For a few years, many operators have been experimenting with the concept of betting with cryptocurrency. It’s an up-and-coming industry that has reams of potential, and as we become increasingly digital, more bettors are hopping on the trend. Today, there are several popular and reputable platforms built specifically around betting with cryptocurrency, further proving the stability of the practice. However, we recognise that not everybody understands it, and we’re here today to offer a comprehensive crypto betting guide.
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What Is Crypto Betting?
Firstly, let’s answer the all-important introductory question: what is crypto betting?
If you’re taking part in crypto betting, you’ll often be doing the exact same thing that you would with ‘regular’ money. It all begins with signing up to a platform, filling a wallet with funds, placing wagers, and hopefully, winning a few bets. When you’re practising crypto betting, the main difference is that you’re using cryptocurrency to fund your bets rather than traditional currency. There are a few key steps to follow before you can get started with crypto betting, but they’re not as difficult as some people might believe.
For instance, you’ll need to open a wallet with a reputable crypto trading platform, like Coinbase. Then, you can purchase cryptocurrency from the open market – when betting with crypto, the best platforms will almost always accept Bitcoin. Once you’ve linked your wallet with a betting platform and transferred funds, you’re ready to go – it’s that simple.
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Why Is Crypto Betting Good?
Ultimately, some of the best Bitcoin betting sites are more secure and anonymous than many of the top-tier traditional gambling sites out there. As cryptocurrency (and the blockchain it lives on) are inherently anonymous and safe, you’ve got a huge advantage from the get-go. It doesn’t end there though, as most cryptocurrency transactions are remarkably fast, meaning you can withdraw funds to your crypto wallet almost instantly.
Furthermore, the volatile pricing structure of cryptocurrency means that the value can change at a moment’s notice. While this can be a bad thing, it can also mean that what you win is worth way more than what you bet, depending on how much time has transpired between placing and ending a wager. Also, there are very few geographical and regulatory blockers to betting with cryptocurrency. While the top platforms are more regulated and restricted, many crypto betting sites are open to any user, from anywhere in the world.
And, at the end of the day, when you’re taking part in crypto betting, you sometimes have even more options than ever before. For instance, you could be placing wagers on political events or even the performance of cryptocurrencies. Finally, if you’re asking, ‘is crypto betting legal’, we’ll put your mind at rest – it certainly is legal.
How To Bet With Crypto
This crypto betting guide wouldn’t be complete if we didn’t show you, step-by-step, how to bet with crypto.
- Sign up for a reputable crypto marketplace like Binance or Coinbase.
- Buy crypto on the platform, aiming for Bitcoin, Ethereum, or Litecoin.
- Sign up for a reputable betting site that accepts cryptocurrency deposits, like Loot.bet, BUFF.bet, or Sportsbet.io.
- Link your wallet or pay cryptocurrency to an address to fund your betting wallet.
- Place wagers, have fun, and hopefully, make a little money.
It’s that simple – at least, to get started. If you’re totally new to betting, there will be much more to learn about the markets.