Crypto Gambling has turned out very popular in the past few years as currencies raised over to exchanges all over the world. But, is it safe? How can you do it? Here we will clear the major doubts about gambling with cryptocurrencies.
What are Cryptos?
Cryptocurrencies are digital assets, which is programmed in encryption, this makes them more secure, and also ensures the integrity of transactions, in addition, it controls the creation of additional units.
This means that it prevents copies of these currencies from being made. The peculiarity of this type of currency is that they do not exist in a physical form, but are stored in a digital wallet. We will explain what crypto gambling is.
These work very differently in relation to the currencies we have known all our lives. These are not governed under the rules of any institution, nor do they need a third party to intervene in the transaction, but a decentralized database is used, or shared accounting record, in order to control and regulate all transactions that are made.
How does Cryptos betting work?
With the popularization of this technology many gambling sites and casinos, have begun to implement the use of this technology in their systems and payment methods, known as crypto gambling.
The basic functionality is usually the same. To bet on a site with cryptos you must connect a digital wallet, ie a Wallet, from the many applications that function as exchange sites.
Through these wallets is that you can deposit and withdraw your cryptocurrencies. When you connect your wallet to the site, either by logging in with the wallet or by entering the address of the wallet, it will recognize your data almost automatically.
When you generate some money you will be able to withdraw it automatically. All of this works under Smart Chain technology, which are smart contracts, which are highly secure, virtually unhackable. This is one of the features that has begun to implement this payment method in these sites, because of its security and also for its speed when depositing and withdrawing.
Is it legal to bet with cryptos?
All countries have different laws and regulations, which is why the regulation of cryptocurrency gambling in some places may qualify their use as illegal.
Using cryptos as a legal means of payment, in some cases requires certain approvals. In some states of the United States, it is still not completely legal to bet with cryptocurrencies; however, this is a discussion that is maintained and probably will be approved over time.
Furthermore, in some European countries, it is legal to bet with cryptos, as in several places in Latin America. Where this practice is used more frequently due to the different legal regulations that exist in those countries.
Where can I bet with Cryptos?
You should know that there are hundreds of sites where you can bet with Cryptos, first you must bet on one that has a license and complies with the rules of your country; after that, you must analyze the site, looking for it to be totally safe and user friendly. You can read more about our first pick in our sportsbet.io review.
BitCasino, is an option that meets all these requirements, where you can bet with cryptos and you can also withdraw your money easily, quickly and safely. This is a site that has a license and has also become famous for its security and efficiency when it comes to withdrawing the money earned, and also when it comes to making deposits. Learn more in our Bitcasino review.
Tips for betting with cryptos
Here are a few tips you need to consider when betting with cryptocurrencies instead of any FIAT coin (USD, EUR, for example):
Consider the exchange rate and fees
A thing that most people forget to tell new crypto investors is that all transactions have fees; fees may range depending on the coin/token and the chain where they are developed, these will also vary based on the wallet or exchange service you are using.
But, in general, any BTC transaction will take about 8% of what you send, meaning that if you send 100$ worth in BTC to your esports betting sites, something around 92$ worth in BTC will land.
But, fees go in both directions; so, when you withdraw, the same thing will happen.
Cryptos are a bit of a bet themselves
An apple has been 1$ for almost 50 years, on the other hand, in less than 5 years BTC and all other cryptos have shown to be amazingly volatile. This is amazing for investors who look at the charts and make a profit but is also a risk for you if you plan to keep your money there in the mid-term.
The advice here is to stick to “known” coins such as LTC, XRP, BTC, and ETH; these are proved coins with their own chains and while their value will fluctuate a lot they are probably not going to crash anytime soon.
Pros & Cons of Crypto Gambling
Just like everything else, this also has its good and its not so good side, there is no doubt that betting with cryptos is an innovative advantage within the bookmaker system, however, there are some limitations.
- One of the big advantages is that you can bet with virtually any digital currency that exists in the world.
- A clear disadvantage is that not all countries in the world accept this modality because some governments still find it a bit untrustworthy for certain reasons.
- Another advantage is that most Crypto transactions are done in few minutes, meaning that you will get your money fast.
- On the downside, the fee is somehow big when compared to regular transactions.
In the end, is up to you, but crypto gambling is probably a big part of our future as decentralized coins keep taking over the market.