Many raise questions about the difference between betting and investing in cryptocurrency. The vivid truth regarding this matter is that cryptocurrency could be used for investment and betting depending on one’s strategy. If an individual intends to buy crypto for the sole purpose of trying to multiply the profit several times overnight, then it would fall under the category of gambling or betting.
On the other hand, if a gambler believes that cryptocurrency is the way of the future, then buying it now will be considered as a future investment.
Even though the future looks suitable for online gambling with crypto, we are already provided with the option to gamble with such currencies today. Bitcoin being the first BTC-based currency and the most well-known cryptocurrency in circulation will be accepted as a payment method by most casinos.
Further the sites’ security features are inherent when it comes to bringing BTC technology to the crypto online casino industry. They lend perfectly to the gambling industry as it aims to protect the gamblers and casinos.
Instead, you can simply deposit their cryptocurrency, which will be validated instantly so that the individual can start betting. The crypto online casino will never be able to find out the player’s identity as they will know nothing about the player or customer except for the crypto’s wallet address.
Players are always rewarded with a great welcome bonus or an exciting offer as they register, place a bet, and deposit a certain amount in their wallet using their credit card.
What Is Crypto Betting?
Back in the year 2009, many smart bettors were trying to come up with a payment method that would pay for their goods and services online without revealing their identity. They came up with this idea of a digital, decentralized currency that was initially called bitcoin and even exists today. Further, cryptos betting refers to the process of crypto online gambling.
Still, the player here uses cryptocurrency like bitcoins, ethereum, or ripple instead of paying with traditional payment methods like debit/ credit card or e-wallet. In various ways, betting sites can operate like any other crypto online gambling site. This is so because a gambler will have to access a popular range of crypto casino games like table games, bitcoin slots games., roulette games, blackjack leagues, other bitcoin slots, Video Poker leagues, etc.
In many cases, the range of crypto casino games, slot games, table games, and other games are to be backed by the same regulated software providers across several countries found in traditional Amblin scenarios.
If an individual plays a betting game produced by one of these providers, it ensures the bet is 100% true and fair after conducting a prolonged testing phase. However, there is no requirement to deploy a KYC policy in the case of cryptos betting sites. This is so because only cryptocurrency deposits and withdrawals are considered and permitted by the provider.
This also means that while registering an account with a cryptos betting site, bettors only need to share the information regarding their email address. Many betting platforms also offer a welcome bonus when they complete their KYC. Withdrawing money is very fast in the case of cryptos betting when compared to a traditional fiat provider.
In traditional platforms, it will take days of inquiry and invigilation before a gambler receives their money. Any bonus amount that players have received, they cannot withdraw those amounts. According to the casinos, after the KYC process, which takes a couple of days, it takes up to 48 hours to authorize it once the withdrawal limit request is made.
Once this offer is completed, even after that, it might take a few more days for the funds to arrive on one’s debit card or their bank account. However, customers can start betting with crypto and play casino games like slots and other games using their gaming account.
However, if one uses cryptocurrency for betting purposes instead of traditional payment methods, this withdrawal process is fast-tracked. They can play games like slots, place a bet on blackjack, and other games immediately and start earning a good range of money as per their convenience. Also, they are eligible to get a welcome bonus when they are performing any deposit offer.
After that, they can further look into the other bonuses that they are eligible for.
As soon as the withdrawal is requested on the cryptos betting site, they will autonomously authorize the transaction. All of this means that the digital currency will be sent to the individual’s private wallet in minutes, taking days in other crypto transactions.
Earning in an online casino is the best activity a user can experience in the gambling industry.
Different Ways to Betting With Cryptocurrency
Crypto Sports Betting
Betting on sports has made cryptocurrency usage essential amongst other financial methods way before other online gambling venues and countries.
Sportsbook operators used the anonymity of BTC to reassure players placing bets, who themselves live in several regions where gambling had remained banned.
Within no time, crypto sports betting sites and cryptocurrency became the perfect union for online sportsbook operations across countries.
