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New to Crypto? Here’s How to Start Using Cryptocurrencies

February 12, 2023

New to Crypto? Here’s How to Start Using Cryptocurrencies

February 12, 2023

Blog » Posts tagged "tether"

3 Easy Steps to Start Using Cryptocurrencies

So you want to get in on the crypto game but don’t know how to start using cryptocurrencies? We got you! As cliché as this may sound, everybody needs to start somewhere. And hey, good on you for taking the first step in your crypto adoption journey today.

Getting started with cryptocurrency is actually very easy, believe it or not. Many new users are deterred by the digital nature of these coins, often under the impression that you need to be some sort of digital whizz-kid to understand how crypto works, and how to use it.

We’re here to tell you that is NOT the case – everyone can use crypto. And once you’ve discovered the many benefits of using cryptocurrencies over traditional fiat currencies, there’s no going back. 

 

What exactly are cryptocurrencies 

Cryptocurrencies are essentially just a digital form of traditional currencies. Yes, there are many different types of crypto created for various purposes, but today, we’re keeping it simple to get you started with the basics of using these digital coins. 

Cryptocurrencies are created using cryptography, which is coding used to keep data between a sender and a receiver secure. Furthermore, many cryptocurrencies are not issued by central authorities or financial institutions such as banks, but rather exist on a digital public ledger known as a blockchain.

How blockchain technology works in crypto.

By using blockchain technology, cryptocurrencies cut out the need for third-party payment providers and create a secure means for the sender and receiver to transact. The best part is, transactions are almost instant.

A blockchain “Node” refers to independent moderators that build and maintain the blockchain network. Nodes are rewarded in crypto for validating transactions and “mining” new coins on the blockchain. Do you need to understand all of this to start using cryptocurrencies today? No.

Without getting too technical, cryptocurrencies are simply an alternative to traditional currencies and allow you the opportunity to invest, purchase goods and services online, or simply use them as a means to avoid high transaction fees and lengthy processing times associated with government-issued currencies and banks.

 

Why use crypto?

  • Cryptos offer higher levels of security than traditional currencies.
  • You can take advantage of lower fees when transacting online.
  • It’s private. None of your personal info is attached to your transactions, only your crypto deposit or receiving address.
  • Crypto transactions are much faster than fiat currencies thanks to the use of blockchain technology.

 

3 steps to start using cryptocurrencies today

As mentioned, getting started with cryptocurrency is very easy. You can become a full-fledged member of the crypto community today if you follow these 3 easy steps to start using crypto. 

 

1. Do your research

If you want to get started with crypto, you’ll need to do a little research first. Fortunately, learning about crypto is actually quite a bit of fun. We’re a quirky bunch in the crypto community and love using acronyms, memes, slang, and funny explanations to teach others about crypto.

Funny crypto meme.

Read up on the latest trends, crypto news, and new coins coming into the market, especially if you want to stay ahead of the game. Reading articles such as How bitcoin reached $1,000 for the first time can help you understand the history of bitcoin, and how this applies to the future. You can also visit crypto forums such as bitcointalk.org to get your finger on the pulse of the crypto community.

If you’re looking to start using cryptocurrencies for online gambling, for example, finding out what the best and worst cryptos for gambling are will also be advantageous. You have to understand that the cryptocurrency market is a volatile one, and keeping up to date with what is happening in the crypto space can only do you good.

 

2. Find a means to store your funds

Once you’ve researched the coins you’d like to get into, it’s time to get your hands on them to start using cryptocurrencies as soon as possible. However, you can’t exactly withdraw crypto and put it in your pocket. You’ll need a digital crypto wallet to store your funds.

Now, this may sound like some techy mumbo-jumbo at first. But setting up a crypto wallet is pretty much just as easy as creating an account with an online store. All you need is a mobile device and a few minor details, and you’re ready to go.

Click on the image above for a full explanation of how crypto wallets work, which types of crypto wallets there are, and how you can set one up today. And please, when getting started with cryptocurrency, make sure you choose a safe and trustworthy wallet to store your funds.

 

3. Choose a trusted crypto exchange

The final step to get started with crypto is to find a safe and trusted crypto exchange to purchase your coins. This goes hand-in-hand with the first step, research. How to find a safe crypto exchange

You’ll need to shop around and find out which crypto exchanges offer the best terms with a decent amount of cryptos to choose from. But at the same time, you’ll also need to take user-friendliness and accessibility into account.

