Types of Cryptocurrencies Accepted by Sportsbooks and Betting Sites
The adoption of cryptocurrency payments, particularly Bitcoin, experienced a soar in 2020. Paypal, the well-known payment system, said in late 2020 that it would add Bitcoin to its line of products.
Blockchain tech has also found its place in online gaming, as it is steadily taking over many businesses. Because Bitcoin offers consumers security and anonymity (two critical aspects in the sector), it’s no wonder that the casino industry has welcomed this method of payment with open arms. Cryptocurrency transactions are now accepted at several popular online betting sites.
Cryptocurrency payment was first popularized by Bitcoin, the most valuable cryptocurrency at the time. However, as the sector has grown, other coins are also beginning to acquire traction. We’ve listed a few of the coins that crypto sportsbooks accept below.
1. Bitcoin:
Because it was the first cryptocurrency, it’s impossible to talk about online crypto gambling without mentioning Bitcoin. In addition, it is the world’s largest cryptocurrency exchange platform, with the highest market cap of all coins. A white paper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was circulated by Satoshi Nakamoto in the months following the official registration of the domain name “Bitcoin.org” in 2008.
The Bitcoin blockchain was produced in less than three months after the “genesis block” open-source code was made public.
Several Bitcoin betting sites now lead the crypto betting space. The use of Bitcoin is expected to keep rising. Some online casinos only accept Bitcoin as a payment method; thus, this is the best option to use.
2. Ethereum:
Ethereum is a significant cryptocurrency in its own right, as well. Released in 2015, it was similar to Bitcoin but with a few key differences. In terms of functionality, Ethereum beats Bitcoin hands down in this regard. As a result, it’s safe to use while sending and receiving money online.
Another intriguing aspect of Ethereum is that it allows users to make secure transactions with it. This is because you can use it to keep funds until the other party complies with the terms; therefore, it ensures equity. Since Ethereum is linked to edgeless gambling tokens, it has lower house take-on wagers when it comes to cryptocurrency betting.
3. Litecoin:
This is a kind of Bitcoin child, but one with a lower market cap. Due to its near four-fold speed advantage over Bitcoin, Litecoin outperforms the latter when it comes to transaction confirmations. A quick and easy transaction is what most online sports bettors desire, and this currency delivers on that promise.
Since Bitcoin might take up to 10 minutes to register transactions, Litecoin was able to minimize this to roughly 2 – 2.5 minutes in the registration of transactions as its entire foundation. Also, Litecoin’s processing nodes charge lower fees than Bitcoin’s nodes because of the use of Litecoin.
4. Monero:
Litecoin has also grown thanks to Bitcoin’s advantages, such as anonymous transactions. The platform’s security is a major selling factor. The funds are processed in such a way that it is impossible to track them back to their original destination. This is due to the blockchain’s intricate cryptography
5. Dash:
Prior to the launching of Dash in 2014, it was known as Xcoin. The coin was formerly called DarkCoin before being rebranded as Dash. It boasts the world’s most vibrant alternative currency community. Dash’s key selling point is the speed with which deposits may be made and transactions completed.
6. Dogecoin:
The Shiba-Inu dog meme “Doge” is used to represent this currency, which was released in 2013. Dogecoin is a fork of Litecoin, which is itself a fork of the Bitcoin source code. On the other hand, Dogecoin is a newcomer to sports betting compared to the other two. You can find Doge betting possibilities when using an online sportsbook that exclusively accepts cryptocurrency as a payment method.
Doge, like all other cryptocurrencies, is not tied to any particular jurisdiction. Unfortunately, Dogecoin only works on crypto-only websites, so you can’t get your money out in fiat currency if you win with it. In addition, even if a bookmaker accepts doge as payment, your funds will be converted to BTC before you can place a wager with them.
Because it’s faster than BTC or ETH, has less processing time, and has lower fees, this coin is ideal for small transactions.
DOGE is a better choice for minor transactions than Bitcoin or Ethereum since it is speedier and has lower costs. It also processes transactions more quickly.
Due to their recent arrival and fair valuations, these cryptocurrencies are easily among the most important ones you’ll find at top crypto sportsbooks. So, if you’re thinking about placing a wager with crypto, you can relax knowing that it’s risk-free and secure.
Final thoughts
Making the switch from betting in your native currency to betting in cryptocurrency requires knowledge of both the similarities and variances between the two methods. Cryptocurrency betting has a number of advantages.
The first is that when you deposit money into your bookmaker’s account at one of the best crypto betting sites, you may stay anonymous. Besides the cash funds, no other information such as personal information or account details are sent along with your deposit. Thanks to the power of cryptocurrency, you may now gamble anonymously on the internet with your favorite crypto sports betting sites.
The speedy and free deposits offered by bitcoin bets are an additional bonus. Regular bookmakers’ payment methods take time to process. However, sending money from your wallet to a bookmaker using cryptocurrency makes the payment instantaneous and makes the funds immediately available for betting.
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