Getting to Know About Crypto

73

Crypto sports betting is on the rise. In fact, a vast majority of gambling sites today either accept crypto and cash or crypto only. The reason why most gambling sites are switching to Cryptocurrency is that it is more secure and reliable. In cryptocurrency, every transaction is recorded on a digital ledger, which is copied and stored on a network of multiple computers. This means that if a transaction only shows up in one copy of the ledger, it will be red-flagged immediately. This makes this platform super safe and secure. In this article, we will tell you everything you need to know about crypto concerning sports betting. For more information about this topic and a list of the best blockchain betting sites.

Why Crypto Betting Sites Are So Popular

They are safer

Crypto betting sites are safer compared to those that use fiat currency. That is why most gambling sites are adopting this technology. The fact that this Cryptocurrency is decentralized means that it is not affected by government policies or geopolitical tensions. Crypto betting sites are safeguarded blockchain technology that makes them super safe. All payments made are recorded and stored in blocks that are well organized and linked in cryptographic proofs, making it difficult to tamper or hack transactions. This means that your hard earned money will be safe if you sign up for a crypto betting site.

Increased privacy

The traditional online betting industry is heavily regulated. Some of the major regulators include UK Gambling Commision and Malta Gaming Authority. They both demand that online casinos uphold the anti money laundering law by implementing the KYC (Know Your Customer) process. 

Because of that all account holders need to have their identity verified. In Europe it needs to be done 72 hours after an account is opened or before a withdrawal request has been made. And it will be required to show a copy of the person’s Driver’s License or an Identity Card, and a proof of address.  

Another reason why more and more people are switching to crypto betting sites is because of enhanced privacy. These sites will guarantee your privacy regardless of what you do. Your banking and other important details will not be exposed as is the case when transacting with fiat currency. Your sensitive personal details will remain anonymous. When you take part in cryptocurrency betting sites only your e-mail address will be requested. There will be no need for further verification of your identity. Crypto betting sites do not have to follow the KYC process. This could be a huge advantage that they have over the more traditional online betting sites. 

Instant deposit and withdrawal

In addition to increased safety and privacy, crypto betting sites also allow instant deposits. This means that you don’t have to wait for days in order to deposit money in your account. All transactions are reflected on your account immediately, meaning you can start betting right away. It is the same when you decide to withdraw your funds. There is no verification process. Your identity doesn’t have to be confirmed as with more standard betting sites. Because of that it can be a matter of minutes when the funds will appear in your virtual wallet. 

Increased value

Another reason why most prefer crypto gambling sites is because of the increased value of Cryptocurrency. Although Cryptocurrencies are volatile just like hard currency, they are generally stable and more predictable, meaning that the chances of making losses are significantly low. For example, the value of Bitcoin has increased tremendously over the last couple of years. Even though there was a period where its growth was quite slow, its value has gone way up than what it used to be. This means that you can earn more money when you bet with Cryptocurrency as opposed to betting with fiat currency.

Provably Fair

Provably Fair is a piece of technology used by a number of crypto betting sites. It’s based on Blockchain technology. What it essentially does is to take a seed from the casino, as well as taking a seed from the player.  Using this technology, casino nor the player can see, amend or manipulate the Provably Fair outcome in any way. 

Risks of Crypto Betting Sites

We don’t want to talk only about benefits of using Crypto online betting sites. There are some risks that players should be aware of. Of course all risks could be minimized when players exhibit due diligence, and put time into research. 

Crypto betting sites are not regulated

As we have mentioned before, Crypto betting sites do not have to uphold the KYC process. Players do not have to provide any source of personal identification. They can remain anonymous. The reason that these platforms can do as such is because they are not regulated in any way. This also means that you need to trust that your chosen betting site will operate legitimately. But since there are no actual regulators that they need to answer to. Players are taking the risks for any kind of mistake or accident. You can stick with the major platforms that have already created a sense of trust and respect among their players. That way you will minimize the risk of the site just disappearing one day, or being blocked. 

Monitoring stakes, winnings and loses

When you are constantly dealing with cryptocurrency, you might forget how much the amounts are in dollars, euros or pounds. It can be extremely difficult to monitor how much you are winning or losing at any given point. Even an incorrect entering of a single decimal stake could be fatal for your account. So check if the betting site you are using offers a converter that could give you an idea of your actual winnings or loss based on a current exchange rate. It could save you time and give you an idea on how much you are spending. 

Fluctuating Exchange Rates of Cryptocurrency

You always need to take into consideration the fluctuation of the exchange rate. Especially if there is some time between your deposit and withdrawal. Sometimes the exchange rate will fluctuate and eat at your winnings. But an opposite thing can happen also. But this also add to the uncertainty on how much are you really spending and making, because you will have to calculate it again and again, based on the current exchange rate. 

How do Crypto Betting Sites Work?

Choose an online Betting Site

Of course this would be your first step. The criteria that will lead you on choosing the online betting site would reflect on what you are looking for. We recommend choosing a well known site with good reviews and ranking. You want it to have the sort of games selections that you are specialized in and great customer support. And make sure they support your type of cryptocurrency. 

Open your account

This is a simple step where you only need to submit your username, password and an email address. It would take you less than 30 second to finish it.  

Deposit funds

Depositing your funds based on the type of the cryptocurrency you have chosen. Fund will be transferred from your personal wallet to your virtual wallet in the cryptocurrency stated on the wallet. This step will be done fast also. 

Play Games

As soon as your funds are deposited you can start playing. Betting sites will have a great variety of games. Once you choose which one you like, you need to input your stakes from your virtual wallet and set up the betting parameters. Once the game has finished your winnings will be automatically added to your account balance in real time. If you had a loss the crypto betting site will keep your stake. 

Withdrawal

Once you are ready to make a withdrawal, you need to manually input the wallet address that you want your funds to be transferred into. Your request should be done in a fast way. 

Crypto Betting Sites is a market that never stops developing and growing. There are hundreds of sites where you can try your luck. As we have already mentioned, you can do that completely anonymously, and there are no regulators. That also adds to the low level of security. In case an accident happens or the site just disappears overnight there are no assurances that your funds will be returned to you. 

But there is also a certain sense of freedom to be able to operate and enjoy games in a modern way using cryptocurrency. There is a great potential of increasing your funds by playing games of just counting different exchange rates. Whichever way you have decided to take, make sure to explore all your options. Carefully select the Crypto Betting Site and do your due diligence. Base your decision on current player reviews on multiple social platforms, and make sure you recognize the software the site is using.  In this way you will be more safe and your funds will be safer too. We wish you all the luck.

Comments

comments