Cryptocurrencies like Bitcoin have made a lot of noise over the last few years. Bitcoin’s value once again reached an all-time high and more people started to show interest in it. Because of this, many online businesses and industries have also started to transact with consumers using cryptocurrencies including the ones in the online gambling sector.
And so, if you have Bitcoin or any other cryptocurrencies like Litecoin, Ethereum, Cardano, DogeCoin, Bitcoin Cash, Binance Coin, and others, you should be able to place bets on an online casino and Bitcoin sports betting site without any hassle.
More About Bitcoin and Other Cryptocurrencies
Cryptocurrencies are digital currencies or assets that are used for online transactions. It’s a decentralized currency that runs on blockchain technology which is an advanced system that keeps track of transactions. Think of blockchain as an online ledger that is maintained across several computers and is linked in a peer-to-peer network. This makes cryptocurrencies tough or even impossible to change or manipulate.
The most popular and valuable cryptocurrency today is Bitcoin. It is also labeled as the father of cryptocurrencies. It was in 2008 when an anonymous person or group people called Satoshi Nakomoto created Bitcoin. It was created as a convenient way for people to make online transactions or send money on the internet. Know that during this time, online transactions weren’t as present.
It was in 2009 when Bitcoin was released publicly and Nakamoto continued to work on the project until 2010. However, Nakamoto’s identity was never revealed and until today, they haven’t made any statement about the success of the cryptocurrency.
Bitcoin’s current highest value is around $64,000 and today, it’s somewhere over $42,000. When it reached its new all-time high last year, many people showed curiosity and bought their Bitcoin. Aside from Bitcoin, people also showed interest in altcoins like Ethereum, DogeCoin, Binance Coin, and Cardano.
Today, there are now over 10,000 cryptocurrencies but only a few are considered successful. There are also NFT games that people can play with cryptocurrencies like Splinterlands, Axie Infinity, The Sandbox, and CryptoKitties. Aside from NFT gaming, many people are also using their cryptos to play real money games on online casinos.
Why Use Cryptocurrencies When Gambling Online?
With more people using Bitcoin and other altcoins to gamble, you may be wondering why. What makes cryptocurrencies a good payment channel when playing at online gambling sites? Well, it all comes down to how secure and private this payment method is.
Understandably, some players want to gamble with privacy as much as they could. Some just do not want any gambling-related transactions traced on their banking accounts. In some places, people with gambling-related transactions in the last few months won’t qualify for loans or mortgages. This is when cryptocurrencies could come in handy.
When transacting with Bitcoin or other altcoins, you will only need to scan a QR code or a wallet address to make the transaction. There is no need to disclose any of your banking or personal information to complete the payment process. Because of this, Bitcoin is usually the only accepted payment solution at anonymous online casinos and sportsbooks.
And so, anonymous online gambling is now possible because of cryptocurrencies. When signing up on this type of online casino site, you’ll only need to create a username and a password. You’ll be asked to deposit with the crypto of your choice which would ensure privacy and anonymity. However, note that there are anonymous casinos that may ask for proof of identity if you need to claim your winnings.
What to Look for in a Cryptocurrency Gambling Site
When shopping for a Bitcoin casino, there are a few factors that you should consider. What you should always prioritize is your online safety and it’s best to only deal with licensed gambling operators. Now, some anonymous casinos may have no license because cryptocurrencies are still mainly unregulated. The best you can do in this situation is to look for a site that is affiliated with the most trusted betting sites today.
Still, when you can, always choose a casino site with a license to operate. This way, you can be sure that you’re entrusting your gaming money to a legit operator. Aside from your security, convenience is also what you should always look for. Some of the factors that can affect convenience are navigation, app availability, game selections, and payment options.