Political Crypto Betting
Political betting has been a culture since the renaissance period when Roman bookmakers take bets on who would be the next Pope, until and unless Gregory XIV banned its practice under penalty of ex-communication.
The sportsbook of that century used political bitcoin betting as a PR tool by offering odds on an election or referendum, which was a way of getting into the news.
However, this sports betting practice and methods have changed to accept political bitcoin betting as a serious component of the gambling and political landscape.
When it comes to the reputation of political betting and sports betting with crypto, it is quite messy in the crypto market.
Recently, during the US presidential elections of 2012, hundreds of best crypto casino websites reported the figures from the Intrade prediction market, which correctly gave Barack Obama a more significant probability of winning than the polls did.
We can also say that the political bitcoin casino betting platform gives people who are not interested in politics something to bet on.
During this time of the year, the reputation of Barack Obama’s government significantly increased because of the customers because of such crypto sports betting authorizations.
Entertainment Crypto Betting
With days passing by, more and more entertainment companies are accepting Bitcoin and other cryptocurrencies on their best crypto sites.
As soon as businesses had started accepting Bitcoin and later other different cryptocurrencies since around 2013, online entertainment was the first one to join in.
Some of the gamblers or payers of the entertainment industry who happily accept cryptocurrency as a payment mode are online casinos, video gaming, and sportsbooks.
Many entertainment crypto sites offer deposit bonus when players are accessing their portal and start playing interesting games like slots, blackjack bet, and many more.
The reputation of entertainment betting is a major factor why there are many events taking place across the world to promote this type of business model in the market.
Based on their reputation, the crypto sports betting and entertainment betting industry is shaping a great future for all the dealers.
Horse Racing Crypto Betting
Horse racing and bitcoin casino betting are among the most popular sports worldwide, and various such racing events attract huge crowds and pay significant prize money.
Bitcoin sports betting goes hand in hand with racing; without the sport would probably not exist.
Although Bitcoin is the cryptocurrency that is mainly used in racing bitcoin sports betting sites, it is not the only one.
Various bitcoin sportsbooks accept other types of cryptocurrency such as Dogecoin, Litecoin, Zcash, GameCredits, SBIcoin, FunCoin, DigiByte, etc.
Esports crypto betting
The emergence of esports or video gaming best crypto sites at a professional level has introduced a new addition to the sports world.
In this sector, virtual monetary BTC, otherwise known as cryptocurrency, is developing its popularity as an investment and in a new way of purchasing services and items.
Esports bitcoin sports betting and best crypto sites are linked in a relationship that merges the emerging industries in the virtual world.
Crypto esports bitcoin sports betting has been gaining attraction amongst the players who enjoy bitcoin sports betting in traditional sports and esports due to the encryption of virtual currency, transparency, and convenience.
Similar to the above racing bonuses, the esports bonuses are quite good when you are betting on a reputed crypto gambling site.
Therefore, the experience and the bonuses can excite any given player at any given time.
Widely Used Cryptocurrency for Crypto Betting
Bitcoin falls under the category of digital currency set out in a whitepaper by the pseudonymous Satoshi Nakamoto in January 2009.
The identity of the person or people who had invented the technology is still unknown.
Any government or bank is not issuing Bitcoin, and neither does it have any individual value as a commodity.
Despite it not being considered a legal tender, it is still trendy in most parts of the world. It has even triggered the launch of hundreds of different cryptocurrencies, which are collectively called altcoins.
It is created, traded, distributed, and stored with the help of a decentralized ledger system known as the blockchain. In the history of bitcoin, its value has gone through several cycles of ups and downs in a concise period.
The locks can be transparently seen being filed with new bitcoins. These dealings are visible to everyone despite whether a user knows to run a bitcoin node or not.
Bitcoin has approximately 10,000 nodes, as recorded in June 2021, and the number has been growing since.
Ethereum is decentralized, open-source blockchain technology. It also has its native coin that is called ether. This coin has formed to be one of the largest cryptocurrencies with the help of market capitalization, second only to bitcoin. They have cold storage where they store all the exchanged BTC and ensure that the BTC is well-encrypted to avoid scams.