Some top crypto exchanges:

Most of these trusted exchanges also offer mobile apps which include crypto wallets. This makes the process of purchasing and storing your crypto seamless. In most cases, all you’ll need to do is download the app, sign up, and you’re ready to start using cryptocurrencies today.

 

Take advantage of crypto gambling at Punt Casino

If you’re wondering what to use your crypto for, why not take a shot at a jackpot to increase your crypto returns tenfold in any of our payout-packed casino games at Punt

Yes, that’s right. You can get started with crypto gambling too, with all those exciting benefits we mentioned helping you take advantage of faster, safer, and cheaper deposits and withdrawals at Punt.

We have over 1,000 crypto-friendly casino games with the world’s top bitcoin casino games and game providers available on our menu.

Start using cryptocurrencies to play the best casino games at Punt Casino.

But it’s not only our casino games that see you scoring big returns on your crypto. We also offer all our players bankroll-boosting bonuses and free spins promos that could see you double your deposit (or more) instantly when you sign up at Punt

Take a look at our Welcome Package for example, where you can get 150% EXTRA on your deposit, and get 15 FREE SPINS on one of our hottest slots, Gods vs Titans.

But it doesn’t end there. Visit our Promotions page today to find out about the newest offers at Punt. We also have exciting tournaments and competitions running frequently with big money on the line.

 

Start using cryptocurrencies and take advantage today

Congrats, your crypto adoption journey is officially underway. As you can see, getting started with cryptocurrency is fairly easy. We hope you’ve learned a thing or two about using cryptos in this article. But remember, we have tons of articles on the Punt Casino Blog that’ll give you an even deeper insight. But for now, welcome to the party, and may the force be with you.

Casino games catalog at Punt Casino.

what-happened-to-ftx-fraud

What Happened to FTX? Here is Everything You Need to Know

November 12, 2022

What Happened to FTX? Here is Everything You Need to Know

November 12, 2022

Blog » Posts tagged "tether"

Everything that happened to FTX and what you need to know

Last week witnessed the biggest crypto story of the year, and one of the biggest of all time – the swift and astonishing collapse of FTX. The story, which is a Netflix documentary in the making, saw the unraveling of an empire that was seeking investment just two months ago that would have valued it at $32 billion, but which, after a whirlwind 10 days, became bankrupt, losing customers everything.

What happened to FTX? Let’s find out.

FTX fraud shoes how quickly a crypto giant can fall.

The FTX Empire Grows

FTX was founded by Sam Bankman-Fried and Gary Wang in May 2019 and quickly made a name for itself as a steady and trustworthy derivatives exchange. In a world where people were used to the shady antics of BitMEX, FTX presented a more professional face, with Bankman-Fried appearing to be one of the new breed of more legitimate and law-abiding operators.

As FTX grew, Bankman-Fried became entwined in the political element of the crypto scene, funding groups to lobby Washington on crypto’s behalf, although his public allegiance to the political left alienated a huge swathe of the crypto Twitterati. 

By the middle of this year, FTX had grown into the second biggest derivative trading platform in the space, tentatively valued at over $32 billion dollars in September, with big-name sponsorships and bailouts of bankrupt crypto exchanges giving the impression it was still actively pursuing expansion and hoping to challenge the market leader in the derivatives field – Binance. With one million active users, it was well on the way.

Coinbase had longstanding issues with FTX.

Coindesk Cries Foul

The problems for FTX began on November 2 when Coindesk alleged that Alameda Research, the trading firm that made up the other half of the FTX empire, held much of its $14.6 billion balance sheet in the FTT token issued by FTX. As Coindesk pointed out, this meant that Alameda was resting on “a foundation largely made up of a coin that a sister company invented, not an independent asset like a fiat currency or another crypto.”

This revelation caused Changpeng Zhao, the founder and CEO of Binance, to declare that Binance planned to liquidate its own holdings of FTT tokens, which it had received when it sold $2.1 billion worth of FTX equity back to FTX in 2021. Zhao didn’t reveal how many FTT tokens Binance would be liquidating, but when a $584 million FTT transfer into Binance from an unknown wallet was spotted later that day, he admitted that this was just “part of it”.

