Cryptocurrency has been spoken about for the last few years now and while it has seen mixed results overall, one area where it has been performing relatively well has been in the gambling industry. Cryptocurrency betting is something you may not have heard of, but it is doing well and thanks to the global, digital nature of cryptocurrency, it eliminates the problems that face many gamblers who are wanting to place bets worldwide.
When you invest in Cryptocurrency you are taking a gamble already, as just like any other currency in the world it may go up or down overnight. The swings with Cryptocurrency can be more violent than other currencies, so you could win or lose money just by holding some of it, and not actually placing a bet with it.
With online bookmakers and casinos accepting Cryptocurrency as a form of payment, there are many opportunities for those who wish to use this type of currency when they are gambling.
How Many People Use Cryptocurrency for Betting?
Based on recent figures, it is estimated that 60% of the transactions performed using Bitcoin in the world are transactions that are related to the gambling industry. There is no way to verify the figure, but it could be a lot higher as people in countries that have banned gambling are finding a way to fund their bets under the cover of something else.
It is reported that back during the 2018 World Cup, many people found a way to bet using Cryptocurrency despite it being illegal in their country, finding a loophole around the technology.
How to Bet with Cryptocurrency?
If you would like to start betting with Cryptocurrency then you need to do two things. The first is to find a bookmaker that accepts your Cryptocurrency and set up an account with them. The second is to open up an e-wallet to keep your currency in and to transfer your funds to your bookmaker or back to you if you win.
To fund your e-wallet you will have to buy some form of Cryptocurrency at the exchange rate that it is on the day of purchase using a debit or credit card, or some other form of payment if they accept it. Once you have the Cryptocurrency in your wallet, you are free to link your wallet with the bookmaker account you have created and start sending across the funds. This transfer is done just like any other money transfer that you do online, but being Bitcoin there are no fees for changing the currency, regardless of where the bookmaker is located and it is performed instantly, giving you instant funds in the bookmaker account so you can place the bets you need.
After you have funded the account and you have money to spend with your bookmaker, you can place bets as you normally would do with normal currency. The bookmakers work in exactly the same way are regular bookmakers, so look out for things like regular promotions, free bets, enhanced odds and everything else that you would like to take advantage of with your bookmaker.
Advantages of Betting with Cryptocurrency
If you are looking to make the move from betting with your home nations currency to betting with Cryptocurrency then it is important to understand what you are doing, and the differences between the two. Here are a number of advantages to betting with Cryptocurrency.
The first is that you are able to remain anonymous when you are depositing funds with your bookmaker. The only information that is sent with your deposit is the financial funds, your own personal details or the details of your account are not sent across. This is great news for those who would like to remain anonymous when gambling on the internet, Cryptocurrency lets you do this with your bookmaker.
Another benefit of betting with Cryptocurrency is the fast and free deposits that are on offer. Some payment methods with regular bookmakers can take time to process, whereas when you send money from your wallet to a bookmaker with Cryptocurrency, the payment is made instantly and the funds are available for you to bet with instantly. It is also important to note that the deposits you make will be free of charge, whereas with some traditional bookmakers if you are converting currency then you may be charged a fee for doing this.
Withdrawals are also beneficial to do using Cryptocurrency when you are wanting money from a bookmaker. Traditional bookmakers use many payment methods to get your money to you, but all of these require a processing time to get the funds across and into your account. With Cryptocurrency, the transfer is done instantly, so all you have to wait for is the approval of your bookmaker and for them to send the money across to you. This doesn’t usually take too long, which means you will have your funds in a short space of time, instead of waiting for days for the funds to clear.
You will have to pay a fee when you withdraw funds using Cryptocurrency, although this is generally a small fee and smaller than any conversion fees you would have to pay if receiving money from a bookmaker not in your country. By using Cryptocurrency, although you do have to pay a fee, you are avoiding fees due to the currency you are using which can save you a lot of money if you make regular withdrawals from another country to yours.
As you can see there are many benefits to using Cryptocurrency to place your bets, and it is likely that this type of betting will only increase in the future as more people put their trust in Cryptocurrency. As you transfer money on a regular basis you will understand how it works and finds yourself completing transfers with ease, while when you get onto your bookmaker page, you will find betting with them very much like the betting you do now.