Even though Bitcoin has a larger market cap than Ether, Ethereum is the most widely used blockchain. It is also necessary to understand that Bitcoin and Ethereum are not the same things, and a user has their differences.
There have been significant fluctuations in the price of ether since it was launched in 2015.
It was priced at $1 back in 2015 and stayed there for several months. In January 2018, it reached its highest price, which was $1,358.
As the price factor began to fall later, ether bottomed out at $83 in December of 2018.
The price of ether at the beginning of April 2020 was around $140, and it rose to $3,349 as of May. However, it is to be noted that the price had gone down to $1,848 as of June 2020.
Ripple is a payment settlement system that is also a currency exchange network that can process transactions worldwide.
The purpose of creating Ripple was to serve as a trusted agent between two parties in a transaction.
Ripple was designed to replace a leading money transfer network from the very beginning. It can facilitate exchanges for fiat currencies, cryptocurrencies like Bitcoin, and even commodities like gold.
Every time the users make a transaction with a small amount of XRP, a cryptocurrency is deducted as a fee. The standard fee charged for conducting dealings on Ripple is set at 0.00001 XRP, which is way minimal compared to the fees charged by traditional dealings for conducting cross-border payments.
According to the late April 2021, the XRP price was $1.38 per token, which means the transaction fee would be just $0.0000138.
It is an advanced blockchain platform built to democratize and decentralize the content distribution industry through an arsenal of permissionless tools, protocols, and platforms.
TRON is an innovative contract-capable blockchain. It allows developers to build and deploy competent decentralized applications designed for practically any sort of purpose, including online games like football, poker rooms, BTC blackjack, slots, sports bet, and many more, open lending platforms, decentralized exchanges, yield farms, and more.
This platform was founded in September of 2017 by a tech entrepreneur named Justin Sun, who is currently reading the Tron Foundation ( a non-profit that assists with the growth and development of the TRON ecosystem).
It had been able to raise a total sum of $70 million in an initial coin offering (ICO) and launched its main net in June 2018. It has been growing since then and has become one of the top 20 cryptocurrencies by market capitalization.
It is a type of cryptocurrency that was created in August 2017 from a fork of Bitcoin. Bitcoin Cash is supposed to increase blocks that allow more transactions to be processed and improve scalability.
The cryptocurrency further underwent another fork in November 2018 and was split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash is referred so, as it uses the original Bitcoin Cash client.
As we know, bitcoin was invented as a peer-to-peer cryptocurrency supposed to be used for daily dealings. But over the years, as the concept of bitcoin gained mainstream attraction, its price surged, and it became an investment vehicle instead of a daily currency.
Further, its blockchain witnessed scalability issues as it could not handle the increases in the number of dealings. Transactions queued up while waiting for confirmation as blocks could not handle the increased size for dealings.
Bitcoin deposits were proposed to solve this issue by increasing the size of blocks from between 8 MB and 32 MB, which enabled more transactions per block processing.
Litecoin falls under the category of cryptocurrency that was founded by a former Google engineer named Charlie LEE in 2011. According to the market capitalization, Litecoin is ranked as the ninth-largest cryptocurrency.
Litecoin contains many similar features as bitcoin while adapting and changing some aspects that the development felt necessary to be improved. Similar to other decentralized cryptocurrencies, Litecoin is not issued by the government.
Unlike traditional currencies and deposits, Litecoin has a fixed supply that will bever be more than 84 million in circulation. The most significant distinction between Litecoin and Bitcoin is the difference in their cryptographic algorithms. Bitcoin uses the SHA-256 algorithm, while Litecoin uses a more recent algorithm called script.
How to Bet with Cryptocurrency?
Names like dogecoin, Bitcoin, Ethereum, and Litecoin are trying to find their way into the vernacular of the general public. But what one may not realize is that there has been a cryptocurrency bitcoin sports gambling scenario for almost as long as these digital currencies have been in existence.
