Cryptocurrencies have become increasingly popular over the last few years. In fact, they have become so popular that the world of online gambling now accepts cryptocurrencies. Players can deposit cryptocurrency instead of dollars, should they wish to.
However, not everyone is aware of what crypto betting is or indeed what it involves. Don’t worry, this brief guide can help.
The Major Difference
The major difference between crypto betting and traditional fiat betting is the regulations. If you want to open an account and deposit dollars into it, you’ll need to provide identification. Only after your identity has been confirmed can you deposit funds.
However, when it comes to depositing cryptocurrencies, the usual regulations tend not to exist. In other words, you can simply open an account and deposit funds. This can be ideal for those who have no desire to share any of their personal information. It adds an extra level of anonymity and ensures that a player’s gambling history cannot be accessed.
Withdrawing Funds
Another huge difference is that withdrawing cryptocurrencies is usually far easier than withdrawing cash. Most crypto casinos., as found on online crypto casino portals such as Bitedge.com, will allow players to withdraw funds instantly. However, traditional online casinos tend to take a lot longer to approve withdrawals. In some cases, players may need to wait up to nine working days in order to receive their funds. This is not something that crypto casinos do, as they tend to send a player’s winnings within a very short space of time.
Why Using Cryptocurrencies Is Popular
One of the main reasons that using cryptocurrencies is popular is that it tends to be safer. It seems all too easy for third-party sites that are unlicensed to take a player’s cash. However, this is not the case as far as crypto betting sites seem to be concerned.
There tends to be something of a digital paper trail on crypto betting sites. It’s possible to see when transactions have been made. It may also be possible to see exactly who withdrew the currency. As a result, theft of cryptocurrency via a betting site is unlikely.
Exchange Fees
Many cryptocurrency betting sites ask players to use a currency that does not need to be exchanged. Traditional betting sites may have exchange fees and they can occasionally be quite high. As a result, players may lose quite a bit of money each time they make a deposit. Using cryptocurrencies instead of fiat money can potentially save players quite a bit.
The Types of Currency Used
There are numerous cryptocurrencies available, however, many sites tend to stick with the most popular. For example, Bitcoin and Ethereum are often used. It’s always a good idea to check which cryptocurrencies a betting site asks for. The more popular the cryptocurrency you use, the more likely it is that you’ll find a betting site that uses it. This is something to bear in mind when buying cryptocurrency.
How to Deposit Cryptocurrencies
Depositing cryptocurrencies into an online betting account is relatively easy. Simply register for a crypto wallet service and you’re good to go. Once your crypto wallet has been created, you can simply deposit money into it. After you have purchased cryptocurrency, all you need to do is to wire it to the betting site.
As soon as the betting site has received your currency, you can begin to gamble. It’s that easy.
The Benefits of Crypto Casinos
Crypto casinos tend to feature a lot of benefits. These can include:
- Better loyalty rewards
- A wide selection of games
- A better level of security
- Trustworthy sites
- Faster withdrawals
- Relative anonymity when playing
Players may also find that they pay lower fees in comparison with traditional sites. Withdrawal fees can occasionally be added to card withdrawals. This is not something that players using crypto betting sites need to worry about. The funds can be quickly sent to the player’s crypto wallet and few to no fees are typically charged. As a result, players get to keep more of their winnings. This can only be a good thing.
Crypto betting is becoming increasingly popular, and it’s easy to see why. Easy to use, and with faster withdrawals and more security, crypto betting is likely to become even more popular. Players want to feel as if they matter and that they’re kept safe. Crypto betting sites seem to be able to offer this as standard. The future for this type of online betting looks bright.