Have a look at this guide to learn more about the next big thing on the crypto scene-betting with cryptocurrency. Besides trading in crypto, betting with cryptocurrency is the biggest source of income for investors in the crypto scene.
However, many Bitcoin enthusiasts are unaware of how to go about wagering with their cryptocurrency. As such, this all-in-one guide offers information on everything that you need to know about betting with digital currency.
Table of Contents
What is Crypto Betting?
Unlike other cryptocurrency-related matters, Bitcoin betting is straightforward and involves betting with cryptocurrency. Where conventional betting platforms require you to wager with fiat currency, Bitcoin betting platforms need cryptocurrency. Besides this, the sites operate the same way as conventional casinos, and you also get access to the same games.
Some of the games that you can play on a crypto betting site include:
- Slot games
- Video Poker
Pros and Cons of Crypto Betting
Cryptocurrency staking offers many benefits that make up for the weaknesses of traditional staking. But, in the end, it’s not perfect, and as such, it also has a few demerits.
Some of the advantages and disadvantages of crypto betting are:
- Increased Privacy: Betting on a cryptocurrency platform keeps your staking activities secret from everyone. Since you don’t offer your account details when punting, your bank is also kept in the dark about your activities. This means that your wagering activities will never affect your chances of getting a loan.
- Faster Payouts and Withdrawals: When choosing a cryptocurrency staking site, you say goodbye to waiting days for your transactions to be acknowledged. This means you can transfer funds into your account on the platform and start betting the same day. Withdrawals are also rapid, as you can receive your funds within minutes of requesting them.
- Fair Betting: One of the things that a punter fear is being conned by an online casino. Playing at a Bitcoin betting site puts all these fears to rest as blockchain technology is used. As such, the casino won’t be able to manipulate the odds of any games or cheat any customers.
- Security: A decentralised blockchain is one of the safest platforms on the web, and cryptocurrency staking sites run on blockchains. Hacking the site would mean a lot of work for any hacker. That’s because the hacker would have to hack every connected computer node and all the cryptographic hash codes on the blockchain.
However, that’s nearly impossible since it’s not worth the effort and resources. So, you can rest assured that no one will be hacking your casino site anytime soon.
- Few Geographic Restrictions: The economic development of many countries is still too low, making some popular payment gateways ineffective. Most online casinos do not allow bettors from those countries to access their sites.
On the other hand, a blockchain is accessible from every country on earth. This means there’s no need for payment gateways, and punters can easily access these crypto-betting platforms.
- Lack of Regulation: The traditional online staking scene is fully regulated by trustworthy authorities like the United Kingdom Gambling Commission (UKGC). This means that they can mediate for punters that have been scammed by casinos and stop the activities of illegal casinos.
However, that is not the case for Bitcoin betting sites, as blockchain technology prevents any direct control. So, if bettors are not vigilant, they could end up being scammed by illegal Bitcoin betting sites.
- Instability of Cryptocurrency: Staking with cryptocurrency means that their increase in value works in your favour. However, this works both ways, as their fall in value will also affect your earnings. This means that your 0.5 Ethereum tokens, worth $1,722 a week ago, could be worth $20 tomorrow.
How Does A Newbie Start Crypto Betting?
If you are new to crypto staking, this section of the Bitcoin betting guide explains how to get started.
All the steps that you’ll need to take will be outlined below:
Select a Cryptocurrency Staking Site
This is the first step in staking with digital coins, and it’s a very important one. Choosing a site for wagering affects your entire betting experience; it can make or mar it. As such, it’s advisable to choose the best crypto-wagering sites out there.
If you don’t know how to go about it, you can follow the guide below:
- Choose a licensed cryptocurrency staking site.
- Ensure that the customer support on the staking platform is reliable.
- Choose a site with a positive online reputation.
- Ensure that the Bitcoin staking site allows you to bet directly with digital coins.
- Go for crypto-staking platforms that offer many legitimate bonuses.
Register on the Site
Registration for new users on cryptocurrency betting platforms is straightforward. You are usually required to enter your email address and, on rare occasions, your name. Sometimes, you might also be required to undergo a “Know Your Customer” (KYC) process.
Fund Your Account
Before you can start betting, you’ll need to deposit the funds you’ll use for staking. This process requires connecting your casino account to your crypto wallet and transferring funds.
Hence, you’ll have to copy out the wallet address of your casino account. After that, you’ll open your wallet, input the address of your account, and transfer the funds.
Choose a Game and Play
After funding your account, you can choose a game that catches your fancy and start playing. This process is just as you would in a conventional online casino, and you get access to all your favorite games. However, Bitcoin betting provides an additional advantage since punters also get to play crypto-specific games.
Withdraw your Wins
If you’re lucky enough to bag a win, you can easily withdraw the money from your wallet. Then, you just need to enter your Bitcoin wallet’s address on the casino site and transfer your funds.
Crypto betting is the latest development in the online gaming scene, promising enticing returns. With this guide, bettors can choose a good Bitcoin staking site, fund it, and start playing their best games.
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