How Crypto Works on Online Betting Sites

How Crypto Works on Online Betting Sites

Believe it or not, cryptocurrencies and online betting go hand in hand. Whether we like to think so or not, cryptocurrency is, a relatively new phenomenon. As such, we must keep an open mind about its potential benefits and possible bad sides. Cryptocurrencies have been discussed in the mainstream media quite a lot lately.

We’ve come to the point where we’re no longer baffled by people’s interest in it. At this point, many of us know at least one person who has invested money in cryptocurrencies or perhaps even created their own cryptocurrency. Growing awareness and curiosity is what makes cryptocurrencies interesting enough for further discussion.

The Growing Industry of Online Gambling

Online gambling has been immensely growing for the last few decades. In 2012, online gambling was a $42 billion industry and it is expected to hit $56 billion by 2020. This beautiful industry has widely different niches that players can choose from: sports betting, casino games, fantasy leagues, and so on.

However, despite the huge demand and market, we cannot deny the fact that there are still some serious and unresolved issues surrounding online gambling and its players. These problems include high transaction fees, long transaction processing time, and the fact that players are sometimes hesitant to provide their personal information online.

Enter Cryptocurrencies into the Picture

As cryptocurrencies are becoming increasingly popular worldwide, it’s also important to say that many gambling sites have shifted to accepting cryptocurrency for deposits and withdrawals. Besides trading on Bitcoin Motion, players can use Bitcoin, Litecoin, and Ethereum for gambling at these sites.

Do you want to know the best part about cryptocurrencies compared to credit cards or other online payment methods? It’s that cryptocurrency offers a much lower transaction fee than other options do. In fact, many crypto transactions only cost a few cents. This is a major advantage because it can translate into a much lower overhead for the site.

As mentioned above, people are becoming more aware of cryptocurrencies and how it works. It’s common to hear about Bitcoin or Litecoin these days. As such, players don’t feel too uncomfortable when they need to use cryptocurrencies for gambling purposes. There is no need to mention that cryptocurrency transactions are instantaneous as well.

We all know that waiting for our deposit to show up after making a bad bet is quite the experience.These are only some of the reasons why using cryptocurrencies for gambling has become very popular. We can also include security as one of the main advantages of this payment method.

As there are so many stories about people losing their credit cards online, it’s refreshing to hear about cryptocurrency transactions for online betting. No one’s going to get their money stolen from them when they make a transaction with Bitcoin or Ethereum.

At the end of the day, cryptocurrencies are definitely making our lives simpler. Whether you want to make an online bet or buy Bitcoins and sell them later for a profit, cryptocurrencies can be very useful. Crucially, gambling sites have been quick to adopt this payment method for a good reason.

Final Thoughts

Anyone who’s interested in online betting and cryptocurrencies should definitely put these two together. It gives you the chance to make secure transactions and bet at reputable sites easily. If you’re still making bets with your credit card or PayPal, why not try something new and exciting?

Have you ever used cryptocurrencies for gambling purposes? If not, do you think it’s something that might interest you? The comment section below is open and we’d love to hear your thoughts.