Zhao said the sale would be completed with “minimal” disruption to the market, but just hours later, on Monday afternoon, the value of FTT plummeted from $23 to $15 due to sudden massive sell pressure.

Here Comes the Run

The aforementioned selloff prompted further fears that Alameda, and in turn FTX, was at risk of facing liquidation on $3.4 billion worth of its FTT holdings due to the price collapse, stoking fears that it would soon be insolvent.

These fears began the event that every exchange fears – a run. FTX users frantically began requesting their funds from the exchange, with around $6 billion of withdrawals submitted in the 72 hours before Tuesday morning. This caused an inevitable backlog, which in turn led to further fears that FTX was not actually able to fulfill the requests. Bankman-Fried tweeted that “FTX is fine” and that all assets were covered. He then instantly deleted the tweet, which only served to cause more panic.

Bankman-Fried Reaches Out

Unbeknownst to the public, while he was busy deleting reassuring tweets, Bankman-Fried had realized that the drop in the value of FTT had indeed lost the company billions of dollars or user funds, and worse could be to come. He approached Seychelles-based cryptocurrency exchange OKX for help in funding the billions needed for customer withdrawals. When OKX couldn’t help, Bankman-Fried realized there was only one person left he could call on – Binance CEO Changpeng Zhao.

Bankman-Fried approached Zhao for the money, but Zhao, not one to miss an opportunity, turned the request massively to his advantage – on Tuesday afternoon he tweeted that Binance was looking not just to bail out FTX, but to acquire it. The revelation sent shockwaves through the crypto space, and led many to suggest that Zhao had been planning for such a result all along.

Nevertheless, customers were suddenly hopeful that they could be made whole. Bitcoin leapt $1,000 as a result, and even the FTT token managed a small resurgence. However, not everyone was convinced, offering reminders that Binance hadn’t looked at FTX’s books yet, and no one knew what horrors lurked in there.

Binance won't save FTX from falling.

Binance Pulls Out

While Binance was looking over the books, allegations emerged that FTX had been using customer funds for its own money making activities, such as collateral for loans and lending Alameda billions to trade with. This was followed by suggestions that U.S. authorities were looking into FTX’s collapse, with particular focus on the alleged misuse of customer funds.

The following day, Wednesday 9th, it was revealed that the U.S. Securities and Exchange Commission and the Justice Department had been looking into the affairs of FTX’s American arm, FTX US, for potential securities violations for months already.

These revelations acted like an air raid warning for Binance, and on Wednesday night it stepped away from the deal, citing “corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations.” This left the cryptocurrency industry with its very own Lehman Brothers situation; FTX was at the center of a huge lending and borrowing web, a web that had already been severely tested in 2022 by the collapse of Celsius, Three Arrows Capital and TerraUSD. The scale of its involvement with other crypto companies as known to be vast, but no one knew quite how vast yet.

FTX Can’t Fill the Hole

To avoid ultimate catastrophe, FTX was left on Thursday morning needing to fill an $8 billion hole of its own making, or face bankruptcy. Bankman-Fried tweeted an apology thread on Thursday in which he took responsibility for the errors made, reinforced the need for funding if customers were to get any of their money back, and announced that Alameda Research was being wound down.

Later on Thursday, the Securities Commission of The Bahamas, where FTX is registered, called for all company assets to be frozen, suggesting that any prospect of users getting withdrawals out from the exchange were now doomed to failure. However, a loophole was spotted by some Twitter users who offered to pay FTX staff up to $1 million to change their residency to Bahamian in order to get their funds off the exchange. Some, apparently, succeeded in their quest.

By Friday it was clear however that the hole was just too big to be plugged, and at 2:14pm on Friday, FTX filed for Chapter 11 bankruptcy, bringing the curtain down on a disastrous, and thoroughly unnecessary, episode of devastating drama.

The FXT collapse is going to be felt for months to come.

Damage Will Take Months to Come Out

To put the size of the FTX collapse into perspective, Bankman-Fried’s personal net worth at the start of last week was thought to be in the region of $15 billion, tied up in FTX and its assets, including FTT tokens.

At the time of Bankman-Fried’s resignation, Bloomberg put this figure at just $3. This was a little over the value of one FTT token, which had peaked at $80 in September last year.

