Description: Embracing technology in any sector is not an easy thing, at first it is received with skepticism as people wonder whether it will deliver as envisaged. Similar sentiments have been raised with the introduction of cryptocurrency and whole blockchain technology in the betting scene. In this article, we attempt to shed light by answering some of the frequently asked questions on cryptocurrency sports betting.
The betting industry has not lagged in the adoption of new technologies. There have been attempts to keep pace. This has seen the sector accepting changes through embracing the latest technology. Cryptocurrency sports betting are one of the latest developments in the gambling industry where several cryptocurrencies are now among the currencies in use. This has seen an increase in available payment options.
For betters, this is an advantage as they now can make payments and even withdrawals using multiple means. It allows them to bet anywhere even in a jurisdiction where betting may not be outrightly allowed. Some bookmakers are offering incentives such as free bets or ingyenes fogadás as they are referred in Hungarian. As they feature top sport events 2021, these bookmakers seek to promote the use of cryptocurrencies as they are known for their relatively low transaction fees, security, and easy payment processes.
Cryptocurrencies being relatively new have been received in the betting scene with mixed feelings. They are those who hail them as the best thing to ever happen while others are skeptical of their acceptability and security. Several questions have been asked on the use of cryptocurrencies.
While some of these questions have been answered to the satisfaction of the users, others are still not clear. This article will attempt to answer some of the FAQs to help bettors get the right information. Armed with facts, bettors will dive into cryptocurrency betting with confidence, helping reap the benefits presented by the decentralized currencies. Some of the questions that we will tackle include:
- Is it safe to use cryptocurrency to bet?
- What is the legality of using cryptocurrency in betting?
- Which cryptocurrency can I use to bet?
- How do I use cryptocurrency in sports betting?
- How do I get the cryptocurrencies?
On the issue of safety in betting with cryptocurrencies, the answer is yes. Cryptocurrencies may have started on a wrong footing but most of the skepticism is a result of a misunderstanding. There may have been lots of scams involving cryptocurrencies but these digital currencies are genuine and they offer greater benefits to users. All that the user has to do is get genuine cryptocurrencies. Stable cryptocurrencies such as Bitcoin, Etherium, and Litecoin among others may be a good starting point. Also, you need to select a wallet that will safeguard your cryptocurrencies and personal information
The Legality of Using Cryptocurrency in Betting
Cryptocurrencies are yet to be accepted by most authorities as legal tenders but no laws are prohibiting their use. What the central and federal banks in different countries have been doing is cautioning users as they largely remain unregulated.
In their nature, cryptocurrencies are challenging centralization or a situation where currencies are controlled by one entity. This may explain why some authorities across the world may have not accepted digital currencies. Unless there is a law in your country that prohibits the use of cryptocurrencies it is legal to use cryptos in betting. All that you have to do is get bookmakers who accept them as a means of payment.
Cryptocurrencies That You Can Use
There are thousands of cryptocurrencies in circulation today, however, they are not created equal, and some are more stable than others. While a decision on which cryptocurrency to use is not much on the bettor’s hand as bookmakers normally list those which are acceptable in a site, where there is more than one option it will be prudent to look at certain qualities before making a final decision. Issues regarding the stability of a coin, its availability among others should rank highly when it comes to making this decision.
How Do I Use Cryptocurrency in Betting?
Once you have identified which cryptos are accepted in a given bookmaker and selected one based on a set of parameters, it is important to learn how you can use them to place a bet. It is also important to remember that cryptos are just a means through which payment can be made. It is a form of currency that bettors may use. You need to have a wallet to deposit your cryptos.
This is synonymous with having an account where you can transact from. Opening an account with a wallet that allows multiple cryptos offers the user an opportunity to trade with several of these. It is from this wallet that you will be sending cryptos to allow you to place a bid with a particular bookmaker.
You may be asking yourself how do I get the cryptos? It is pretty easy; you can buy them using fiat currency. For instance, using your wallet you can buy the Bitcoins that you need. The crypto is pegged to dollars and other hard currencies. Currently, one bitcoin is trading around $ 52,000. Therefore for you to bet using cryptocurrencies, you need to buy Bitcoins or any other crypto at the prevailing price. These cryptos will then be sent to your account and from there you can place your bets.
How Do I Use Cryptocurrency in Betting?
There are several cryptocurrency betting exchanges and a bettor has to select based on several factors. These are the same parameters that one can use in other platforms. You need to check on the features available, which bookmakers allow what type of cryptos among other considerations. A bookmaker who allows or accepts multiple cryptos may be ideal as bettors will have options. Other features include the ease of navigation, the user-friendliness of the site, safety, and security among other factors.
Cryptocurrencies in sports betting offer the users an unrivaled experience; they attract low transaction fees, have a high level of security, and offer bettors great convenience. Users who are looking to place bets with bookmakers who accept cryptocurrencies only need to familiarize themselves with how the digital currency works and they are ready to go.