The invention of cryptocurrency has modernized many systems used worldwide, one of which is betting.
The use of this exchange has taken online betting to a higher point, and it is quickly becoming the best and preferable way to gamble online.
With this, there are a lot of cryptocurrency betting sites sprouting in the betting industry.
Some of these trusted sites include Sportsbet, BetOnline, Betflip, Thunderpick, and Cloudbet, to mention a few.
These sites offer a wide range of bonuses and have benefits you should take advantage of, especially if you are a USA player.
Here, we will discuss CryptoBetting and the advantages of using crypto betting sites in the USA.
Ready to build your portfolio? With Public.com you can follow other investors, discover companies that are inline with your beliefs, and invest into stocks and crypto with very little money! What are you waiting for? Check out Public Now!
What is Crypto Betting?
Crypto betting is another process of gambling online.
As the name implies, you use cryptocurrency to bet instead of traditional payments like your debit or credit card.
On crypto betting, you use the likes of bitcoin, Ethereum, and ripple.
What are Crypto Betting Sites?
In several ways, crypto betting sites operate like any other online betting platform. This is because you will still have access to popular games like
- Video Poker
The games listed above will support the same software providers that traditional betting sites use in most cases. This software includes Evolution, Microgaming, NetEnt, and Playtech.
Advantages of Crypto Betting Sites
The use of crypto betting sites has several advantages for players. Let’s take a look at these advantages.
- Fair games
One of the most common problems players experience when betting online is the lack of transparent transactions.
While reputable casinos offer a compromise by showing players their game’s RTP, there is no way to check the algorithm to know if the result is genuine.
As a result of this, a player is never too sure of a result.
However, casinos that use cryptocurrency have a better advantage as they have blockchain technology through a provably fair algorithm.
Games that use this technology work the same way as regular online gambling games, so there is no physical change.
What makes it different from the standard PRNG algorithm is the seed from the operator and the computer.
You create a seed from your side while the operator’s server provides an encrypted or hashed seed.
All results generated by the provably fair algorithm can be recreated with the encrypted seed, ensuring that the result is authentic.
Furthermore, the Provably Fair Algorithm makes it very difficult for hackers or external viruses to manipulate the game.
This is due to the encrypted seed from the server, which present computers are incapable of detecting.
Therefore, it is impossible to determine the result of Provably fair games.
No online player would want to be a victim of fraud, and as such, most of them are afraid to share financial information such as their card numbers.
With cryptocurrency, you do not have to worry about sharing any of these details.
Players that use crypto save their assets in a wallet that can either be online or offline.
To access the wallet, one would need a pin that no one but the wallet owner has.
When a player has to deposit at the casino, the player only needs to attach the wallet address to the casino account, and they can send currencies from one wallet to another.
For newcomers, it might seem daunting because a wallet address is usually long and complicated.
Nonetheless, when these players make a transfer, they realize how easy and convenient it is.
- High limits
Paypal is known as the world’s leading electronic wallet, and as such, it is the most accepted form of payment in several casinos.
However, using PayPal has deposit and withdrawal limits of about six thousand dollars.
This price limit is less than the jackpot winnings that you might get on most online casinos’ slots.
Using cryptocurrencies as a mode of payment gets rid of these boundaries.
Some casinos do not even have limits at all! And this makes it more convenient for you to deposit and withdraw.
- Anonymous identity
Some players prefer that their identities remain hidden, and sometimes, it is impossible to do so on traditional betting sites.
However, some crypto-based casinos allow their players to create an account with nothing but a username and password.
With this, you do not need personal information like your legal name, date of birth, location, and other information.
Therefore, if you are a player who prefers to remain anonymous, crypto betting is the best solution.
- Removes Geolocation restrictions
Some countries put up a national blockade for online casinos, which prevents their residents from gambling.
However, crypto betting sites are unrestricted to several areas as they see them as entertainment websites.
However, even after these sites bypass these blockades, payment is a problem as some banks will block any transaction to online casinos.
Fortunately, with cryptocurrencies, you do not have to worry about bank penalties.
There are always local exchanges that let you withdraw or deposit within your country’s payment service.
If you do not find a local exchange, you can use an escrow service like LocalBitcoins.
- Fast transactions
The faster transaction is one of the primary reasons why people prefer crypto betting.
Processing fiat currency can take several days because it passes through third parties that verify the transaction.
The “business days” factor also does not allow the currency to be processed on weekends.
For example, if you make a withdrawal on Saturday, your money begins to process on Monday.
On the other hand, Cryptocurrencies are free from all the bank hassles as it does not require any third party to process.
Since this form of currency is decentralized, you don’t need to worry about weekends.
If you make a withdrawal on Saturday, you’ll receive the money the same day or the day after.
With all that you have read, you now have a better idea of why crypto betting sites are the best way of betting.
Aside from the benefits mentioned, it is a relatively safe way of ensuring that you do not expose yourself to fraud.