Getting into Crypto Betting
Betting online using cryptocurrency is a faster and safer alternative than traditional banking options offered by most online gambling sites. Those who participate in cryptocurrency betting are doing the same as they would with regular currency, starting by signing up to a gaming platform, making a deposit, and then placing wagers.
The difference is players are using cryptocurrency to fund their accounts rather than traditional currency. Although players may take a few extra steps to get started, it’s not as difficult as it might seem to make their first crypto wagers.
The online gaming industry was one of the first to accept crypto deposits, with many more operators looking to add this most trusted payment method to their portfolios. As a result, there are presently many widely-accepted cryptocurrencies on the market.
New cryptocurrencies are constantly being introduced. However, only a few are now accepted at the most popular crypto gaming sites, with Bitcoin betting being the industry leader. The lack of global regulation is the primary reason acceptance of cryptocurrencies have not been greater.
The Difference Between Crypto and Regular Currency In Online Betting
The most significant difference between traditional online betting and using cryptocurrency is the anonymity it provides its users. With a typical online provider, users must provide valid documentation for identification purposes.
This could be an issue in places where gambling is illegal and players have problems registering. This is not the case for crypto-only gaming sites. Players only need to provide a valid email address and link to a crypto wallet, which benefits people who want to keep their information private.
Another significant distinction of crypto gaming sites is withdrawals, which can be processed instantly. These transactions involve no complications, such as approval from a bank or a confirmation from a third-party payment provider. Those with a cryptocurrency card connected to their wallet can also withdraw winnings from an ATM, which is much more advantageous to the average player.
Betting Guides
How To Bet With Cryptocurrency
Before they bet with crypto online, users must know a few basic things, like finding where to purchase it. Cryptocurrency betting has been around since the digital currency. There are sites where players can only deposit and withdraw using crypto and other brands that accept both traditional and digital currency.
The first thing players must do before they bet with crypto online is to open a wallet at a reputable crypto exchange. There are many options for digital wallets online, where players only need to register for an account and then receive a digital address linked to the account. The most reputable online crypto exchanges are currently Coinbase and Binance.
Power-Up Your Wallet
Once players have a crypto wallet, they can log into their account and purchase coins like Bitcoin and Ethereum, the most accepted cryptos at online gaming sites. Once they decide which currency they should purchase and the amount they want, the exchange will instantly add the crypto to their digital wallet.
After finding the casino or bookmaker of their preference, depositing into an account is simple. Players must first select the appropriate deposit option and choose the coin they want to use.
The site will then provide a digital address, which must be copied and pasted into the space for the recipient’s address in the player’s wallet. Users should always double-check the address before submitting, as mistakes when making crypto transactions are irreversible.
Once the transaction is confirmed, the online provider should fund the betting account within a few minutes. Then, players can start placing their wagers.
Steps to follow for cryptocurrency betting
Choose a sportsbook & Cryptocurrency
Step 1
Open a wallet & enter the amount
Step 2
Send funds to the digital wallet
Step 3
Save the QR code or the address
Step 4
Withdrawing Crypto Funds
The best part of online cryptocurrency betting is when it comes time to cash out. The first step is to move the crypto from the betting account to a crypto wallet. After that, players again need to use the digital wallet address to their crypto exchange to receive the coins.
The address must again be copied and pasted into the provider’s cashier page field after choosing the withdrawal option. After filling out all items, the currency should reach the player’s crypto wallet in less than an hour, with some exceptions.
When the player’s funds reach their crypto wallet, they will receive it in the same currency they used to open the wallet. Players only need to select the “sell” option on their digital wallet to convert the digital currency into dollars or euros. The amount can then be transferred into their linked bank account and withdrawn at their convenience.
Top Cryptos for Online Betting
Online gaming operators in many locations accept cryptocurrencies. Therefore, customers should feel comfortable using their digital assets at any online gaming site and keep themselves current on the popular cryptos and how players can use them at their favorite online providers.
- Bitcoin: The first cryptocurrency to appear on the market, Bitcoin was built on the original blockchain and arrived in 2009. Bitcoin betting is among the most popular digital currencies online gaming providers accept.
- Litecoin: This is another cryptocurrency that’s been around a long time. First introduced in 2011 on Github, a former Google employee created it using the same blockchain network with faster speeds. It’s one of the top alternatives to Bitcoin betting and is accepted by more online gaming providers daily.
- Bitcoin Cash: Bitcoin Cash arrived when developers took steps to improve the original Bitcoin and reduce its early issues. The crypto originated from a split in the Bitcoin blockchain and will likely be the successor to the original digital coin.
- Ethereum: This is another popular digital currency accepted at most online gaming sites. It was started on the same principle as Bitcoin, only with faster acceptance speeds. As a result, Ethereum blockchain users widely consider it more efficient than other digital currencies.
The Risks of Betting With Cryptocurrency
One of the downsides to using cryptocurrency betting is that most crypto values are very volatile. For example, when funding an online betting account using crypto, a player decides to withdraw winnings which go back into their digital wallets. Not long after receiving their winnings, the value drops by 50%.
As a result, there isn’t much stability for anyone who wants to gamble online with cryptos. This volatility is one reason many large businesses fail to offer goods and services to customers using virtual currency.
Cryptocurrency Challenges
It’s also harder for players using crypto to use analytics to track their wins and losses online due to their constantly changing value. This is also connected to the changes in crypto that can affect the amount players take home in profits. Players should also check the deposit and withdrawal limits on any sites they may use for gaming, as many have lower limitations than regular betting sites.
Players using crypto to wager online should also remember to keep their crypto wallet’s details secret and never share them with anyone. Also, bettors should consider using different addresses each time they make a transaction, which ensures privacy and makes any activity more difficult to follow.
It’s always recommended to be aware of wagering requirements for any crypto deposit bonuses that sites offer to separate the good online providers from the bad ones. Bettors should also watch the crypto markets closely to know when the best time is to withdraw winnings for maximum profit.
Crypto Betting Frequently Asked Questions
The legality of cryptocurrency is still a gray area because most countries have not come forward with regulations designed explicitly for cryptos. These governments need to update legislation to make the laws more straightforward.
As long as investors aren’t using cryptos for illegal activities, they should have no problems with owning the digital currency. Likewise, those who own crypto as an investment shouldn’t have any issues. More governments will likely start regulating cryptocurrencies in the coming years.
Yes. Investors buying cryptocurrency are safe if they use a reputable online wallet and exchange that will protect their information. As far as the investment itself being safe, that can only be determined by what will happen to cryptocurrency values in the future. This is something all crypto investors must keep in mind when purchasing or investing in any digital currency.
Market forces determine the value of any cryptocurrency, which is the demand for the crypto on the market and the number of people buying it. Naturally, when demand is low, the value is likely to go down, but other factors can also have an effect. For example, the publicity of a specific currency, its ease of mining, and its practical uses can all affect its value.
Yes. Although it depends on the gambling laws in the country or region where you live. Players using crypto should only play at online gambling sites that are licensed and available in their region to avoid any confusion.
No. The online crypto exchange has strict rules against online gambling, which means if a player is known to transfer crypto from their wallet directly to a crypto bookmaker, the least that will happen is a rejection of the transaction. The worst is that the account could be locked and the funds forfeited.