The fallout of the FTX collapse has only just begun, with people asking what happened to FTX only being the beginning. The full damage will only be known months down the line. The initial concern is for the million or so customers who have lost all their funds. They have no protection, and their only recourse will now be joining the long list of creditors all fighting for the scraps that remain, a battle that is likely to be long and largely fruitless.

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Are crypto faucets worth it? Find out at Punt Casino.

Are Crypto Faucets Worth It in 2022?

October 28, 2022

Are Crypto Faucets Worth It in 2022?

October 28, 2022

Blog » Posts tagged "tether"

How to Use the Best Crypto Faucets in 2022 and Earn Free Bitcoin

Wait a second, free Bitcoin?! Yes, you heard it, free Bitcoin. 10 years ago, that statement would’ve fallen on deaf ears. But today, hearing “free Bitcoin” will have every Tom, Dick, Harry, and Sally scurrying to get a piece of the pie, with free crypto faucets serving them up fresh by the hour.

Crypto faucets are one of the easiest and most popular ways to get free crypto online for doing almost nothing – “almost nothing” being the key words there because when it comes to many of the crypto faucets 2022 has to offer, that’s pretty much what you can expect. 

However, it’s still free bitcoin, or other free cryptos, for that matter. And considering the fact that there are actually people out there earning Bitcoin for free on crypto faucet sites, it might be worth a look. Ready to open the tap and find out if crypto faucets really are worth the hype? Let’s start with the basics.

 

What is a crypto faucet?

If you have no idea what crypto faucets are, have never heard of them before, and are wondering which DIY or hardware stores you can buy them from, then don’t tap out just yet, because we’re about to explain.

Crypto faucets, as misleading as the name may be to crypto newcomers, are actually websites or a crypto faucet app where users can earn free bitcoin online, usually by completing easy tasks such as solving captchas, playing simple games, or watching short advertisements, among others, receiving a small amount of crypto in return.

However, as we all know, getting something for free usually sounds too good to be true, and it also begs the question: what do free crypto faucets get out of the deal, and how does this all work?

 

How do crypto faucets work?

Many crypto faucets in 2022 are pretty much ad sites, displaying various advertisements on the screen or requiring users to view videos and other ads in order to earn free crypto – ads that the crypto faucet sites get paid for with every clickthrough by users.

What this means is that crypto faucets generate an income through advertising, generating website traffic, or exposing its users to certain information, mostly related to crypto. This is how they fund the “free crypto” that is paid to users for completing the tasks.

The first free crypto faucet was launched in 2010 by a Bitcoin Core developer by the name of Gavin Andresen, who sought to create global awareness of Bitcoin by giving users the opportunity to earn 5 BTC for solving a simple captcha.

The first free bitcoin faucet offered 5 Bitcoins for just solving a simple captcha.

Today, that quick and easy 5 BTC payout would be worth just over $100,000 – can you imagine? But, as we all know, it’s not 2010 anymore, and 5 BTC doesn’t just fall into your lap in 2022 – unless you’re claiming the 6 BTC Welcome Package at Punt, that is.

 

Earn free crypto on the best crypto faucet sites

Using a crypto faucet is very easy, as all you’ll need to do is sign up for an account with whichever trusted crypto faucet app or site you decide to use (we’ll mention a few good ones shortly). 

In most cases, the crypto you can earn on free crypto faucets will be displayed in your account balance, and you’ll need to earn a certain amount before you can withdraw. 

Remember, you’ll be paid small amounts with each task you perform, as crypto faucets in 2022 pay in Satoshis (1 Bitcoin = 100 million Satoshi), so it might take a while before you can withdraw, depending on the faucet’s threshold and hourly payout amount.

Many of the best crypto faucet websites, such as the original freebitco.in, offer various ways to get bitcoin for free, as well as the opportunity to win some incredible prizes.

The Free Bitcoins website offers users the opportunity to earn free bitcoin in 2022.

After creating a crypto faucet account, you’ll have access to all the different ways to earn free Bitcoin or other cryptos with various menus and guides on the site or app on how to make the best use of a crypto faucet.

Let’s use one of the other top crypto faucets of 2022, Cointiply, as an example. Users can earn “Coins” by completing various daily tasks such as playing games, watching videos, referring other users, and completing surveys, among other ways of earning free crypto. 