We have discussed a few steps following which a newcomer to this industry can bet with cryptocurrency:
- To bet with cryptocurrency, one needs to open a cryptocurrency wallet in the initial steps. Many might already have an existing wallet. In that case, a player can skip this step. But if an individual is brand new to the concept of cryptocurrency, then there are various options to choose from amongst dozens of digital wallets. For this, one has to register for an account, and they will be provided with a given digital address that is tied to their account.
- The next step is obvious: investing money in buying BTC to deposit and play in crypto.
- One also has to select a sports betting website where they wish to spend their currency. The main thing to look at here is a bitcoin betting site that offers what one is looking to play for, like sports, casinos, bingo, poker leagues, and makes a good amount of deposits.
- Further, one needs to know that they will need their crypto wallet open and ready to go as transactions do not take long, especially sites providing “credit” until the funds settle themselves.
- After following these steps, one is ready to pick a game they intend to play and bet on. From there on, it is similar to the gameplay as playing with USD or other fiat currencies. Still, before entering the replay, one should also read the rules and regulations so that they do not end up affecting the odds of winning.
- Finally, one needs to be mindful of the exchange rate to their local currency to prevent any loss. It feels like that one is bitcoin betting fractions while they play in Bitcoin or any other digital BTC when in reality, they could be bitcoin betting at much higher limits than they are used to.
Overall, the experience of depositing and playing with cryptocurrencies is quite magnificent.
How does Crypto Betting Work?
There are various reasons why cryptocurrency has become more and more popular with each passing day. We have listed a few benefits or advantages of using cryptocurrency for sports gambling, slots, and many more.
- Decentralized: No one has the authority to take away one’s crypto BTC or freeze their crypto account due to the absence of a central regulatory authority in the system. Every individual player owns their own money and has control over the transactions.
- Security: The payment methods and the information of the layer are secured in this mode. Bitcoin transactions do not require any personal data, which protects one’s identity from being stolen. Also, there can be no chargebacks once the transaction is completed, which means that the transaction can not be reversed or altered.
- Privacy and security: As no personal piece of information is attached to one’s crypto wallet, people do not know about the person’s identity purchasing any item or service. On the other hand, it is also transparent, which means anyone can find the information on addresses and tier balances in a public ledger.
- Fast transaction with proper security: It does not matter where one transfers the Bitcoin to, whether international or local ice cream purchases. With the help of this platform, CoinsPaid’s crypto-processing capabilities, crypto casino deposits, the transfer is close to instantaneous.
- Low transaction fees: As there are no middlemen in a decentralized network, no one is supposed to charge for anything. At the same time, the way the technology is set, there might be fees for faster processing of transactions or conversion of bitcoins into fiat currency.
If you want to resolve any queries or ask questions regarding bonus, transaction fees, leagues, withdrawals, security, registration issues, sporting events, VIP program, payment options, welcome bonus, transfer fees, and other details, you can get in touch with their customer support team.
The support team works 24/7 to address your issues and concerns and responds immediately. All you have to do is chat or call their customer support team and discuss your problem with them. Also, you can write an email to their customer support team, stating all your issues and concerns, and wait for their responses.
How Do Betting Sites Take Crypto Deposits?
To deposit cryptocurrency, one must have a crypto wallet and crypto coins to invest.
Once the user has crypto coins to deposit, they need to find a suitable bitcoin betting site to deposit their cryptocurrency and play various games ranging like bitcoin slots, table games, poker leagues, rummy, etc. As cryptocurrency is a form of digital money, it secures the individual who is depositing the money on the crypto betting site.
A cryptocurrency user can set bitcoin bettings of any range without letting anyone know their real name and identity. One of the benefits of transacting cryptocurrency is that it takes no or minimal fees in its name. As per reviews are concerned, the best thing about using this platform is the user experience it offers.
Deposit in Crypto, Bet in Fiat
The best thing about the online crypto sites is that players can now deposit in cryptocurrencies and bet in fiats. There are many reasons why players can deposit in crypto and bet in fiats. Players can buy the coins using Ethereum, Bitcoin, Dogecoin, and other BTC and start placing bets in fiats like Canadian Dollars, US Dollars, and many more.
