—TechRound does not recommend or endorse and financial or gambling practices. All information in articles is purely informational—
We believe that by now, you must have heard about cryptocurrency. This is a revolutionary payment system that works on a Peer-to-Peer (P2P) basis. The currency is designed to allow the holders to buy, sell and facilitate different financial services without any intermediary. It’s been over a decade since the debut of Bitcoin, the leading cryptocurrency by market capitalisation.
What Is Crypto Gambling?
This refers to the process of placing bets on specific online casino games with cryptocurrencies. Most cryptocurrency casinos or betting platforms accept Bitcoin, but you may be lucky to find one that accepts Ethereum or Litecoin or even others.
The Reasons to Gamble with Crypto
Several reasons suggest why you must use cryptocurrencies to place a wager the next time you want to gamble. Further, we will discuss some of the reasons why you should use cryptocurrency to place your next bet.
Cryptocurrency Payments Are Fast
Before the introduction of Bitcoin as a betting payment method, gamblers had to use credit and debit cards. It was only a few years ago that online bookmakers started to add Electronic wallets (e-wallet) payment options. By using cryptocurrencies, you enjoy faster remittances. It only takes a few seconds to complete the deposit to your betting account.
In some cases, you may want to pay higher gas fees (if transacting on the Ethereum blockchain) to scale the transaction.
You can see this as being in total control of your gamble-related payments, unlike the zero control you exercise under the traditional payment methods. In addition, your payouts are sent in real-time. You don’t necessarily need to wait for 5 or more business days for your withdrawal to hit your local bank account when you can get your earnings in a few minutes.
Save Transaction Costs with Crypto Payments
We have had hundreds of online betting platform users complaining about the high costs of processing their transactions. Starting with an increase in exchange rates to balance the exchange rate difference, there are many problems to be solved. That is the opposite when making payments with cryptocurrencies.
You tend to enjoy affordable transaction fees, which in most cases, aren’t above 2% of the total transaction cost. This is a “great deal” when compared with the 4% and above transaction charges by popular credit and debit card providers.
Flexible Coin Movement
Online gamblers wouldn’t be restricted to using one platform for their payments. For example, you wouldn’t be subtly compelled to use VISA, MasterCard, or Bank Wire Transfer for your deposits and withdrawals. Cryptocurrency payments introduce varieties to the mix. You can either use Bitcoin (the most common) or any of Ethereum, Litecoin, or Bitcoin Cash.
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Adding money to your betting account with credit cards, e-wallets, and wire transfers can fetch you some bonuses, but not as much as crypto deposits. Some online betting platforms (including casinos) offer additional bonuses for crypto-related deposits. This could be your key to unlocking multiple offers from one platform all with one deposit!
Hide Your Online Gambling Activities with Crypto Payments
Don’t want anyone to know that you are gambling? It could be possible to trace your credit card, debit card, and bank wire transfer deposits. The same may not be said of cryptocurrency payments. Most crypto payments are privatised, meaning that a third party may not easily get access to your transaction information.
One other benefit of crypto-payment privacy is that it avails you of multiple options to choose from. For example, you can use Verge Coin ($XVG) or ZCash. Some online betting platforms may not offer those, but you can rely on Bitcoin’s privacy features to protect your identity.
Crypto Payments Allow You to “Start with what You Can Afford”
Do not be pressurised on how much to use for your online gambling activities. Some cryptocurrency betting platforms require a deposit of $10 or less to get you started with gambling on the platform. The sum that you should deposit differs from one platform to another.
With the desire to gamble with crypto, you should go to the platform you like and carefully read all the information it provides. The UK Bitcoin casino is the one that offers you not only a low minimum deposit but lots of bonuses you can choose from. Here you can experience all the benefits of gambling with cryptocurrency.
How to Start Gambling with Cryptocurrencies
The steps to gamble or place bets with cryptocurrencies start with identifying the unique opportunity. Would you like to gamble with cryptocurrencies? If you think it is your style, then go ahead to get started. Otherwise, stick to traditional betting payment options until you are convinced to use cryptocurrencies.
With that being said, let us now walk you through the process of placing your first bet with cryptocurrencies.
Create a Cryptocurrency Wallet
A cryptocurrency wallet is also known by many other names, including:
- Digital wallet
- Virtual wallet
- Crypto wallet
- Bitcoin wallet
So, do not get confused if the names are interchanged – they mean the same thing. Create a wallet by deciding on the best option to go for. There are different kinds of cryptocurrency wallets, including cold wallets and hot wallets.
The hot wallet has to do with the downloadable or mobile-based cryptocurrency wallet. This is the most-popular variant because of its simplicity and versatility. You can download the wallet from either the Google Play Store or the Apple App Store. Examples of popular mobile-based cryptocurrency wallets are:
- Trust Wallet
Creating the wallet involves entering your email address (if required), noting down your passphrases, creating a password to protect the wallet, and manually adding your favourite coins if they are not on the list.
