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How Crypto Betting is Reshaping the Online Gambling Scene

16 October 2020 13:48, UTC
How Crypto Betting is Reshaping the Online Gambling Scene
By Mila Bera

Cryptocurrencies have long been associated with gambling. Indeed, gambling was one of the most widely touted use cases for Bitcoin when it appeared in 2009. Players could use this revolutionary new coin to dodge regulations and gamble on markets with near-total anonymity.

SatoshiDice was a pioneer among sites that allowed Bitcoin gambling. The site’s renowned Bitcoin dice game was a big success, as it allowed players to try their luck while avoiding the prying eyes of regulators. Hundreds of thousands of Bitcoins were wagered from the site’s arrival in 2012 until it was sold in 2013 for $11.5 million. The gambling site allowed players worldwide to place wagers without the need for registration. All players needed was their own Bitcoin wallet. They could then use Bitcoin to place wagers, with separate addresses for each payout multiplier.

After the success of SatoshiDice, thousands of similar unregulated gambling sites started to emerge. Bitcoin’s sudden surge in popularity began to catch the eye of regulated casino operators. Not long after, completely legit casinos started to offer Bitcoin as a payment method.

Of course, you could still bet with popular fiat currencies like GBP, EUR, USD at regular casinos. But for those who wanted more privacy than ever before, Bitcoin was the ideal solution. The number of personal information customers needed to hand over was minimal, and low-stakes players could gamble without even needing to provide any ID.

Cryptocurrency Wallets

There are plenty of crypto wallets on the market, and all of them are claiming to be the best.
As one might expect, this is not the case. We did the heavy lifting for you and picked the best crypto wallets in terms of security, convenience, reliability, and method of storage.

Blockstream Green Wallet

This is considered to be one of the most innovative and secure crypto wallets on the market. The wallet was the pioneer of multiple security features, as it was one of the earliest to implement multi-signature sign in, two-factor authentication, and authorize dynamic Bitcoin processing fees.

It is a cloud-based wallet with one of the friendliest user-interfaces. The crypto wallet is highly versatile and compatible with all operating systems. Although it only supports Bitcoin, it enables you to create multiple accounts. This means you can create separate digital assets. For instance, one wallet can hold expenses and savings accounts, and the other can be used entirely for gambling.

BRD

Bread Wallet is a mobile app and is available for both Android and IOS devices. The beauty of this crypto wallet lies in its simplicity, which makes it an ideal choice for sports betting. What makes this app stand out, is that unlike other crypto wallets, BRD doesn’t run on a third-party server. It’s an independent app you download on your mobile device and it connects to the BTC network at your request. This feature provides additional security.

Bread Wallet allows you to buy or trade Bitcoin and other cryptocurrencies. Credit card transactions are made possible through Simplex, which is the leading credit card clearing option for cryptocurrencies.

Mycelium

Mycelium has been around for years and is one of the first mobile wallets that is still a favorite among cryptocurrency users. The app can be downloaded for free and is available on Android and IOS devices.

Although the app doesn’t have the most intuitive interface, it offers some great security features. The “watch only” feature allows you to log on to your account and check your balance and receive funds, whilst disallowing other transactions. It also allows you to delete your private keys and import them back when you need them, which adds more security to your bitcoin account.

Types of Gambling With Cryptocurrencies

Cryptocurrencies can be used in many types of online betting. The only issue is that you may have to sign up for multiple sites to play all your favorite games, as crypto casino betting is still somewhat niche.

If you’re a sports fan, you’ll be happy to learn that there are numerous sports betting sites that accept cryptocurrencies. The sports these sites cover include football, horse racing, tennis, cricket, and esports. Of course, you’ll also be able to gamble on traditional casino games such as poker, bingo, blackjack, and roulette.

If you’re having trouble deciding whether you should get involved with crypto betting, here are some benefits and drawbacks to consider.

Benefits:

  • Personal information security
  • Access to fair betting
  • Streamlined payments (you can use a wide range of payments in more than 120 currencies)

Drawbacks:

  • Value oscillation
  • You may have to sign up to multiple sites to play all your favorite games
  • Upcoming laws and regulations placed on cryptocurrencies

Summary

What was once a shady area of underground gambling is now becoming a popular choice for many online gamblers. Although gambling with cryptocurrencies is definitely worth considering, keep in mind that you need to do your research and make sure you’re using trustworthy sites. Choose your sites carefully and you’ll reap the rewards of betting with cryptocurrencies.

About the Author:

Mila Bera is Toronto born, puppy-lover and passionate blogger. Traveling the world and proving people wrong is her specialty and hobby. She loves reading up on the newest trends and has a passion for anything creative and trending.

Image courtesy of Safe betting



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