Cryptocurrencies have had a huge impact on the world since they burst onto the scene a few years ago. From Bitcoin’s potential as an investment to the way that digital coins like Ripple are making it easier to move money around the planet, it is an exciting time to keep an eye on these currencies. Another area where they are starting to make an impact is sports betting. How does this work and why are cryptocurrencies now becoming an even more popular payment method?
Comparison to The Other Ways of Funding a Betting Account
The rise in popularity of online wagering has led to people looking for new ways to funds their betting accounts. It is important that we use reliable methods that allow us to quickly, easily, and safely move money in and out of sports betting sites. Among the most common methods offered are debit cards like Visa and MasterCard, as well as e-wallets such as PayPal and Skrill.
They are all good options, but the speed of the service, cost, and ease of use vary greatly between them. With these methods, the deposits are often instant, but the withdrawals can be a lot slower. If you use bank transfers, you could be waiting around for a week or longer to get money out. E-wallets can take around 24 hours to process your withdrawals.
In the case of cryptocurrencies, the money that you withdraw will be in your account as soon as the betting site operator has completed their checks or the waiting period for taking money out is over. Dash, Litecoin, and Bitcoin are among the coins that offer an almost instant way of sending or receiving money, except in periods where the network is very crowded and causes a small delay to transfers.
Avoiding Fees
The asiabet.org site confirms cryptocurrencies can be a way of avoiding fees too. These fees are sometimes charged on deposits and withdrawals using other methods. Check the site’s banking terms & conditions before signing up, as cryptocurrency transfers are usually completely free of charge. This means that all of your money is available for betting.
In terms of safety, there should be no issues with any of the major payment methods. Many platforms now use two-step authentication to keep your account protected, while the best betting sites are encrypted, to stop hackers from getting hold of your data. While individual crypto exchanges or wallets have been hacked, major networks like Bitcoin and Litecoin appear to be safe from attacks.
Remember that digital currencies can be extremely volatile, with prices often rising and falling dramatically in a single day. This means that you may end up with more or less money for gambling than you started with. Whether you are planning to wager on who the heroes will be in the next NHL play-offs, as per thescorecrow.com, or looking to bet on the NBA or NFL, you won’t want to lose any of your funds before you start.
The Question of Anonymity
A big issue for many gamblers is around the anonymity of their bets. You might not like the idea of setting up an e-wallet in your name and linking it to your bank account. With cryptocurrency, you just need to set up an account on the betting site and then link it to your digital wallet; so there is no need to link your betting account directly to your physical bank account before getting started.
It is also worth remembering that online gambling laws are still a grey area in some countries. If this is the case where you live, you may be particularly keen to adopt a low-profile approach. Cryptocurrencies are pseudo-anonymous, so, while transactions can be tracked, it is extremely difficult to match an individual to a transaction.
How Easy It Is to Get Started?
Perhaps the main reason that more people haven’t started using cryptocurrencies is a fear that it is going to be difficult to get started with. Investopedia confirms that you need to open a cryptocurrency exchange account to get started. You also need a payment method, such as a bank card, to buy coins. If you use an exchange with Know Your Customer rules, you will also need to provide some identification documents.
NerdWallet confirms that you need to choose a type of wallet from options including hot and cold wallets, as well as needing to remember the key to your wallet. It is estimated that about 20% of the Bitcoin in existence is lost forever due to people forgetting their keys or passwords. After that, the process of sending Bitcoin to a betting site and getting your winnings out is easy enough, as you simply link the address of your wallet to the site’s banking platform.
It is easy to see why more people now prefer to use digital money to fund their sports betting accounts. This might not be the right approach for everyone, but there are certainly some benefits that make it worth investigating.
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