By Karolis Butkevicius
One of the newest financial and banking technologies to hit the online betting industry is cryptocurrency. With a whole new range of benefits, crypto was quickly selected and adapted into the online betting world. The benefits aren’t just for professional or serious players only, but also occasional and recreational punters.
If you have never heard about cryptocurrency before, you’re looking to learn more about it, or you are interested in how it operates and relates to online betting, you are lucky today. You will be able to find everything that you want to know about crypto betting sites right here. So keep reading to discover more.
What Is Crypto Currency?
One of the biggest questions that people have about crypto betting sites is simply, what they are? As it’s a relatively new and emerging banking and financial technology, it isn’t uncommon for it to be new to even the most technologically savvy.
One of the simplest answers to this question is that crypto is a new form of digital currency. Basically, it is a web-based form of cash that you can spend just like real money. You can use crypto to pay for services and goods or place wagers on games or sports.
Cryptocurrency comes with lots of benefits that blend effortlessly with betting online and playing casino games. Even though cryptocurrencies sound like real metal coins, you cannot hold them in your hand.
They’re 100% digital and highly computer programs and creations that are created via a process popularly known as mining. In crypto, mining means using huge amounts of computer power and memory to craft the piece of technology referred to as cryptocurrency.
Every crypto coin that is created makes it harder to make the next one with the need for massive computing power. The process can continue until finally, it’ll be difficult to create more crypto coins. The crypto coins can then be transferred between institutions and people, usually for cash. Cryptocurrencies hold massive value, thanks to the fact that there’s a finite supply of digital coins.
If anyone could generate as many of the digital coins as possible, then they would be needless. Just imagine every individual being in a position to print as many paper cash as they wanted to. This would instantly make them lose value.
Crypto itself is not worth any cash as it does not serve any purpose. It gets the massive value from the fact that its supply is limited, and punters, as well as other individuals, have decided to recognize it as having monetary value. And because of this, many betting platforms accept it as a deposit and withdrawal method.
Benefits for Punters
As the sports betting industry continues to evolve, brand new technologies and inventions continually emerge, helping to make the whole experience much better for punters. Whether you are betting to make a living or doing it for entertainment, cryptocurrencies provide lots of benefits.
Before you can learn about the main benefits that crypto betting offers, you should know everything remains exactly the same as if you deposited fiat currencies. Some of the benefits that you will enjoy once you sign up with a reputable betting platform include:
When you compare the transaction speed of cryptocurrencies with that of traditional banking methods, you will discover that they are significantly faster. Since everything is digital, there’s no need to work through banks or third-party vendors in order to process your transactions. This allows for quick transaction processes in terms of both deposits and withdrawals.
After winning, getting your funds quicker is one of the things that you can enjoy as a gambler. Additionally, it is important to know that due to the simplicity of crypto transactions, many bookmakers and online casinos are in a position to provide lower fees on withdrawals.
Anonymity of Transactions
Whether you are making deposits or withdrawals, all transactions done through any of the available cryptocurrencies are completely anonymous. No individual or institution will be in a position to detect the sender or the receiver of the crypto coins. This is great as it provides punters with an extra layer of security when placing bets online.
Many individuals are doubtful about using their credit or debit cards when it comes to online gambling, and cryptocurrencies offer a perfect solution. It is only the receiver or sender that will ever know where the crypto coins went to and came from. This provides high levels of protection that every gambler is always looking for.
Transparency of Transactions
With traditional banking methods, it is not easy to track the failure or success of your transactions. Many transaction statements aren’t updated instantly, and funding or payout systems mightn’t provide you with the latest information. This can easily create headaches and confusion when you’re waiting for a transaction to be successful.
With cryptocurrencies, you can instantly view all transactions in real-time with a transaction identity number. This will help you know if your deposit or withdrawal has been successful. Also, you can view all the transactions from anywhere, anytime, and they aren’t dependent on the receiver or sender to see.
The Finest Betting Sites That Accept Crypto
When you are looking for gambling platforms that accept crypto, it’s worth finding a site that is a perfect match for you. They’re just a few aspects to consider before you can start. Currently, there are hundreds of websites that claim to be crypto-friendly, but some of them have not been fully regulated and licensed by reputable gambling authorities. Therefore, you will not find such crypto betting sites recommended by experts, and you should sign up with them at your own risk.
The features that the best crypto sites should have include generous welcome bonuses, lots of ongoing promotions, plenty of crypto options to pick from, lots of casino games and 24/7 support services. Other important features to consider include licensing, security and a fair gambling environment. When you check a crypto site and discover that it has these features, be sure to sign up with it.