Author:
Kelley Ertz
Last Updated:
22/06/2022
Experiences:
Love the casino!
Experiences:
Love the casino!
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Table of Content
- Making a Payment with an Alternative Payment Method - Our step-by-step guide
- Average Time of Payment Methods for Deposits and Payouts - Speedy payments
- Verification Requirements - What do you need?
- The history of alternative payment currencies
- Which currency is the best for you?
- Most Popular Payment Methods - Finding the right payment
- Conclusion - A dubious alternative to traditional payment methods
- Compare the best betting sites in the US with legitimate payment methods
- Alternative payment currency betting sites FAQ
Making a Payment with an Alternative Payment Method - Our step-by-step guide
First of all we should clearly state that there are no legal US operators that accept alternative digital payment technologies. Any site that does accept these alternative payment methods is operating illegally and should be avoided.
Alternative payment methods are new to most players, and anything new can sound intimidating. Plus, alternative payment methods aren't always easy to understand and even harder to use. If you haven’t used alternative payment methods before, allow us to guide you on how you can avoid using these technologies on betting sites. They are is easily one of most risky online betting payment methods around at the moment.
Before you can use alternative payment methods, you’ll need to have a “wallet” that you can use to store your currency. A wallet is an online app that can hold the alternative payment currency. Create an account on an exchange where you plan to buy the asset.
Depending on the exchange, you might be required to present personal documents verifying your identity. After establishing your identity and legitimacy, you need to connect a payment option. You can use your bank account, credit or debit card. Once you’ve successfully connected a payment method, you can now buy the asset that you can use on betting sites.
Depositing and withdrawing using alternative payment methods follow the same process as actual currencies. Log-in to your account and select deposit or withdrawal. When you get to the part where you need to choose a deposit or withdrawal method, choose the asset. The amount you wish to deposit or withdraw in the alternative payment currency automatically gets converted to US Dollars. Complete the entire process as you would using actual currency. Just remember that no legit US betting site will accept such alternative payment methods.
Average Time of Payment Methods for Deposits and Payouts - Speedy payments
Among online betting payment methods, alternative payment methods offer the fastest payouts available. We found that with such betting sites, the usual confirmation time for deposits using alternative payment currencies is around 10 minutes and should not exceed more than an hour. What’s even more impressive is that most betting sites will allow you to bet even before your deposit gets officially cemented into the payment technology.
Withdrawals using alternative payment currencies are slower than deposits but still impressive. The average withdrawal time is around 3-5 hours but should not exceed more than 48 hours which is very similar to the best paysafecard betting sites. This is swift compared to the usual 200 to 300 hours that it takes for a withdrawal using traditional banking methods to complete. Don't forget that legal US operators won't accept alternative payment currencies, and any betting site that does should be avoided.
Verification Requirements - What do you need?
Like traditional banks, verification is a necessary process that adds an extra layer of security for your protection. The proof of identification you need to provide differs per provider, but there are standard requirements among gambling payment providers.
The first part of the verification process involves providing your personal information, including giving your name, address, and contact information. Some will require you to provide an email address as well.
The second part involves providing picture IDs which can be your driver’s license or passport. You might need to provide your social security number in some instances. Some providers might also request you to send in a picture of yourself holding your picture ID. You'll find that most gambling payment providers require that you verify your identity.
The history of alternative payment currencies
These alternative payment currencie traces its origin in 1983 through David Chaum, an American engineer who conceived ecash which he implemented as a special electronic payment called Digicash in 1995.
The most famous alternative payment currency started its journey as a currency for betting in 2014 when two Las Vegas casinos, The D Las Vegas Casino Hotel and Golden Gate Hotel and Casino, started accepting the alternative payment method. In January 2014, Vera&John became the first online casino to accept the currency as a mode of payment.
The first alternative payment currency
The creator of the first alternative payment currency is Satoshi Nakamoto, although the name is a pseudonym. He registered the relevant domain name on August 18, 2008. A non-profit group, Electronic Frontier Foundation, was the first one to accept the alternative payment currency as payment in January 2011.
The next largest alternative payment method
Vitalik Buterin, a programmer, came up with the idea of the second largest alternative payment currency in 2013, and the network went live on July 30, 2015, with an initial supply of 72 million coins.
Another alternative payment currency
The creation of another alternative payment currency started with a whitepaper published online by J.R. Willett in January 2012. The currency's predecessor, was announced in July 2014, and they issued the first tokens on October 6, 2014.
Which currency is the best for you?
Many bettors still prefer conventional payment methods because these are the only ways that you will play at legit US sportsbooks. However some bettors will pretend that those shady payment methods are a favorable alternative for the following dubious reasons:
- Anonymous Betting – you can protect your identity when you use a alternative payment currency betting platform because you don’t need to provide personal information. Although the transactions are open, you have no obligation to divulge your identity.
- Fast Deposits and Withdrawals – if you’re looking for fast withdrawal betting sites, look for betting platforms that take alternative payment currencies. As we mentioned, deposits and withdrawals using these currencies are faster compared to traditional payment methods. However, the actual betting sites cannot be trusted.
- Lower and Fewer Fees – the numerous fees that most traditional betting sites impose can be frustrating, and you can avoid these fees when you use a betting platform who takes alternative payment currencies. We found that the best betting sites with alternative payment currencies can help you avoid costs like credit card fees, deposit and withdrawal fees, and others. However, these sites are acting illegally and should be avoided.
- Bonuses – the best betting sites with alternative payment currencies sometimes offer generous bonuses to their players. Aside from the usual welcome bonuses, these betting sites often provide special bonuses to new players. Just remember that most of these bonuses will probably be deceptive.
Most Popular Payment Methods - Finding the right payment
If you are new to online betting, there are several payment methods that you can explore. Most players prefer credit cards and debit cards as their payment methods of choice, while others use a bank or check transfers. Some even enjoy using the best Apple Pay bookmakers. Where are some punters are simply after the fast withdrawal betting sites.
Aside from these conventional payment methods, newer payment methods offer the same amount of security to bettors, including Skrill and PayPal. There are also Paysafecard betting sites for those who prefer this pre-paid method.
Bettors who use their mobile devices can also use Apple Pay. Aside from Apple Pay bookmakers, some also accept Google Pay.
When it comes to alternative payment currencies, there is one currency is at the head of the pack, which is not surprising considering this currency is also the most prominent platform in coin value and market capitalization.
This is followed closely by a similar which has a lower value per coin. The lower coin value becomes an advantage when betting on online casinos because it is easier to use if you want to deposit a small amount. However, you shouldn't trust any casino that accepts alternative payment currencies.
There is another alternative payment currency slowly gaining popularity for online betting and it has a reputation for having a secure platform. If you’re looking for an excellent alternative to the biggest alternative payment currency, there is yet another option that has become a popular choice since it’s one of the first currencies to challenge the original currency starting in 2011.
If you’re after a platform that promises absolute privacy, then you should check out a few good alternatives that continuously improves protocols and security to keep online transactions private and secure. Just remember that no legit US gambling sites would ever go near these alternative payment currencies!
Conclusion - A dubious alternative to traditional payment methods
So let's just remind you of the fact that
there are no legal US operators that accept alternative digital payment technologies. Any site that does accept these alternative payment methods is operating illegally and should be avoided. While alternative payment currencies get a lot of attention they simply cannot be trusted for making deposits and withdrawals at online gambling sites in the US. So pick one of our recommended operators who features legit payment methods and enjoy a safe way to play!
Compare the best betting sites in the US with legitimate payment methods
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