Crypto betting is gradually becoming a trend that many people are looking to today. In case you are wondering why people are so hyper about crypto betting, this article focuses on the reasons why you should try out crypto betting.
What Is Crypto Betting?
Crypto betting involves the use of cryptocurrencies to place bets on online betting websites as opposed to the use of everyday currencies. Digital tokens like Ethereum, Bitcoin, Ripple, etc, become the mode of exchange on the betting sites instead of regular money.
While it is true that the value of cryptocurrencies is more volatile as they can rise and fall at any time, Users place their hopes on the possibility of the crypto coins rising. This is done based on expectations that the currency will rise. This could however backfire as the value of the said cryptocurrency could drop, resulting in a loss for the bettor.
How crypto betting works
The basic difference between crypto betting and regular betting is the use of cryptocurrency. Since the value of the currency is not usually stable, the focus of the betting shifts away from the games themselves to the crypto coins. A lot can happen between the time you deposit and the time you withdraw.
How to deposit on Crypto-betting sites
There are different ways to deposit crypto on different crypto sites. To deposit on a crypto betting site, you can use any of these methods:
Bet in fiat, deposit in crypto, convert to the currency
You can deposit your cryptocurrency directly on various crypto betting sites. You can also withdraw in cryptocurrency. The site takes your crypto deposit and converts it to the cash equivalent so you can play games. When it’s time to withdraw, the bookmaker converts your earnings back to crypto.
Use of the existing tokens
You can deposit using existing tokens. available on a site. Here you can deposit your crypto and it would be replaced with fiat cash. The bookmaker keeps your balance in crypto and it is paid to you back in crypto.
Use of their tokens
Some betting sites offer their crypto token which the bettor can purchase and use the token on the website. Since the bookmaker creates the token, you may not be able to value the coin with fiat cash.
Why You Should Use Crypto-betting
- Easy and secure transactions
Transactions are very easy and secure. You can rest assured that you can handle transactions without any glitches.
- Easy payments
Crypto payment methods are less complicated and very easy to implement. You do not need to pass through too many gateways and give access to many permissions.
- Snappy withdrawals
Withdrawals can happen quickly as you don’t have to depend on any third-party organization to access your money.
one thing a lot of gamblers desire is Anonymity. Crypto betting offers a lot of anonymity all through its processes. It is fairly easy to initiate transactions without having to give any of your personal information.
- Low transaction fees
Depositing and withdrawing from the betting site using crypto online sites demands little or no transaction fees.