Previously on SBL Online Bet Funding Methods And Banking Options Weekly™, we told you about the new crypto betting options available at MyBookie and sister site Xbet AG.
We even touted a few of them – specifically Cardano and Solana – as basically the very best overall cryptos to use if you’re just getting started with cryptocurrency or if you’re just getting started betting with cryptocurrency.
However, we might have inadvertently given you the impression that those were the only two viable options among the six new crypto online bet funding methods available. And that’s not really an accurate impression. At least, not from our end.
To remedy that, we’re going to give you a quick rundown of the basic pros and cons of each of the new crypto coins supported by MyBookie Sportsbook and Xbet Sportsbook.
(We’ve already waxed inane about the benefits of betting with Bitcoin and Ethereum and Litecoin and Bitcoin Cash ad nauseum, so we’ll leave that insight to the archives.)
So as to prevent any accusations of favoritism (as if that mattered – Cardano is our favorite, all other coins be damned!), we’ll provide our crypto touts in alphabetical order.
Note also that we’re not going to granularly get into the finer points of price trends and all suchlike. This is simply a discussion of the basics and the benefits/detriments of each coin as applied to sports betting specifically and investing generally.
But of course, if you’d like to learn more about any of these options, just follow the links to each coin’s more in-depth review.
Binance Coin (BNB) – Binance Coin is a top 5 cryptocurrency on most days, but it never falls out of the top 10. As the native asset for the Binance exchange, BNB is a decent investment and a solid asset to use for trading, buying, and selling.
The problem with BNB coins – for US bettors, at least – is that you can only really get the stuff from Binance itself, and the Binance.US exchange isn’t available to residents of a significant number of US states. In other words, Binance Coin is hard to get, but once you get it, it’s easy to use and makes a good foundation (or co-foundation) of your crypto portfolio.
Cardano (ADA) – Cardano is, in our estimation, the best and most futureproofed PoS (Proof-of-Stake) cryptocurrency platform. It has extreme growth potential, which is a boon for investors. But it also costs next to nothing to transact, and Cardano transfers take just 5-10 minutes at most.
ADA coins are a great way to fund your online sports betting, and they’re also a great way to double up your winnings by staking those coins once you cash out. In the short and medium terms, Cardano has the potential to pay off more than any other top 10 or top 20 cryptocurrency.
Dogecoin (DOGE) – Dogecoin isn’t a cryptocurrency we recommend going out and buying if you’re a first-timer. In fact, it’s not a crypto we recommend buying at all. As the first and most popular memecoin or hypecoin, that meme and hype is all DOGE has going for it.
Worse, the near entirety of Dogecoin hype was reliant on Elon Musk’s “support” for the stuff. You know, back when Elon Musk was the Golden Child for the nerd Science crowd. Now that Musk is the tech industry’s villainous persona non grata for being an edgy libertarian nerd, DOGE might be in big trouble.
That said, if you bought a bunch of DOGE coins early on and they’re just sitting around facing further depreciation, using them to bet sports online isn’t a bad idea. You could be in a position to gamble for pennies (or less) on the dollar!
Shiba Inu (SHIB) – Shiba Inu is touted as the “Dogecoin killer,” and it got its start with a hype campaign sourced from the bowels of the Internet. You know, places like 4Chan and Reddit. After a concerted effort undertaken for LULZ, enough SHIB was sold to move it into the top 20 crypto coins. However, it’s stagnated since then, and without any real next-gen crypto utility, it’s tough to recommend Shiba Inu coins to new cryptocurrency adopters or sports bettors.
The only way it makes sense to bet with Shiba Inu is if you’ve already got a pile of it sitting around collecting digital dust and want to have a bit of gambling fun as you convert your SHIB coin shitcoins into more meaningful crypto assets.
(On the other hand, SHIB is worth around $0.000011 right now, so you can buy like nine million of them for $100. If the price ever went to a mere penny per coin, you’d be sitting on $90,000.)
Solana (SOL) – Solana, for a hot minute earlier this year, overtook Cardano as the “future of crypto” and rocketed up the charts accordingly. Since then, though, it’s taken up root right behind ADA inside the top 10 cryptos, and that trend has established itself long enough to give gamblers and investors alike all the confidence they need to jump in.
Solana has all the same betting benefits as ADA, with rapid SOL transfers that cost next to nothing. Solana is also stakeable like ADA, so you can easily earn free SOL (aka Solana passive income) on your winnings. While we still prefer Cardano, we’re admittedly biased: We have a lot more ADA coins than SOL coins at our betting disposal.
Tether (USDT) – We generally don’t recommend betting online with stablecoins, and Tether is the king of stablecoins. But there are a few cases where betting with Tether makes sense. Primarily, USDT coins are a good option for crypto fence-sitters who want to dip a toe without getting their wallets wet.
Since USDT is tied 1:1 to the US dollar, it’s easy to understand and makes sense for more old-school gamblers who aren’t necessarily into this whole “crypto” thing but want the better online sports betting bonuses and same-day payouts cryptocurrency provides.
On the hodling side, USDT – like USD – isn’t a great investment, as its value always tracks downward due to fiat inflation. Still, USDT is a great tool for swing traders and day traders, so you’ll make more use of it as you get more comfortable with crypto in general.
TL;DR: Use Cardano or Solana to bet sports online. Unless, of course, you’d rather use something else.