Cryptocurrencies have become commonplace in the betting industry in recent years and they’re here to stay. There are too many benefits to using cryptocurrencies to bet online and we’re going to discuss those benefits throughout this article.
Benefits of Betting Online Using Cryptocurrencies
There are several reasons sports bettors want to remain anonymous. Some countries still don’t allow residents to gamble online and therefore anonymity is required. Some bettors simply prefer keeping their personal information private when betting online.
Some bookmakers now cater to this exact market. While the majority of bookies have KYC (know your customer) policies in place, some cryptocurrency bookies don’t. You’ll be able to place wagers anonymously while depositing and withdrawing using cryptocurrencies.
- Deposit/Withdrawal Speed
Once you have cryptocurrencies, betting becomes a lot simpler. Cryptocurrency deposits and withdrawals are processed quicker than traditional banking methods, such as credit and debit cards. One awesome feature I’ve seen available at some online betting sites is the ability to have your winnings instantly paid out to your cryptocurrency wallet.
Typically, a bettor needs to verify who they are by submitting documents before they can even request a withdrawal. This process is often not common knowledge with new bettors and they expect to be paid quickly. If you want to be paid out quickly then you should be betting with cryptocurrencies, including Bitcoin, Litecoin and Ethereum.
Some sportsbooks offer one free withdrawal per month and will eat fees on most deposit methods. However, if you require multiple payouts in a month, there will be a fee. In the US, some bookmakers charge deposit and withdrawal fees on every single transaction.
Transaction fees for Bitcoin have increased in recent years, but are still low compared to traditional banking methods. Other cryptocurrencies have even lower fees. Litecoin is a relatively stable cryptocurrency that offers extremely low fees (almost free).
How to Start Betting with Cryptocurrencies
The first step is purchasing cryptocurrencies and the easiest to purchase is Bitcoins. It’s recommended you buy Bitcoin initially, as it’s the most popular cryptocurrency. However, you can choose to exchange your Bitcoin in the future for other cryptocurrencies.
There are numerous websites where you can purchase Bitcoins safely. For example, in the USA, CoinBase is a popular website where you can buy BTC. However, the website requires you to confirm your identity and you aren’t allowed using the wallet to gamble.
To avoid risking having your CoinBase account banned and to remain anonymous when betting on sports, you should open a seperate wallet that doesn’t require any personal information. There are many of these types of wallet providers. You can then transfer some of your BTC to this wallet where you’ll be able to deposit to a bookie.
If you want to remain completely anonymous there are other ways to purchase Bitcoin, such as with cash locally. However, it’s slightly more of a hassle and most bettors don’t typically require complete anonymity. Betting with cryptocurrencies is still beneficial without being anonymous, as you lose less money on fees and transactions are quicker.
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