Two of the biggest reasons why more people aren’t into online betting are security and the method of payment. Many people either don’t trust that their money or personal details will be safe or their main method of payment isn’t accepted. Cryptocurrency solves both of these issues.
Cryptocurrency is considered the safest form of payment method when signing up for online sportsbooks or casinos. More and more sportsbooks accept bitcoin and other cryptocurrencies.
Although crypto has become mainstream lately, many people still misunderstand its details including its validity. Not only is cryptocurrency legitimate, but it is also the safest and easiest form of currency to use for online betting.
How cryptocurrency is safer to use for sportsbooks and casinos
Cryptocurrency, by way of being new, may still raise eyebrows among many people including us who like to play with our money. But crypto isn’t just legitimate, it’s safer and more secure and thus an ideal form of currency to use when signing up for online sportsbooks and casinos.
You are exposed less than when using credit and debit cards
The main reason why bitcoin or crypto is safer to use is that your personal identity isn’t as easily seen when you process transactions.
When you use credit or debit cards even in something as simple as buying chips at a gas station, your card information is exposed to the merchants, the bank, the card service, and the issuer.
That’s four locations for just one purchase. We even hear stories from highly secure networks like the Playstation store or iTunes getting hacked and having everyone’s personal information compromised. Yikes.
When using cryptocurrency, from a secure payment platform, which most books offer, the payment goes instantly from buyer to merchant with no in-betweens. Fast, simple, and less room for exposure.
Your identity is safer with cryptocurrency
Going from the previous point, cryptocurrency can offer you full anonymity unlike traditional forms of payment. This protects you from fraud and identity theft.
Cryptocurrency like Litecoin will share things like your public address, but you can keep your private key all to yourself. Think of crypto versus credit cards as posting on two different social networks: LinkedIn and Twitter.
On LinkedIn, you are exposing your name, face, and real details about yourself. So if you post anything, it goes directly to you. But on Twitter, you can create an anonymous account with a fake name and photo and your true identity will be shielded from the repercussions of your posts.
Your crypto is secured by the blockchain
Blockchain, in layman terms, is a chain of digital “blocks” housing records of transactions. Each of these blocks are connected to each other and makes it very hard to get hacked or even tampered with.
Going back to stories about how credit card information is exposed, you have to worry about this less when using crypto because of the blockchain. Hackers would need to change every block linked together to avoid detection.
Blockchains are also secured through cryptography – your private key or your digital signature. This is altered, it becomes invalid and the peer network will know right away.
Most importantly, blockchains are decentralized and distributed across peer-to-peer networks, which are continually updated. They can’t be altered from a single computer and would require a lot of time, work, and processing power to alter all the blockchains in a network.
There are fewer restrictions to using crypto
Depending on where you live or what bank you use, you could be barred from using credit cards or debit cards from registering in online bookmakers or casinos. Bitcoin and cryptocurrencies don’t have the same restrictions.
A lot of this has to do with cryptocurrency not being regulated like credit cards or more traditional forms of payments. Many governments have yet to comprehend what crypto is and how it works. And even if they figure it out, it would almost be like regulating the Internet.
This is why more books are open to using cryptocurrency and some even prefer it. Several books will offer more incentives for you to use cryptocurrency by offering deposit bonuses, more flexible reload offers, and promotions exclusive for crypto users.
Side note: be wary of crypto conversions
As a caveat, one potential downside to using cryptocurrency with online books and casinos is the exchange rate. When using currency like Bitcoin, you can exchange up to many decimal places and this can be hard to calculate. Thankfully, most books convert Bitcoin to USD. Books will convert your cryptocurrency to cash when depositing and will likewise convert it back to bitcoin when withdrawing.
“Buying Ethereum Cryptocurrency” by orgalpari is licensed under CC BY 2.0
