What you need to know about Betting with Crypto
Betting with cryptocurrency is becoming more popular each year. In the last decade, many online casinos have started to accept them as an alternative method of playing games, and some casinos entirely operate with crypto. The good thing is that this model is suitable both for experienced and beginner players.
Crypto gambling has been available since the first tokens were introduced; they just weren’t that popular to gain interest. However, today, you can use them to bet almost on anything. Whether you follow the NBA or NFL stats, or even the eSports scene, you can probably place your bets in crypto.
Accepted Cryptocurrencies
As you may already know, there are over 2,000 cryptocurrencies available today. However, there are the big four that somewhat dictate the market.
Those are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Being the largest and the oldest crypto, Bitcoin is widely accepted on most gambling websites, and you shouldn’t have any problems with it.
On the other hand, other cryptocurrencies don’t find their way to most online casinos. This is why it is imperative to check what cryptocurrency they accept before you start playing and placing bets with the provider.
The general rule of thumb is to trade whatever currency you have for BTC and use it to start winning.
Crypto is Unpredictable
One of the most significant upsides and downfalls of betting with crypto is that it is extremely volatile. Your profits and losses are easily affected by the change in the currency’s price, which can happen in a matter of days or even hours. Due to this reason, it is generally recommended to have at least some knowledge of crypto and the market before you start betting.
The cryptocurrency you use on the gambling website will automatically be converted into fiat money. Therefore, you could end up losing or profiting just by depositing your crypto. The same rule applies when you’re withdrawing from the website and getting a particular amount in crypto back.
Unfortunately, you can’t do anything to avoid this since this is the best system we could come up with until now. As mentioned above, the best thing you can do is keep an eye on the market and constantly check the prices.
Transactions and Dubious Websites
Generally speaking, you will usually find two types of crypto gambling websites. Reputable sites that have been around for many years that have implemented crypto as a deposit option are always the way to go. This is where you can’t go wrong and where your information and money will always be safe and ready to withdraw.
Still, we can notice an increase in online crypto casinos in the past few years offering crypto-only betting. Some of these are legit and have a good reputation, but you will also come across many dubious websites that are there just to scam you. Therefore, make sure to do thorough research before you decide to deposit any money.
The reason for this is that cryptocurrency transactions are irreversible.
Unlike credit card payments and bank transfers, you cannot get your money back in case of a scam. In addition, a human error can also lead to losing your money without reversing the mistake.
Let’s say you want to withdraw a certain amount from the website and you mistype a character in the wallet code information. Your crypto will be gone forever, and you won’t be able to get it back.
Shifting Regulations
The last few years have been somewhat tough on online gambling and cryptocurrencies. Many changes to the regulations have been implemented to try to control the network, so make sure you’re up to date with the regulations, just to be safe and keep everything legal.
No bet is worth receiving a hefty fine or, in some cases, going to jail just because you weren’t familiar with the law. Crypto betting can be very beneficial, but only if you play in a legal environment where privacy and security are a top priority.
Keep in mind – don’t risk more than you can afford to lose.