Many used to shrug at the mere sound of the term ‘cryptocurrencies’. Crypto did not always hold a good market reputation, as it gained momentum in the dark web. It was used to fund illicit businesses such as purchasing firearms and other illegal operations that could never be traced to the originator.
Today cryptocurrencies have infiltrated much more within our communities, with many individuals using Blockchain currencies for day-to-day activities. Across the States, cryptocurrencies have a stronghold of 36.5 Million users, with a further 300 million users spread worldwide. A big chunk of that portion includes gamblers that prefer to use cryptocurrencies at their chosen bitcoin bookmakers. Gamers and Gamblers make up ⅓ of the world population, with more than half of those having or willing to use crypto for their playtime.
Ever thought about using crypto for your betting? Here is some info on the most sought-after betting cryptocurrencies and how to get started using them for your betting.
Bitcoin
Bitcoin has paved the way for the expansive variety of cryptocurrencies at our disposal today. While becoming a mainstream currency of choice, Bitcoin has earned 100 million followers worldwide, with many users opting to use it for their betting needs.
Seeking a Bitcoin casino is a simple task. Many crypto betting review sites offer you detailed reviews on where to bet and how to find the best Bitcoin casino for you. Since cryptocurrencies are largely unregulated, using Bitcoins for your play will allow you to make bigger deposits/bets and even larger withdrawals.
The benefits of Using Bitcoins for your betting
Unlike traditional e-wallet payment methods, using Bitcoins for your gambling offers various perks. The currency is 100% more secure than any other payment method, with the protection of your identity at all times. The transaction cannot be traced back to you with Bitcoins since it does not include your data. If you seek that peace of mind and do not want to worry about your personal information ending up in the wrong hands, then Bitcoin is the way forward.
Gamblers using Bitcoin will also relish the reputation that the payment method holds within the financial market. While the currency did suffer some mishaps in recent years, it remains the No 1 chosen crypto of the masses. Bitcoin transactions (BTC) are swift, and both betting deposits and withdrawals are immediate. A breath of fresh air compared to most non-crypto payment methods, which sometimes take up to 3-5 working days to reach their destination.
And finally, let’s tax about tax. We all loathe the idea of paying tax, yet not many know that using Bitcoins for your gambling transactions will not see you pay or incur any tax. Tax regulations for digital transactions still have a long way to go in many countries, with many markets remaining unregulated and untaxed. Still, if you intend to use Bitcoin or any other cryptocurrency for your betting, always double-check the crypto regulations stipulated by your country.
Ethereum
If we had to hold a cryptocurrency Olympics, Ethereum would proudly hold a silver medal at the very end of the tournament. In the world of cryptocurrency, Ethereum is known as the second most chosen cryptocurrency used by gamblers, with the currency contributing to a sizeable 20% of the overall crypto market. While Bitcoin always remains at pole position, landing at any crypto betting site, you will find Ethereum available, offering a good amount of perks and benefits just like its predecessor.
Punters looking for anonymity will also find it using Ethereum, as just like Bitcoins, the currency uses a code interface, converting your identity.
The benefits of Using Ethereum for gambling
Many say that Ethereum has its language, meaning its coding is unique. Due to its Blockchain uniqueness and qualities, Ethereum transactions take less than a minute, while Bitcoin payments can take from 5 – 15 mins on a hectic day.
Just like all other crypto payments, Ethereum does not need your data to be able to handle your betting transactions. Your identity verification or proof of source of funds is not required at Ethereum betting sites.
How do I gamble with Bitcoin or Ethereum?
Both Bitcoin (BTC) and Ethereum (ETH) can be purchased from any cryptocurrency exchange. While many punters buy their crypto via Coinbase, other alternatives are available. Once your purchase is complete, you should transfer your currency to your e-wallet and then from your e-wallet to your online bookmaker. Deposits are either made via the site’s cashier or a link provided via the gambling site. The process is relatively simple, with your bookmaker winning withdrawals also working in the same method listed above.
Bitcoin vs. Ethereum for your gambling
While Bitcoin remains relatively steady in the financial market, Ethereum is quite volatile, with its value sometimes suffering against the Britsh Pound or the US Dollar. Ethereum recorded an all-time high reaching a value of 4,800 US Dollars in November 2021, offering a better prospect for its future within the gambling niche.
In terms of speed, Ethereum always wins. This is because Bitcoin is used more widely, even for everyday purchases like groceries. Ethereum is yet to infiltrate more within our day-to-day usage, hence tends to be faster, with fewer users worldwide opting to use the currency.
Landing at a bookmaker review site, you will be flooded with information enticing you to visit the many Bitcoin casinos on offer, yet Ethereum casinos are not so popular. This is something that we envisage will change in the future, with Ethereumset increasing in usage in the months and years.
There is no right or wrong which cryptocurrency is best for your sports betting and online casino fun. Both work immaculately, offering the extra layers of security that we all yearn for when playing online.
The crypto future has landed, and gambling is at the forefront.
