We at CaptainGambling have seen the increasing popularity of crypto payment methods in casino sites. However, many bettors are still hesitant to use cryptocurrency as a payment method as most of them are unfamiliar with it and have some doubts.
This article will shed some light on how crypto payment methods work and how easy and secure they are to use. Read on, and we’ll tell you about the many benefits you can get from crypto betting sites.
Crypto payment methods are new to most players, and anything new can sound intimidating. However, crypto payment methods are easy to understand and even easier to use. If you haven’t used crypto payment methods before, allow us to guide you on how you can start using cryptocurrencies on crypto betting sites. Crypto is easily one of the best online betting payment methods around at the moment.
Before you can use cryptocurrencies, you’ll need to have a “wallet” that you can use to store your currency. A wallet is an online app that can hold cryptocurrency. Create an account on an exchange where you plan to buy cryptocurrency.
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 cryptocurrency that you can use on crypto betting sites.
Depositing and withdrawing using crypto 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 Bitcoin. The amount you wish to deposit or withdraw in Bitcoin automatically gets converted to US Dollars. Complete the entire process as you would using actual currency.
Among online betting payment methods, crypto payment methods offer the fastest payouts available. We found that with crypto betting sites, the usual confirmation time for deposits using cryptocurrency is around 10 minutes and should not exceed more than an hour. What’s even more impressive is that most crypto betting sites will allow you to bet even before your deposit gets officially cemented into the crypto blockchain.
Withdrawals using cryptocurrencies 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.
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.
Cryptocurrency traces its origin in 1983 through David Chaum, an American cryptographer who conceived ecash which he implemented as a cryptographic electronic payment called Digicash in 1995.
Bitcoin started its journey as a betting currency in 2014 when two Las Vegas casinos, The D Las Vegas Casino Hotel and Golden Gate Hotel and Casino, started accepting Bitcoin. In January 2014, Vera&John became the first online casino to accept Bitcoin as a mode of payment.
The creator of Bitcoin is Satoshi Nakamoto, although the name is a pseudonym. He registered the domain name bitcoin.org on August 18, 2008. A non-profit group, Electronic Frontier Foundation, is the first one to accept Bitcoin as payment in January 2011.
Ethereum is the second-largest cryptocurrency after Bitcoin and is the most used blockchain. Vitalik Buterin, a programmer, came up with the idea of Ethereum in 2013, and the Ethereum network went live on July 30, 2015, with an initial supply of 72 million coins.
The creation of Tether started with a whitepaper published online by J.R. Willett in January 2012. Realcoin, Tether’s predecessor, was announced in July 2014, and they issued the first tokens on October 6, 2014.
Although many bettors still prefer conventional payment methods, bettors will find crypto payment methods a favorable alternative. Here are some reasons why you should try using a crypto betting platform:
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, PayPal, and cryptocurrencies. 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 cryptocurrencies, Bitcoin is at the head of the pack, which is not surprising considering Bitcoin is also the most prominent cryptocurrency platform in coin value and market capitalization.
Bitcoin is followed closely by BitCoin Cash which has a lower value per coin compared to Bitcoin. BitCoin Cash’s 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.
Ethereum is another cryptocurrency slowly gaining popularity as an online betting currency and has a reputation for having a very secure platform. If you’re looking for an excellent Bitcoin alternative, Litecoin is a great choice since it’s one of the first cryptocurrencies to challenge Bitcoin starting in 2011.
If you’re after a crypto platform that promises absolute privacy, then you should check out Monero. It continuously improves its protocols and security to keep online transactions private and secure.
If you want to bet online but want to remain anonymous, we believe that crypto payment methods are your best bet. Aside from ensuring privacy, online betting payment methods allow you to make fast deposits and withdrawals so you can play and earn anytime you want. Crypto payment methods are also secure and can help protect your investment while you enjoy your game.
The next time you play online, try one of the numerous crypto gaming payment providers and see why many bettors are turning to cryptocurrency as their preferred payment method.
