How to Bet with Crypto?
The gambling industry has grown tremendously. A lot of people now rely on betting and bookmaking as their source of livelihood. Betting involves activities such as sports games, video games, and casino games. There are plenty of ways through which you can place bets, the use of cryptocurrencies being one of these methods. Cryptocurrencies or digital wallets have grown in popularity over the last few years. Many people are still unaware of what they are, how they work, and how they to use them.
Cryptocurrencies play a significant role in online gambling activities. The digitized method of placing bets is likely to become quite significant soon. The topic regarding cryptocurrencies is quite diverse, and you need to learn how to buy and sell cryptocurrencies, how to own them, and how to use them for purposes of online gambling. Cryptocurrencies use a decentralized system to record transactions. They also exist digitally and have no central regulating authority. Cryptocurrencies are used in securing deals.
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The use of cryptography in cryptocurrencies and cryptocurrency types
Cryptography is a form of digital encryption. Its primary purpose is the securing of cryptocurrencies, and it is also used to verify and record transactions. In 2009, the world witnessed the introduction of cryptocurrencies when Bitcoin launched. Over time, the crypto started to gain popularity, and terms such as digital currency and blockchain became familiar (read this – best blockchain sports betting sites 2020). Not long after the launch of digital currencies, other forms of cryptocurrencies apart from Bitcoin entered the mainstream. They included Namecoin though this form of digital currency did not survive for long.
Bitcoin remained unmatched for a very long time. Most of these digital currencies did not prove to be successful. The innovations of digital currencies became known as altcoins, and they continue to launch all the time. Some of the popular altcoins available include Nem, Dogecoin, Ripple, Zcash, Ethereum, Ripple, Litecoin, and IOTA. Some of these altcoins might overtake Bitcoin in the future, and you must stay up to date with the upcoming forms of altcoins.
How to bet with bitcoin?
There are various steps that you need to follow to bet with crypto (bitcoin).
- First, you need to create a crypto wallet via desktop, mobile or any web browser of your choice
- Next, buy Bitcoin or any other crypto of your choice. You can use your credit card to purchase Bitcoin or any other cryptocurrency through the Changelly service. The service allows you to buy crypto instantly using the lowest fee in the market.
- You need to register on a gambling website as soon as you buy the crypto
- Then go through the verification procedure
- Transfer the crypto into your account
- Lastly, enjoy placing your bets through crypto
However, before going through with this final step, you need to seek information regarding the various crypto betting sites. Most betting platforms support cryptocurrency methods of making payments, but most crypto bets are made using Bitcoin.
Why bet with crypto?
Gambling and cryptocurrencies complement each other. Thus, cryptos are an essential part of the online gambling industry. The majority of the betting platforms have adopted cryptocurrency methods of making payments. These methods have brought about a significant change in the betting world. This change is through:
- The use of cryptocurrencies has made the process of depositing and withdrawing much more relaxed and also faster than other traditional banking methods. The transactions are processed almost automatically
- You do not need confirmation from a payment provider or bank approval.
- You can easily send cryptos to anyone or send anywhere with just a few steps. Thus any deposit you make using cryptocurrencies are made available to you immediately
- In regions where gambling is illegal, players can easily receive their crypto withdrawal as soon as they are processed and approved since there are no financial institutions involved in the transfer of cryptocurrencies
- Generous bonuses I form of welcome bonuses where players receive a 100% deposit bonus bitcoin of up to 5BTC
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Crypto betting is mostly common for sports betting platforms. However, if you are interested in other betting activities such as casino games, TV series, and video games, you can always find a crypto betting platform suitable for you. Bitcoin which is the commonest cryptocurrency can be used to bet on the following;
- Sports- both live and virtual. They include football, baseball, and basketball
- Cybersports / bitcoin esports betting (read this – best esports betting sites 2020).
- Casino games
- Stocks/ economy
One of the best crypto betting platforms is 1xBit. This platform is especially common for players who are interested in betting on the weather. The betting platforms offer bets on sports and casino games. Players are offered bonuses every time they place bets at 1xBit crypto bookmaker. The bonuses are in the form of points that you may redeem for money or promotion codes that have free bets.
Cryptocurrency is bound to revolutionize the online betting world. It will do this in several ways:
- First, there is a possibility that the cryptocurrency can be programmed to behave in a certain way. Thus, eliminating trust through programmable money, also known as smart contracts. These smart contracts include EOS, NEO and Ethereum, and they are used to implement specific outcomes thus eliminating trust the player has in an online casino
- The use of Provably Fair Gaming Technology, this is bound to improve the transparency of cryptocurrency online casinos by proving that the results of the games were fair and correct
- With time, cryptocurrencies will become a central component of the gambling industry. Thus, states that have illegalized gambling will have a hard time controlling gambling transactions since there is no permission needed from a central organization when you use cryptocurrencies
It is possible to multiply your profits by using cryptocurrencies. Although the traditional currency methods are here to stay, indeed, cryptocurrencies are slowly taking over the world. It has taken over the gambling industry, and it will not be long before it overtakes other parts of our lives. Next year Facebook is planning to run Libra cryptocurrency, if they will do that, it could be fastest growing cryptocurrency and helps other cryptocurrencies to grow.
If you are interesting in crypto betting and want find more information about that, read crypto betting guide page.