Cryptocurrency has taken the world by storm. It has gone from being an obscure concept reserved for tech wizards and venture capitalists to a mainstream financial tool enabling trustless peer-to-peer transactions.
Cryptocurrencies have become a global phenomenon and now even gambling sites that offer cryptocurrency payment methods for players who want to take their betting experience further than ever before.
So what is it about cryptocurrencies that make them so appealing? And why should you spend time learning how to get started with cryptocurrency gambling online? Here’s everything you need to know.
Why Use Cryptocurrency for Gambling?
Gambling has been around for thousands of years. It can be traced back to ancient Egypt and it’s a billion-dollar industry today that brings in billions of dollars in revenue each year, however, while gambling has always been around, the internet has only been around since the 1960s.
This means that most people have never gambled online, cryptocurrency can bridge the gap between old and new methods of gambling, making it more convenient and accessible to more people.
While there are tons of ways to cryptogames online already, the most popular methods are usually far too expensive, too complicated, or too risky for most people to use with cryptocurrency, however, you’ll be able to enjoy all the benefits of gambling online while spending much less time figuring out how to get started, less money, and with a lot less risk.
Benefits of Using Cryptocurrency for Gambling
- Cost-Effective: Many online casinos and sportsbooks will charge you a monthly subscription fee for access to their online platform, or even force you to make an upfront deposit before being able to bet. With cryptocurrency, you’ll be able to access their platform and bet as much as you want without having to pay monthly fees.
- Fast: Withdrawals at online casinos usually take a few business days to process while credit card withdrawals at your favorite sportsbook can take up to 5 business days to be approved and deposited into your account. With cryptocurrency, you can easily withdraw funds from most online casinos and sportsbooks using the same method you use to buy or sell cryptocurrencies.
- Flexible: Online casinos and sportsbooks usually only allow you to wager a set amount of money on a set number of events per week. Cryptocurrency, on the other hand, is a decentralized system that allows you to wager as much or as little as you want on as many events as you want.
- Secured: Online casinos and sportsbooks are a target for hackers. With cryptocurrency, you’re using a decentralized system that uses highly secure blockchain technology.
- Secure: Cryptocurrency allows you to store and trade your money in a highly secure way that’s virtually impossible to hack.
- Transparent: When it comes to transparency and regulation, many online casinos and sportsbooks operate in a murky grey area that means you have no idea who you’re gambling with or what happens when you win or lose money. With cryptocurrency, there’s a transparent ledger of every transaction that’s available for anyone to see online.
- Convenient: It’s easy to transfer money from your bank account to your cryptocurrency wallet using the same method you use to buy or sell cryptocurrencies.
- Easy to Use: Most online casinos and sportsbooks will let you choose your preferred method of using cryptocurrency before you can bet.