The primary method of earning Coins is the Cointiply Faucet “Roll & Win”. Here, the user gets a lucky roll after solving a captcha for a chance to win various Coin jackpots for free, which can be done only once every hour. Most crypto faucets and sites have a similar mechanic for the primary faucet method of earning free crypto.

The Cointiply free crypto faucet in 2022.

“Coins” are the site’s native currency, and each Coin’s value is tied to the value of the US dollar – kind of like a stablecoin. With this site, in particular, you’ll need to earn a minimum of 50,000 coins before withdrawing Bitcoin in the equivalent US dollar value, or 30,000 coins for Dogecoin, Dashcoin, or Litecoin.

Once you’ve earned enough credits on whichever crypto faucet app or site you use and want to withdraw, you’ll need to provide your crypto wallet address for the payment to be made. If you don’t have a crypto wallet set up yet, we’ve got you covered on that front too with an all-inclusive guide for how to create a crypto wallet.

 

How to choose the best crypto faucet

Crypto faucets in 2022 may seem very similar to one another at first glance, but you’ll need to dig a little deeper to find the differences between them to decide which is the best crypto faucet for you to earn free crypto. Here’s what to look out for:

 

How frequently can you use the crypto faucet?

Almost every crypto faucet site where you can earn free crypto has a timer between claims – some sites require only five minutes, whereas others might have you waiting an hour before you can use the faucet again.

The Free Bitcoins website allows users to earn free crypto using a crypto faucet every hour.

The best crypto faucet app or websites will only require a short period of time before you can spin to win free crypto again, but you’ll also need to weigh up the amounts you can win with each roll when taking this point into consideration.

 

Withdrawal minimums and maximums

Most crypto faucets will only pay a few Satoshis, and in many cases, these will not be paid directly to your crypto wallet. As we mentioned, you’ll have an account balance on the site or app, and you’ll have to reach the crypto faucet’s cashout threshold before you can withdraw. The best crypto faucet sites and apps will have smaller withdrawal limits.

 

Withdrawal methods and accepted cryptos

Although most crypto faucets will allow you to withdraw funds directly into your crypto wallet when you’ve accumulated enough credits, some may offer different payment methods which might not be as easy. Take the withdrawal methods into account when choosing a crypto faucet app or website to use.

Another important thing to consider is the different cryptos available to earn for free with crypto faucets in 2022. Of course, you want to earn cryptos that actually have value and are fairly prominent in the crypto space – avoid those shitcoins as best you can

The Final Autoclaim crypto faucet, for example, allows users to claim up to 73 different coins automatically, all at once, on the same page.

The Final Autoclaim crypto faucet from Dutchycorp offers users the chance to earn 73 cryptocurrencies for free using a crypto faucet on the site.

 

How many ways can you earn crypto in the free crypto faucet?

Free crypto faucets might not always offer as many ways to earn crypto as some paid-subscription sites out there, but you will certainly find a crypto faucet app or an online site quite easily that offers many ways to earn Bitcoin for free. Research is key, especially when you want to find a crypto faucet that is worth your time and effort, as minimal as it may be.

 

Can you make a profit from crypto faucets?

It depends. Have you got the time to log in, watch advertisements, solve captchas, play mini-games, or complete surveys every few minutes for the entire day? The truth is, crypto faucets do offer the opportunity to earn free crypto, but it does take time and effort.

The problem with many crypto faucet users is that they don’t have the stamina to complete enough tasks to earn enough crypto and reach the cashout minimums. Many lose interest, give up, or simply just forget that they’ve signed up with crypto faucet sites in the first place, and never get to the point where they can actually withdraw free crypto.

Since it doesn’t really cost you anything to sign up and use free crypto faucets, then yes, you can certainly make a profit. But reaching the point where you can actually cash out free crypto is another story. But hey, you can always find a crypto faucet app or site with a low withdrawal minimum, earn free crypto, and come multiply your money in over 1,000 casino games at Punt!

Games available to play using crypto at Punt Casino.

More Games

 

Explore the world of crypto with Punt Casino!

If you’re new to the world of cryptocurrencies and you’re looking to explore, crypto faucets in 2022 are a good option if you want to earn crypto for free and discover what digital currencies are all about. 

