How to Buy Cryptocurrency - Crypto Investing Guide - Stake
How to Buy Cryptocurrency
Stake is the best place to play exciting casino games and enjoy the finest sports betting action. But we’re different from other platforms because our customers bet with cryptocurrency units rather than adding traditional money to their accounts.
But how does the process work? And what is cryptocurrency anyway? It’s a lot easier to understand than you might think, as this how-to article reveals.
Learn the benefits with our beginner’s guide to cryptocurrency, and how you can buy it quickly and then use it to play or bet at Stake’s crypto casino and sportsbook online.
Once you've had a chance to get your bearings, you may also want to check out our ultimate guide to online casinos so you can be well-equipped to playing and betting at Stake!
What is Cryptocurrency?
Cryptocurrency is a type of virtual or digital currency that uses cryptography to make all transactional security bulletproof. Bitcoin was created in 2009 as the world’s first cryptocurrency. It remains the best-known of the hundreds of cryptocurrencies, including Ethereum and Litecoin.
Unlike traditional fiat currencies, like US Dollars, the British Pound or the Euro, a central bank does not operate digital currencies. Instead, it’s purely digital, with all transactions recorded on a public ledger called a blockchain.
The blockchain ensures integrity and transparency because it is made up of a vast number of ownership components rather than one central hub.
How Does Cryptocurrency Work?
Crypto is a digital asset with complex algorithms on the decentralised ledger of the blockchain . If you wish to make a buy/sell transaction, it’s broadcasted on this network and verified by multiple computers, known as nodes.
Once verified, the transaction is added to the blockchain, part of a permanent public ledger. It can never be tampered with or changed, hence the bulletproof security aspect.
The decentralised nature of a blockchain means no single person or entity can gain control over the currency, which eliminates the need for expensive intermediaries, like the banks used for traditional currencies.
Each crypto transaction is conducted directly between two users, allowing faster and cheaper movement of funds. Find out what you can buy with Bitcoin.
Types of Cryptocurrency
There are many different cryptocurrencies, but Bitcoin and Ethereum remain the most popular and the ones you’re most likely to read about. Ripple, Litecoin and Dogecoin are others that you may hear about – but there are many thousands of niche ones that serve a target market.
Getting hold of different cryptocurrencies through a cryptocurrency exchange platform is easy. But the first thing you need is your own “digital” wallet to enter this new exciting world.
How to Buy Cryptocurrency?
First, you need to choose a crypto broker or crypto exchange and set up your digital wallet. It’s not always a physical thing, but rather a piece of software that you can log in and out of and apply to somewhere for buying (or selling). Usually, if you are simply purchasing cryptocurrency, this would be an crypto exchange platform via popular mediums such as Coinbase or Binance.
You can choose a payment method by linking your bank account and using bank wire transfer (bank transfer), or other preferred method, including credit card, debit card, PayPal, and even gift cards, depending on the chosen platform.
Then purchase the crypto at the present rate. Your crypto units of choice are then added to your wallet.
You can then use your crypto to purchase goods or services or sit on them if you believe the currency value will rise. Remember, the value can fall, too!
How to Store Cryptocurrency?
Your digital wallet is where you store cryptocurrency, just as your real wallet contains any cash you might have.
When choosing a cryptocurrency wallet, select one that’s easy to use, has secure storage, and is compatible with the crypto you intend to use. Popular names are Coinbase Wallet and Exodus. Your main concern is ensuring your wallet is secure because there is no central authority to recover lost or stolen funds.
There are two different types of crypto wallets - hot wallets and cold wallets. Simply put, hot wallets are internet-connected devices which makes them easier to use, however are the less secure option. Whereas cold wallets are a hardware device and offline, therefore making them less convenient but more secure. Overall, there are a wide range of pros and cons of both types of wallets, and therefore it's recommended that crypto investors have a combination of both for extra security.
As a minimum, regularly back up your wallet, add two-factor authentication – and keep your login credentials secure.
Why Invest in Cryptocurrency?
Investing in crypto can be a way to make a profit and grow your wealth. Cryptocurrencies are independent of particular markets, economies, and emergencies like outbreaks of war or forces of nature. In this way, they are not vulnerable to ongoing events.
It's important to note that the cryptocurrency market can be highly volatile and subject to waves of buying and selling that can shift the price. This makes having shares in cryptocurrencies a speculative investment, and you should always consider your investment goals.
The more pragmatic approach is to consider cryptocurrency investment as part of a broader investment strategy, spreading your risk.
How to use Cryptocurrency on Stake.com?
We’ve made it super easy to deposit crypto funds so you can play your favourite casino games like slots , table games like blackjack and roulette , and live casino games . Or you might be more of a sports betting fan keen to take advantage of the vast number of markets on Stake.com.
You can use your debit or credit card to purchase crypto on Stake, thanks to our partnership with Moonpay, the largest provider of different cryptocurrencies. You’ll set up your Stake digital wallet, like the ones we introduced earlier in the article.
Then, you can purchase the cryptocurrency of your choice and transfer it to your Stake wallet. Once you do this, you’ll be able to participate in any current Stake welcome promotion offer and bonus .
To deposit funds into your Stake.com account, follow these simple steps:
Step 1 - Retrieve your deposit address, located in Wallet > Deposit.
Step 2 - Choose the method which suits your needs. We offer many supported currencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (Doge), Litecoin (LTC), and others.
Step 3 - Use your deposit address as the ‘send to’ location for your crypto wallet or crypto exchange.
Step 4 (Optional) - If you need to deposit fiat currency, you can buy crypto for stake via Moonpay.
Learn more about deposit and withdrawal methods for betting, with our online payment methods guide at Stake.com.
Moonpay supports multiple payment options , including Visa, Mastercard, Apple Pay, Google Pay, and more, to deposit cryptocurrency for our online casino games and sports betting. For a complete list of supported payment options, please refer to the Moonpay documentation.
And that’s all there is to it. With many beginner-friendly options available, you now know how to purchase (or sell) crypto units via a crypto wallet. Get your journey started and set up a digital wallet and transfer crypto assets to your Stake wallet to be able to play our casino games or bet on our sports markets!