Betting with Cryptocurrency

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Some people think the Betting Veteran is a myth. An urban legend. If you say “Betting Veteran” three times in a mirror, he will appear. That is not true – saying his name in a mirror three times is just silly. What you actually need to do is deal an extra place at your next poker game and say his name three times. Before you know it, he will be there. Be aware though that he never loses. If you invite the Betting Veteran, be ready to lose.

Betting with Cryptocurrency

Cryptocurrency is the latest financial advancement that has taken hold of the world. It offers a much more secure method of carrying out transactions due to the peer-to-peer network it uses that requires a digital handshake at both ends to carry out transactions. This means that many more people are switching to using cryptocurrency to carry out financial transactions online. One of the biggest areas in which cryptocurrency is used is online gambling. With the bandwagon well and truly on the way, how do you become part of it, and what benefits are offered by using cryptocurrency?

Creating an e-wallet

The first step that you will need to carry out is the creation of an e-wallet. This is where your cryptocurrency is stored. Once you have set up your e-wallet, you will be ready to take the next step in order to begin betting with cryptocurrency.

The next step will be to provide a funding method to your e-wallet. This is basically using a more traditional banking method to buy some of your chosen cryptocurrency.

Placing a wager with cryptocurrency

When it comes to placing a wager with cryptocurrency, it actually works in exactly the same way as placing a wager with a traditional banking method. All you need to do is choose your bet, whether it is on a sporting event or a casino game, and you then wait to see if you have won or not.

The main difference when wagering with cryptocurrency is that there can be greater profits on offer if you get extra lucky. Take Bitcoin, for example. If you place a wager on a sporting event at odds of 3/1 and your stake is £10, then you would usually get a return of £40. This constitutes £30 profit and your £10 stake is returned. If you wagered £10 worth of Bitcoin, then there is the potential for more profit to come your way. If the value of Bitcoin doubled in the time between placing the bet and the win coming in, then you would actually receive £80. This would be because the amount of Bitcoin is what was wagered, not the value of the Bitcoin. So if the value of Bitcoin increases after you placed your wager, then you will get better returns than if you had used traditional money.

On the other hand, it also has the potential to fall in value, which would obviously give a worse return. It would also give a greater loss if your wager did not come in. One way that you can alleviate some of this risk is to use a cryptocurrency that is quite stable. While this will not offer the potential for much bigger wins, it will also limit the possibility of bigger losses. Your choice of cryptocurrency should be based around a risk level with which you are comfortable.

Benefits of using cryptocurrency

As already mentioned, one of the biggest benefits of using cryptocurrency is the increased safety and security that it offers. Part of this is due to the two-step verification process that it uses and the peer- to-peer transaction method. It means that there are a lot more layers than with a debit card or bank transfer. This makes it much harder for hackers to gain access to it. The blockchain also ensures anonymity to users. This means that even if a hacker somehow managed to gain access to your cryptocurrency during the transfer, it would be impossible for them to use this to gain access to other personal information about you. Using a traditional banking method leaves you open to not only losing what is in your gambling account, but also allowing hackers to get access to your bank account. Using an e-wallet means that your bank account details cannot be accessed.

E-wallets also work significantly faster than traditional banking methods. While some transfers can take up to 14 business days with a traditional bank, they can be completed within minutes when using an e-wallet. This ensures that you will be able to gain access to your money at a much faster rate. This is vital if you are hoping to convert your cryptocurrency to traditional money in order to take advantage of increased cryptocurrency values. In this case, a fast withdrawal time can be the difference between converting at a high and missing out on making additional profit.

Negatives to using cryptocurrency

The one real negative that cryptocurrency suffers from is also a positive. Because cryptocurrency is volatile, its value can change by huge amounts. As previously mentioned, this means that a winning wager can be worth a lot more, but it can also be worth a lot less. Therefore, cryptocurrency adds a greater level of risk to placing wagers, and this might be something that puts people off.

In addition to this, it can also confuse some people. Because it is different from the traditional methods of paying for wagers, for people who are resistant to change, it could be a problem. If you are happy to learn about new technologies, especially ones with the many benefits that cryptocurrency offers, then using cryptocurrency should not be a problem for you. If you do struggle with new things, then it might be better to stick to what you already know.