As the fastest-rising crypto casino in the world, Punt offers many ways to learn about crypto with loads of crypto guides and information packed into our site, so if you’re looking to learn, our blog is a great place to start – not to mention our five-star selection of crypto-friendly games that could see your crypto faucet earnings turn to jackpot payouts with a click of a button.

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Claim your welcome bonus at Punt Casino.

The Easiest Way to Claim Your Punt Casino Welcome Bonus

October 25, 2022

The Easiest Way to Claim Your Punt Casino Welcome Bonus

October 25, 2022

Blog » Posts tagged "tether"

Punt Casino’s Welcome Bonus – The Quickest Way to Kickstart the Fun

One of the perks of playing at an online casino such as Punt is the epic bonuses you’re guaranteed to receive. The first of which: an incredible casino welcome bonus! All new players at Punt Casino automatically qualify for a casino welcome bonus of up to 6 BTC and $25 Free Chip.

Punt Casino hero image.

Use this bonus to explore the thousands of casino games at your disposal. These include a range of the finest crypto slots, table games, progressives, video poker, and more!

Our games are powered by the finest software providers in the industry – which means that you’ll not only benefit from fabulous promotional offers, you’ll be winning from the incredible bonus features in our providers’ slots, too.

But before you can get your hands on these dazzling rewards, starting with your welcome offer, you’ll need to follow a few steps first. Let’s get started!

How to claim your casino welcome bonus

Step 1: Log in (or sign up)

New to Punt Casino? Welcome! We’re thrilled to have you. Create your account now – it only takes a few seconds, and we require very little information from you to get started.

How to sign up at Punt Casino

  • Click Sign Up in the top right-hand corner
  • Enter your email address, Punt username, and preferred currency
  • Click on Sign Up

If you already have an account, simply log in.

Register an account at Punt Casino.

Create Account

Step 2: Redeem your coupon

Once you log in / sign up, you’ll be redirected to the Punt lobby. This is where you can get started claiming your welcome bonus!

There are two ways to claim your welcome bonus in the Punt lobby:

  • Directly through the cashier
  • By clicking on the promotional banner

Claiming your welcome bonus directly through the cashier:

  • To get started, click on Cashier
  • Next, click on Coupons
  • You’ll see that there are a bunch of promotional offers available on the coupons page. Click on Redeem on the welcome offer promotion banner
  • A pop-up will appear, containing the details of your welcome offer, which includes the minimum deposit requirement ($9)

Click Redeem in the cashier.

Once you’ve redeemed your coupon, you’ll be redirected to a page where you will see the following:

Click on deposit once you've redeemed your coupon.

  • Click on Deposit

Step 3: make a deposit

Depositing into your Punt Casino account is really easy! We’ve put together a bunch of resources for you should you need the help. Read this guide for help on setting up a crypto web wallet, as well as how to deposit and withdraw. We’ve also written a blog on how to make a bitcoin deposit in 6 easy steps – give it a read!

Remember, before you can make a deposit, you’ll need to create a bitcoin wallet (if you don’t have one already). Find out how to do this here.

Getting started:

  • Deposit into your Punt casino account from your bitcoin wallet

Click on deposit as your next step.

  • A QR code will pop up, and a Crypto Address will be displayed. Copy the Crypto Address

Copy the web wallet address.

  • Copy this address into your web wallet and follow the prompts within your web wallet
  • Once your deposit has been approved and verified, your welcome bonus will be active!

Start playing!

Now that your welcome bonus has been activated, the real fun begins!

What’s in the fine print?

There are a few nitty-gritty details that you need to be aware of when you claim your welcome bonus:

  • Your welcome bonus comes with 40x wagering requirements. Not sure what wagering requirements are? Find out here.
  • You are required to make a minimum deposit of $9 in order to claim the welcome bonus
  • Your $25 Free Chip also contains 40x wagering requirements, and comes with a maximum cashout of $100. This can only be redeemed after you have made your deposit.

In a rush? Use the quick-deposit method

At Punt Casino, we love to make your life easier. That’s why we’ve added the quick-deposit box on our homepage! Simply enter your deposit amount, your preferred currency, and your deposit method. You can then create an account AND claim your welcome bonus simultaneously using this method!

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