Buy the Cryptocurrency to Deposit
Bitcoin is the most-popular cryptocurrency deposited on online betting platforms. To be sure, visit the website of the bookmaker to find out the exact cryptocurrency accepted. You can then buy that and store it in your cryptocurrency wallet ahead of the deposit. You can buy the cryptocurrency in several ways including:
|The Way to Buy Crypto||Explanations|
|Cryptocurrency Wallet||Purchase the coin directly from the app (wallet) by connecting your credit/debit card, entering the value of the coin to buy (say $10), and authorizing the transaction. In-app transactions take a few minutes.|
|Cryptocurrency Exchange||You can buy the coin directly from an exchange, such as Binance, KuCoin, and Huobi. You can either buy the coin with its trading pair (BTC/USDT) for the Bitcoin/Tether USD pair or swap your current coin for another. The process takes a few seconds, depending on how fast you are.|
|Third-Party||Cryptocurrency transactions are now available for third-party transactions. The process is called Peer-to-Peer (P2P) and is common on popular exchanges like Binance.|
All you have to do is to connect to a vendor/merchant, make a payment and provide your wallet address to get the corresponding value of the coin paid for. P2P transactions take a lot of time, because of the multiple confirmations involved. You have to be patient.
Sign Up at an Online Cryptocurrency Betting Platform
Cryptocurrency deposits are only accepted on similar betting platforms that support such gambling activities. Your focus is on signing up on a platform that accepts cryptocurrency deposits, and which offers cryptocurrency gambling services. According to Yahoo Finance, some online gambling sites are already accepting Bitcoin deposits. Some of these platforms are:
- 7Bit Bitcoin
- mBit Casino
Wire Your Crypto to the Corresponding Wallet
Navigate to the payment page or the deposit page, depending on how it is titled on the platform. Copy the wallet address. Go back to your cryptocurrency wallet or account on an exchange. Paste the wallet in the withdrawal column of the cryptocurrency you bought.
Follow the on-screen instructions to complete the transaction. It will only take a few minutes for the transaction to be processed. In a few minutes, you will have the cryptocurrency wired from your cryptocurrency wallet to the betting account on the betting platform.
Pick a Crypto Game and Gamble
Only the games permitted to accept cryptocurrency deposits are open to players. You can pick any of these games from the cross-section of games available in the bookie’s game library. The filter feature can be used to narrow down your search to the following parameters:
- Star rating;
- Deposit limits (how much can you deposit minimum and maximum);
- Wagering requirements;
- Return-to-Player (RTP).
Make sure to read the Terms and Conditions (T&Cs) of the game to be certain of the requirements to win. Also. you can either withdraw your earnings in crypto or return the same to your existing bankroll to build a “bankroll chest” to fund additional betting expenses.
Tips to Guide You with Crypto Gambling
Gambling, betting, or wagering with crypto can be complicated sometimes, especially if you don’t know how crypto works. That notwithstanding, the opportunities that come with it are massive. This is why one of the news publications by NBC News talked about “how Bitcoin opened up a new online gambling world for online casinos.”
Further, there are some guidelines on how to maximise the opportunities in crypto-related betting activities.
Understand the Bookie/Operator’s T&Cs
Terms and Conditions (T&Cs) are the underlying statements that signify the conditions that bind the gamblers to the betting platform. T&Cs are, as usual, located either on the footer section of the betting platform or find out the specific page it is on. Read the terms and be sure you can keep to most of them before signing up as a gambler on the platform.
Take Your Security Seriously
It is not enough to sign up on the crypto gambling platform. You must be serious about protecting your account. Start by enabling:
- Two-Factor Authentication (2FA)
- Use a mixture of letters and numbers to create your password
- Consider removing fingerprint unlocking of the cryptocurrency wallet and that of your online betting account. Instead, use a Personal Identification Number (PIN) to protect the account.
Another important security measure to implement is the log-out of your crypto gambling account, especially if you wouldn’t use it in the next couple of days. That way, someone else wouldn’t be able to access the account if you were not around. This security measure is more of intuition – refrain from sharing your login details with someone else.
Use Only the Recommended Cryptocurrencies
Do not attempt to use all the cryptocurrencies in the gambling market. The rule of thumb is to “stick to specific coins,” especially those recommended by the bookie. Bitcoin is the most popular, but you can also use Ethereum or Litecoin, provided they are supported by the platform.
Understand How Cryptocurrencies Work
Can you explain how a cryptocurrency transaction works? How many block confirmations are needed? The idea is to be familiar with how cryptocurrency transactions work.
Understand that cryptocurrencies, including Bitcoin, are very volatile. As such, they are subject to fluctuations in prices, based on the current trend in the market. With this understanding, you know that a $10 worth of Bitcoin may be worth $15 or $5 tomorrow, depending on the current moves in the market.
Therefore, only buy and transfer cryptocurrencies when you need them to place a bet at an online crypto gambling site.
Avoid Some Offers
Offers that appear “too good to be true” should be avoided. Even though gambling is risky and a “game of chance,” it is pertinent to skip some offers. Offers that appear to make “bogus promises” might just be a gimmick to rip you off. Stick to using a crypto gambling platform that makes credible and substantial offers.
Every Day Is not “Gamble Day”
Gambling shouldn’t be a daily affair. Set a time to gamble and when not to. Now that you are gambling with cryptocurrency, the risks are higher. You don’t want to bet today and end up losing your entire bankroll the next day. Besides, the volatility of the cryptocurrency market can make you some money even when you don’t gamble.
How to tackle this? “Tether your coins.” This simply means converting your Bitcoin, Verge Coin, or Ethereum into the Tether USD (USDT). That way, you will have the same value (in USD), irrespective of the directions of the crypto market.
—TechRound does not recommend or endorse and financial or gambling practices. All information in articles is purely informational—