How Is It Used for Sport Betting?
Online sports betting sites have been adding more and more cryptocurrencies to their list of payment options, some even branching out to include the LINK token. LINK betting is no different than betting with any other crypto. It provides fast transaction times with low latency and fees.
The process of transferring LINK to a bookmaker wallet involves syncing the wallets. This requires that you find and click on the LINK wallet address of the sportsbook, after which you will be taken to a page where you will be able to make the transaction.
From your wallet, you can decide the number of Chainlink tokens you want to transfer to your betting site balance. In no more than a few minutes, you will see the fund deposited into your bookie account, and you will be able to start betting.
Withdrawing LINK from the sports betting site is just as easy. You submit a cashout request from the betting operator to your external Chainlink wallet or even a physical hardware wallet and wait for the request to be confirmed. While there are several crypto bookmakers that accept Chainlink and you can find on this Chainlink review rating.
Not many sportsbooks have native support for Chainlink, and the rest that might accept the token actually convert them first into BTC through third-party payment processors when you deposit on the site and then convert them back into LINK upon withdrawal. This will mean that you actually bet using Bitcoin. Conversions incur fees that are taken from the user’s funds.
Is It Safe to Use for Betting?
LINK runs on top of Ethereum, and the underlying blockchain and smart contracts operating the Chainlink ecosystem were designed to be just as secure. The problem with using LINK or any other cryptocurrency for betting stems from the legislation of the country you live in. If there are no laws forbidding the use of crypto in sports betting or online payments, then there should be no worries if you are planning on using LINK to place bets. While some jurisdictions impose bans on online sports betting with fiat, if crypto isn’t recognized as legal tender, then you are probably able to profit from this loophole and betting with LINK. If Bitcoin payments are not considered illegal in your country, then chances are LINK is also considered legal.
How and Where to Get It? Where to Buy Chainlink crypto?
You can get LINK by buying the coin with crypto or fiat on a variety of crypto exchanges. There are dozens of platforms that offer LINK trading services, such as Binance, Coinbase Pro, Bittrex, HitBTC, Huobi, Kraken, OKEx, CoinBene, Bitfinex, and many others.
Chainlink is usually paired against cryptos such as BTC (Chainlink to BTC), ETH, USDT, but the coin can also be exchanged for fiat currency, such as EUR, USD (Chainlink to USD), and KRW. There are 4 EUR options, namely on Kraken, Bitvavo, Litebit.eu, and CoinMetro. USD pairs are found on 5 exchanges: Coinbase Pro, Kraken, FTX, Bittrex, and Binance US. Bithumb, Korbit, and ProBit Exchange allow you to trade KRW for LINK.
To be able to buy the coin, you will first have to sign up on an Chainlink exchange that has the LINK pair you are looking for. After creating and verifying your account via the KYC procedure, select which crypto or fiat you want to deposit. Enter what amount of coins you want to buy and complete the transaction. Transfer the LINK coins to your external wallet once you have them in your exchange balance.