iGaming has undoubtedly enjoyed record popularity and turnover in recent years. One of the industries that seem to have become particularly favored is the betting industry, which offers gamblers a plethora of odds on various major events. And it continues to grow in popularity, thanks in part to the increasing prevalence of cryptocurrencies on gambling platforms.
Cryptocurrencies have certainly been in the spotlight over the years, in part due to a lot of positive and negative media coverage. But it has since become a useful tool in iGaming, specifically for betting, causing it to further permeate the zeitgeist, and now the vast majority of people know at least the basics of the decentralized phenomenon that is cryptocurrency. Thanks to Crypto betting, gamblers can immerse themselves in a world of odds and opportunities with fast, smooth and secure payments.
Curious about how virtual currencies work in the betting industry? We answer all possible questions here!
Cryptocurrencies enable fast and secure transactions
The very reason cryptocurrencies were developed in the first place was that the existing financial system was seen as deficient in many ways. In particular, it was felt that it was foolish to rely on banks or governments to conduct transactions online, partly because of privacy issues, and partly because of the length of time it took to process payments. In response, cryptocurrencies such as Bitcoin made it possible for the everyday person to conduct financial transactions without the need for a central body to be involved while also being lightning quick.
It did not take long for cryptocurrencies to be implemented in the gambling world, and nowadays there is a plethora of gambling companies offering deposits and withdrawals with virtual currencies. It has become particularly in demand at betting sites, as bettors want to be able to place bets without delays, which conventional payments do not allow in the same way. In addition, cryptocurrencies allow you to be completely anonymous, so you do not have to worry about anyone monitoring or storing data about you!
Bypass the KYC process, enjoy hassle-free betting
As well as having no third parties involved in your transactions, you can also start betting way faster on a crypto betting site and with less hassle. This is because the traditional gambling industry is highly regulated, which means that they impose very strict requirements on operators to carry out a so-called KYC (Know Your Customer) process. This means that anyone who wants to start betting must verify their identity through KYC documents, and this process can take up to 48 hours.
As you may have guessed, this policy does not apply to crypto
betting, as the gambling operator only accepts cryptocurrencies for deposits and withdrawals and is therefore not regulated by a government body. The only information you need to share when registering on a betting site is therefore your email address.
Registration is thereby done in a split-second and you do not have to disclose any private information to the gambling operator.
Are there any risks involved?
In summary, crypto betting is relatively easy to understand as long as you have a basic knowledge of cryptocurrencies. As such, it has become an incredibly popular payment method on betting sites thanks to the anonymity they offer players as well as the fact that it allows for fast transactions. But there are also risks that you should be wary of.
As mentioned, these platforms are not regulated by a gambling jurisdiction unlike conventional gambling sites, which means that you as a gambler bear a greater responsibility for your activities. In addition, all cryptos are incredibly volatile, so it is important that you keep an eye on their value as they can drop or rise sharply from one day to the next.