The financial world is changing. Today, millions of people will buy, sell, and trade in cryptocurrency, the digital currency of the future – and in many ways, the present. In 2009, a mysterious and still-unknown individual by the name of Satoshi Nakamoto created Bitcoin, the world’s first cryptocurrency. And now, people use cryptocurrency for a range of things, from purchasing products to crypto betting.
It’s a diverse market, and there are thousands of cryptocurrencies in circulation. The vast majority are almost completely worthless, but a select few are overwhelmingly valuable. They’re traded much like stocks and shares, and their value rises and falls with each passing hour. There are many differences between cryptocurrency and standard, or ‘fiat’, currency, but the main one is that cryptocurrency isn’t tangible.
You can’t see it, you can’t hold it, and you can’t withdraw it from a bank. It’s entirely digital, a token or coin secured by complex cryptography that is passed around through ‘decentralised networks’, or blockchains. It’s reliant on a functioning network, it’s highly secure, and it’s becoming more useful with every passing day.
But how can you use crypto for betting or gambling?
What Is Crypto Gambling?
We start our crypto betting guide with the most simple question of all – what is crypto gambling?
Fortunately, it’s not a difficult question to ask, as, in essence, it’s quite an obvious answer. When you’re partaking in a little crypto betting, you’re following the exact same procedures as normal, but you’re using cryptocurrency to place bets. Instead of dollars, pounds, euros, or whatever fiat currency you usually use, you’ll now use Bitcoin, Ethereum, or something similar.
There are several advantages to this style of gambling, and the entire process is nowhere near as tough as you might think. Although not every sportsbook offers crypto gambling, the list of those that do is growing every day.
When companies like Tesla started accepting cryptocurrency as payment, the rest of the world realised its potential. Now, there’s a boom, and sportsbooks (and esportsbooks) are starting to pick up on the trend.
What Advantages Are There to Crypto Betting?
When you’re gambling with cryptocurrency, you can rest assured that you’re picking up a few benefits while doing so. Firstly, cryptocurrency transactions are instant – a blisteringly fast speed that outpaces any traditional bank transaction. When you win a bet with fiat currency, there may be delays in processing the funds and releasing them to your bank.
However, when you bet with cryptocurrency, the payout is often instant and without a single moment’s delay. Furthermore, these transactions are entirely anonymous. When you’re using cryptocurrency in any respect, there’s a high level of anonymity associated with your transactions.
There may be benefits to trading in this way online, and when betting with cryptocurrency. There’s no need for a lengthy verification process – as long as you have the funds in cryptocurrency, you’re ready to go.
Also, when you sign up to bet with cryptocurrency, you might pick up some advantageous ‘crypto betting bonuses’. These will reward you with more cryptocurrency in your wallet simply for playing or joining a ‘casino’.
Finally, there’s the ‘Provably Fair’ protocol, reserved specifically for crypto betting. This system works with the blockchain technology that cryptocurrency also runs on. It ensures that, when a digital game is triggered, neither the ‘casino’ nor the player can manipulate, amend, or even see the outcome ahead of time.
Is Crypto Betting Legal?
This is a somewhat grey area where cryptocurrency is concerned. As the cryptocurrency market circulates on ‘decentralised’ networks, there’s no real regulatory body overseeing the currencies themselves. Therefore, the trading, buying, and selling of these currencies is almost entirely unregulated and without a governing body.
In most cases, the legality surrounding crypto betting will change depending on the country you’re in. For example, the United Kingdom Gambling Commission has approved crypto gambling in crypto casinos registered in-country. There are various rules and regulations for these casinos to follow, but they are welcome to engage in crypto betting.
As there are no laws governing any part of the cryptocurrency process, many countries strictly prohibit the mere presence of cryptocurrency. In countries like Iran and Bolivia, cryptocurrency is or has been banned in every respect, for differing reasons.
However, as long as you’re using reputable crypto casinos and following any rules set in place, crypto betting is totally legal.
How To Bet With Crypto
Now that you understand what crypto betting is and how it works, let’s discuss the process required to gamble with cryptocurrency. As we’ve already mentioned, it isn’t as difficult as you might think, and there are only a few steps to consider.
- Open a cryptocurrency wallet with a reputable service. There are many platforms that offer this service, but you should try and stick with a reputable one, like Coinbase.
- Buy some cryptocurrency coins. To get started with cryptocurrency, you’ll need to invest a little real-world money. This step requires you to ‘exchange’ fiat currency for crypto.
- Find a site that promotes crypto gambling. Again, there are many platforms that offer crypto gambling services, but you’ll need to find a trustworthy one.
- Sign up and make a deposit. Once you’ve made an account, you’ll need to deposit your funds into your account using your cryptocurrency wallet and IDs/keys.
- Start playing. And hopefully, winning.
- Withdraw winnings. If you are successful, you can withdraw your winnings to your cryptocurrency wallet – just keep an eye on the exchange rates and values.
Top Crypto Betting Tips:
Firstly, when you’re buying coins, make sure you’re picking up a high-value, high-performing coin. In most cases, this will be Bitcoin, the strongest and most widely accepted cryptocurrency in the world.
Secondly, you should only dabble in crypto betting through reputable websites. The likes of Betway, 888 Sport, and Bet365 are constantly expanding their options where crypto is concerned. However, there are several specialist cryptocurrency casinos available online, all ready to access at the press of a button.
Then, you should actually try to learn a little about the games that you’re playing. When you’re gambling, it doesn’t matter if you’re using fiat currency or cryptocurrency – if you don’t understand the game, you’re likely to lose.
Finally, make sure you watch the numbers with an eagle eye, as the value of cryptocurrency changes every day – sometimes quite dramatically so. On the other side, be sure to keep a close watch on the exchange rate between your desired cryptocurrency and the fiat currency that you use in the real world.
How To Use Crypto Casinos
Outside of traditional sportsbooks like Betway or Bet365, you can find specialist crypto casinos. These are websites and platforms built with the specific purpose of welcoming cryptocurrency bettors and giving them a place to play.
Websites like Cryptobet.com are a haven for those gambling with digital currencies. In fact, Cryptobet is one of the most diverse and accessible crypto casinos on the market. It accepts deposits a huge range of currencies, from Bitcoin to Ethereum, and Litecoin to Dash.
All of the games on these platforms are totally digital, with many using the Provably Fair system we discussed earlier on in this guide.
If you’re trying to get started with crypto betting, you can’t go wrong with a site like this.