If in case you are facing any depositing or betting issues, you can get in touch with the customer service team. The customer service center is open 24/7 to help you in addressing your issues or concerns. Therefore, many operators try to provide the best experience to their users so that they can make a good amount of money in a short period of time.
How Crypto Betting Is Good Compared to Traditional Betting?
There are more similarities between crypto casino betting and traditional gambling than there are differences. Despite the similarities between these two types of sports gambling, there are still a few differences that make bitcoin casino a better option to choose from:
- One of the most important differences between conventional crypto online casino sites and crypto-currency is that the second one allows one to deposit with cryptocurrencies.
- As a secondary matter, crypto-currency betting sites also allow an individual to deposit with traditional currencies, giving the person an additional advantage where many standard bettors might not accept the digital currency.
- When it comes to the duration of withdrawals, both usually process deposits instantly. Still, when it comes to casinos, it is often different than this.
- Cryptocurrency options are said to offer much quicker transactions within minutes, which makes them more convenient for the players or a customer offering them quick withdrawals.
- Another significant thing to note about the withdrawals of crypto is that they are often charge-free. While on the other hand, even the most popular conventional casinos will probably charge a fee for bank transfer withdrawals.
Some other features of bitcoin casinos might include playing anonymously, having no connection with traditional banks where there will be no one to freeze or block the crypto account, making it possible for an individual to make small bets using the transparent algorithm of the platform. There are many payment methods available for all players to use and play their games like football, poker, BTC games, BTC slots, and other games to get the best experience that they are searching for.
This is why users like the experience that this provider provides on their platform. You can also read a casino sportsbook to understand how betting is revolutionizing the casino industry. Likewise, it will also help you to improve your gaming experience significantly. Also, it opens various doors to win bonuses and enjoy other advantages that you are looking for.
In regular crypto online casinos, there is a fixed amount on the minimum bet according to the rules. Still, on the other hand, the best crypto allows the player to divide the bitcoin into a certain number of small bets, allowing them to play more at their pleasure.
No Third-Party Involved
The best part of bitcoin casino betting is that there are no third-party involved when players are betting on the sites.
Access to More Online Sportsbooks
With traditional betting, players never got access to a bitcoin sportsbook and other guides on how to play and place bets. However, with crypto online bitcoin casino betting, this is an added advantage as players will have access to many online bitcoin sportsbook that players can read and understand how to place bets and win good cash online. After the registration processes are completed, users can start reading an interesting crypto sportsbook at any given time. Also, players can use their bonuses to buy any given bitcoin sportsbook on the crypto gambling site.
Low Fees on Payouts
With the current booming bitcoin casino betting market, dealers don’t have to pay much money when it comes to payouts. They just charge 0.20 to 2 percent which is way less when compared to traditional betting. They don’t charge any fees for the bonuses that are offered to the players.
Also, when it comes to withdrawals, crypto online bitcoin casino betting has made great advancements. Users can now withdraw funds immediately and get it deposited on their savings accounts within a matter of seconds. Unlike traditional betting, dealers don’t have to wait for hours or days to withdraw their funds.
Get Extra Bonuses at Crypto Exchanges as well Online Sportsbooks
With traditional betting, there aren’t many chances that dealers win something exciting and big. However, with crypto online bitcoin casino betting, users can now win exciting and rewarding casino prizes every day.
Starting from earning great deposit bonuses and exciting offers, to winning several bitcoin sportsbooks for free, users can now earn a good amount of money quite easily from this casino. Players cannot withdraw the bonus amount that is allocated to them when they are signing up on the platform.
Is Cryptocurrency Betting Legal in the USA?
While American casinos are not allowed to accept Bitcoin payments in most states, there are no laws in the U.S. whatsoever that forbid the citizens from spending bitcoins at offshore crypto online casinos and sports betting sites.
Are Crypto Betting Sites Legit?
Yes, cryptocurrency betting casino sites are real and legit. Their claim to fame is based on their honesty and privacy which keeps them under the radar from regulators.