3 Things you need to know about betting with crypto

Share On Facebook
share on Linkedin
Print

Cryptocurrency is still somewhat of a mystery for a lot of people, whether they’re the average man or woman in the street or a frequent investor in other commodities. It shouldn’t be a surprise that that is the case – we’re talking about a concept that has only been in the world for real since 2009. Set against the length of time we’ve been doing everything with fiat currencies, that’s the blink of an eye. It’s been even less time if you just look at the period since crypto started getting talked about seriously in mainstream business media.

©

So it’s wholly natural that people would shrink back at the idea of betting using crypto, especially people in the United States, where online betting is a nascent concept in and of itself. If you’re out of the loop when it comes to blockchain assets, and haven’t had the chance to bet before, then crypto casinos represent a dual learning experience. This does make it all the more important to know some of the realities about betting with Bitcoin and other digital currencies. Below, we’ve set out some of the key points to understand.

 

Crypto bettors can avoid volatility

 If there is one thing that the general public does know about cryptocurrencies, it’s that they can have some quite pronounced market volatility. The price of Bitcoin can fall quite precipitously, and you may be concerned about using it to bet because while it might be riding high when you deposit, it could then dip before you even have time to bet.

There’s good news in that a huge number of casinos that accept crypto payments convert it into USD before you bet it. So if you deposit just before the market goes into a dip, you won’t be penalized. When the casino pays out, you can still request that your winnings are paid in crypto if you prefer.

 

Limits are far more forgiving

In the casino and igaming world, there are always limits. Betting providers need to protect their assets, so they won’t just accept huge deposits, pay out huge bonuses and so on. In the crypto casino world, those limits certainly still exist – but they’re invariably much higher. That includes bonus amounts. If you’re betting in dollars, you’ll tend to find that the maximum bonus paid in one sitting will, without all but the rarest exception, be in the hundreds. Casinos that handle crypto will set the bonus much higher at 1BTC or more. Even in a dip, that’s in the tens of thousands.

 

Exceptionally fast transactions

People who bet with conventional casinos have to be used to the fact that when it comes to making a withdrawal, they’ll have more than 24 hours to wait. Sometimes, it will be as much as a week between clicking the link and seeing that money turn up in their account. If you’re using crypto, the same transaction can be completed in seconds, effectively happening instantaneously. This is especially good news if you want to take advantage of a market movement to get hold of your Bitcoin while it’s at a high value.

 

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20220815 15:42:00