In recent years we have seen a surge in the online gambling industry and a lot of sportsbooks are gradually adopting crypto as a way of payment. Crypto betting is getting more mainstream based on how many bookmakers have added it as a legit way of payment and it is not surprising, because if we take a closer look, Bitcoin betting offers numerous advantages over fiat money betting.
Although it’s called crypto betting, there are usually only a few coins that are accepted. These are:
Of course, it does not mean that besides these 6 major cryptocurrencies, there are no other digital coins that betting sites offer to customers. It depends primarily on a particular sportsbook. In general the more options there are for players – the better for both sides.
There are over 1,000 digital coins in the world, but of course, not all of them are used in betting. The categorization makes everything easier. We can divide coins that crypto bookies use into categories. The three categories are:
Let’s discuss them each by each below.
These coins are chosen because more people know about them, which means more people are likely to own them and use them for deposits. These coins are:
No question that Bitcoin is undoubtedly the most popular one. If you find any bookmaker on the Internet it will definitely offer BTC for betting. Bitcoin was the first crypto that first appeared back in 2009 and when crypto gambling became a trend, betting sites immediately decided to incorporate BTC as a way of payment. Even now, when we have Ethereum and Litecoin they are nowhere closer to Bitcoin in terms of popularity.
At the same time, people go for popular cryptocurrencies, because they are sure about safety. When a particular cryptocurrency exists for a long time it is more trustworthy. The popularity of payment can be considered the first criterion for players when they choose a sportsbook. Some people also think of Bitcoin Cash when they mention popular cryptos and it is difficult not to agree with them, but the abovementioned 3 cryptos will be discovered on almost every bookmaker’s website.
Crypto betting has numerous advantages over traditional betting – we have already mentioned that above. The main reason why people use cryptocurrencies is due to how hard they are to detect by regular means. This keeps their betting hobby away from unwanted eyes. Even though the following coins are favored for their anonymity, it doesn’t mean that other coins aren’t anonymous. These ones are just better at it. They are:
In different countries, there are different rules regarding online betting. To avoid surveillance from both the government and central banks people often turn to crypto. If we take a look at Bitcoin Cash and Dogecoin these 2 are definitely above other cryptocurrencies in terms of security and anonymity. Transactions are impossible to detect and your identity is not revealed. They are recorded in Blockchain. However, there is one thing we should emphasize. Some betting sites might require a verification check from you, meaning that providing personal documents could become necessary. Because of that, it is a good idea to check the terms and conditions in advance.
Sometimes people just want to benefit from the advantages of cryptocurrencies without having to deal with the massively volatile nature, that they possess. So in this case the coin provided below is the top choice when people want to just make transactions faster by using crypto, but still remain relatively safe from jumping prices:
USDT, also known as Tether, is considered one of the safest cryptocurrencies you can use on crypto betting sites. When we talk about safety we could also mention its relative stability. In the recent past, Tether has been the victim of various malicious attacks but has survived. Tether is listed on all cryptocurrency exchanges and betting sites. Therefore, all crypto traders can use it, regardless of the degree of experience. That is why it has managed to increase its market share since its inception. Tether Limited continually scales as the company always focuses on customer satisfaction. To demonstrate to its customers that Tether is backed by US dollars, the company launches periodic publishing of its invoices.
When people are dealing with crypto betting, safety should be the number one priority – of course alongside anonymity and popularity. Crypto should be protected from any kind of attacks.
Looking forward to the sportsbook that has a diversity of payment methods and a good selection of games? Then Cloudbet is exactly the one you are looking for. The betting site offers more than 10 cryptos for deposits and withdrawals, a large selection of sports, and decent bonuses. Sign up on the website and start betting now!