While cryptocurrency markets have experienced an incredible bull run in 2019, the general public has still largely avoided cryptocurrency investing. The ‘Crypto Winter’ that ensued in 2018 caused many retailers and service providers to suffer significant drops in earnings, and many consumers to fear losing their money. The looming threat of financial instability has kept many investors away from the market, and caused many entrepreneurs and innovators to search for alternative ways to generate an income. One such innovation is the rise of ‘cryptotrading’. Simply put, ‘cryptotrading’ is the practice of holding or managing small amounts of cryptocurrencies in order to reap the benefits of speculative investment.
Cryptotrading is, in fact, supported by several major crypto gaming sites, including BetStars, which allow users to create watch lists of popular cryptocurrencies and follow the prices and performance of those coins on the site. When a user places a successful bet on one of the coins on the list, they appear on screen and are given the option to claim their winnings in a variety of cryptocurrencies. These benefits make it relatively easy for an average user to get started with cryptotrading. However, claiming such rewards can sometimes be difficult if you don’t have a way of proving your identity. Fortunately, the team at BetStars have recognised this issue and designed a solution that allows users to prove their identities when claiming winnings from successful bets. The solution is a mobile phone authenticator, which works in conjunction with a user’s cryptocurrency wallet to keep track of their bets and any winnings from those bets. In this article, we will discuss how to receive trade offers from BetStars using a mobile authentication device, and how to accept and process them on the blockchain.
Setting Up Your Mobile Wallet
In order to receive and process trades from the BetStars mobile app, you will first need to generate an account on the platform. Navigating the mobile app will then lead you to the section where you can set up your wallet. On the left side of the screen, you will see a list of all the coins and tokens available for trading. Touching on each of these will bring up more information and options. The first thing you should do is touch on the ‘$BTS’ token to go to the home screen of the app. From there, you can click on the ‘Wallet’ icon to go to the wallet setup screen, as shown in the image below.
Creating a Bitcoin (BTC) Address For Trade Deposits
To set up your Bitcoin wallet on the BetStars platform, you will need to first visit the settings screen of the app. From there, you can create a new address for receiving funds. Do this by clicking on the ‘+’ icon under the ‘Address’ header. The next screen will prompt you to enter a wallet name and a password. You will then need to confirm the password by entering it again. Your wallet will then be ready to receive deposits in the form of Bitcoin, as shown in the image below.
Activating Two-Factor Authentication (2FA)
If you are using a computer or mobile device for access to your personal information, you can enable two-factor authentication (2FA) to increase the security of your accounts. 2FA can be used for applications and services that support it, like Facebook and Google. It will require you to input a code sent to your phone or device when you log in using their corresponding app or website. Once you have enabled 2FA on your account, you will be prompted to input the verification code whenever you send or receive money on the platform.
Adding Extra Services To Your Account
The last thing you want to do when setting up your cryptocurrency wallet is to leave blank the fields that ask for additional services. However, you will need to do this if you don’t plan on using the platform’s in-built wallet. On the contrary, if you are looking to exchange cryptocurrency for traditional currencies or vice-versa, you can add one or more bank accounts to your profile. Doing this makes it much easier to exchange cryptocurrencies and receive payments from customers. Many exchanges let you perform these transactions in a seamless fashion.
After you have set up your Bitcoin wallet with a few hundred dollars in your account, you can move to the next step and start investing in and watching cryptocurrency prices in real-time. Bear in mind that your investment portfolio can only be as secure as the weakest link in the chain. That is why it is essential to secure your accounts and stay abreast of current security trends. This way, you will make sure that cryptocurrency investing is as safe and secure as possible.