Though betting with Cryptocurrencies is actually easier than with traditional methods, it can seem a bit daunting at first. Fear not, for we have got your back: let's start with a detailed step-by-step guide on how to deposit crypto at Thunderpick.
What is Cryptocurrency and why is it great for betting?
Cryptocurrency is a digital currency developed using cryptographic functions to enable secure financial transactions over the Internet. Almost everyone heard about Bitcoin, but there are many more widely used and unique cryptocurrencies like Ethereum, Tether, Ripple and others. Cryptocurrencies utilize blockchain technology to progress towards three key traits: distribution, transparency, and anonymity which make them the best choice for everybody interested in betting.
- Cryptocurrency has fast distribution because it is not controlled by a central authority. This means that access and control over cryptocurrency funds lie with the owner: no one can block their wallet or take their funds. Think of it as electronic cash.
- Cryptocurrency exchanges are transparent as a result of blockchain technology. Transaction progress can be viewed at any time, and its open distribution over the blockchain network means that merchants cannot try to mislead buyers as the transaction information is visible on the network.
- Cryptocurrency is also anonymous. While transactions are open to view, the status of traders’ wallets is known only to their owners and people with whom they choose to share it. No one else knows how much cryptocurrency any buyer owns.
How to buy Cryptocurrency?
Cryptocurrencies can be bought online through various websites and exchanges. Most of the time it will come down to what is available in your region and accepts your preferred payment method. Common methods include credit cards, bank transfers, PayPal, e-wallets or sometimes even cash. Although there are many reputable exchanges and apps allowing you to purchase bitcoin and other cryptocurrencies, we've listed below 5 of them that we find the easiest to use for beginners:
When buying crypto with a purpose of depositing at Thunderpick, it is important to remember that not all of them can be deposited. Thunderpick currently accepts Bitcoin, Ethereum, Litecoin, Ripple (fastest transfers) and Bitcoin Cash.
How to store Cryptocurrency?
Although it is possible to store cryptocurrency at the exchange/app where you purchased it, we highly recommend you to set up you own wallet to keep your funds independent, safe and private.
Most crypto wallets are virtual and are available through mobile and web applications. All you need to do is go to your app store and download any of the free wallet apps available. Some popular crypto wallets are Trust Wallet, Exodus, Jaxx, and Coinbase.
Once your wallet’s setup is complete, send your crypto there from the exchange/app where you purchased it, using your wallet's unique deposit address.
How to Make a Deposit at Thunderpick?
Already an owner of crypto? Great! Now you can follow this simple step-by-step guide to make a deposit with your chosen cryptocurrency at Thunderpick:
- Click on the “Deposit” button in the top navbar which will redirect you to the deposit page.
- Select Cryptocurrency from the list of cryptocurrencies currently available: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tether, Ripple.
- Select or type Deposit Amount in Euro and click on the “Deposit” button.
- You will then see the Deposit Address and Deposit Amount in the selected cryptocurrency. Copy both the Deposit Address and Deposit Amount, go to your crypto wallet and send that amount from your wallet to the specified address. Don't worry if you send more or less than amount specified - in any case the amount you've sent will be credited to your account.
The deposit will be credited automatically once there are enough confirmations on the blockchain. The number of confirmations depends on the cryptocurrency used and is generally two to three confirmations. Depending on current blockchain congestion it can take from several minutes up to couple of hours in the worst case scenario. If time is of the essence, then we strongly recommend using a cryptocurrency called Ripple, which allows you to transfer funds much faster and cheaper than if using the other ones (most of the time you will receive your funds in under 10 minutes).
If you have any questions, feel free to contact our Customer Support via Live Chat or email: firstname.lastname@example.org