rewards on every credit card deposit.
- 10% of your Credit Card deposit is added to your Crypto Rewards balance.
- The maximum Crypto Reward balance is $100.
- Play through required 1X rollover.
How to Redeem Your Crypto Rewards:
Make your first Crypto deposit of $45 or more. Once the deposit is accepted, your rewards will be released as cash. Use the cash to wager on anything you like.
6. MyBookie Crypto Re-up Bonus
Depositing with Bitcoin and other cryptocurrencies has never been easier at MyBookie, and we want to reward you for using the best payment solution available.
What is the Crypto Re-Up Bonus?
The MyBookie Crypto Re-Up Bonus grants you a 5% cash bonus on all Crypto deposits made after your initial Crypto deposit.
How It Works:
- Make a Crypto Re-Up deposit of $45 or more.
- A 5% cash bonus is added to your Crypto Re-Up balance.
How to Redeem the Crypto Re-Up Bonus:
- Once you have a Re-Up balance of $15 or more, you can select “Redeem” anytime.
- Your Re-Up Bonus comes with a 20x rollover (rollover is the action that must be achieved before you can request a payout).
- The 20x rollover only applies to the Crypto Re-Up Bonus.
The Crypto Re-Up Bonus is redeemable anytime, has no maximum, and grows with every eligible Crypto deposit you make. Leaving it unused will not affect your ability to withdraw.
7. MyBookie Crypto Security Awareness
At MyBookie, your security is our top priority.
As cryptocurrency becomes more popular we want to help keep you safe and remind you of the following:
- We will never request passwords, transaction details, or personal information via email or SMS,
- We will never request your Bitcoin address nor request payment to a Bitcoin/Crypto Wallet address via email or SMS.
- All promotional emails are sent from: firstname.lastname@example.org
- Never give out your Private Key information or 12-Word Recovery Phrase.
If you have any further questions or if you have received a suspicious email or SMS, please contact our Customer Support Team. Thank you for choosing to Bet With the Best.