If you are a gambling enthusiast, then you’ve definitely run into an ad about crypto betting, they are literally everywhere. So, what’s the deal, and why all of a sudden are crypto betting websites so popular?
Well, this is not an overnight trend but something that has been brewing for years. After cryptocurrencies like Bitcoin started to make moves and become more mainstream, gambling websites had the idea of ditching the traditional betting system with FIAT and introducing cryptocurrencies.
This change might look minor, but it is quite a big deal in the world of online gambling. Why? Well, just because it has a lot of benefits that come with this transformation. In other words, it isn’t only about changing the method of depositing and withdrawing money, it is also about security, global access, new types of gambling options, anonymity, and much more.
So, as you can see, crypto betting is quite a big deal in the gambling industry. This explains the fact why all of these platforms are so popular at the moment.
But let’s learn more about the process. The good, the ugly, and everything in between.
What Exactly Is Crypto Betting?
First, we have to cover the basics. Crypto betting isn’t much different than traditional gambling. After all, you still get to place wagers on sports, casino games, or even the elections. So, what’s the change?
Well, the only difference lies in the asset that is used for betting. Instead of traditional FIAT currencies like the USD or EUR, you get to place bets using cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Solana, etc.
Basically, the idea of gambling remained the same, only the process of doing that has slightly changed. However, even though you can still play your favorite casino games and place sports bets, the way of doing that is quite different.
Why?
Well, unlike FIAT currencies, crypto isn’t accessible through your credit card or bank account. You actually need a crypto wallet in order to store cryptocurrencies. Also, you can only buy cryptocurrencies at crypto exchanges, and then transfer them to a betting website or your wallet.
After that, the process is pretty much the same, where some crypto websites allow you to bet with crypto and others give you an actual dollar amount on how much crypto you are betting just to make it easier to understand.
How Does Crypto Betting Work?
To get started with crypto betting, you’ll need:
- A crypto wallet (Coinbase, Binance, or any trusted platform will do).
- Some cryptocurrencies—Bitcoin is most commonly accepted, but others like Ethereum and Litecoin are catching on.
- An account created at some of the crypto gambling sites.
So, you need to buy cryptocurrencies from a crypto exchange, and then transfer that crypto to a gambling website or to your own private hot wallet that is connected with a betting website.
This is one of the biggest differences when it comes to comparing traditional betting and crypto. At first glance, this process might look more complicated than traditional betting where you just enter your credit card info (and it is), but you can master it quite easily.
How Is Crypto Betting Different from Traditional Gambling?
Now, the big question. If crypto betting is more complicated to start with compared to traditional FIAT betting, why do so many people do it? It must have some benefits, right?
Of course, and there are some big ones.
Anonymity and Security
Crypto doesn’t do personal info. Yes, you enter everything required such as address and submit an ID when making an account on a crypto exchange, but third-party websites including betting websites don’t ask for too much information about yourself. You just connect your crypto wallet and play, which makes it more anonymous.
Fast Transactions
For me, the biggest change that crypto brought to online gambling was fast transactions. Instead of waiting a couple of days to see your winnings in your checking account, with cryptocurrencies this process happens in minutes or hours depending on the network’s business.
Borderless Betting
Another significant change was the global expansion of online gambling due to borderless betting options.
With crypto as an alternative to traditional betting, people don’t have to wait for special banking options that are unavailable in their country.
Crypto can be bought and traded from every part of the world.
Is Crypto Betting Legal?
Yes, it is legal, but as always, it depends on where you are. While the technology behind crypto is decentralized and operates globally, local gambling laws still apply. The good news is that many regions allow crypto betting, even where traditional gambling might be restricted.
Why Is Crypto Betting Becoming So Popular?
Besides the anonymity and speed, there’s also the appeal of being part of something new and innovative. Cryptocurrency is the future (or so crypto enthusiasts claim), and it’s reshaping industries everywhere, including gambling.
Plus, there are fewer restrictions. With traditional gambling, laws can be strict, and sometimes you might not be allowed to place a bet due to where you live. Crypto bypasses a lot of those barriers.
