Cryptocurrencies have become popular in the past few years, and nowadays, it is possible to use them for nearly every purpose possible. You can buy groceries, pay bills, use cryptos as an investment tool, or try to win more money with crypto betting. The latest options have become extremely popular since more betting sites accept transactions with cryptos.
The increasing popularity of crypto betting is partly due to pure curiosity but mainly because it also has a lot of benefits you might not get with traditional payment methods. We got the privilege to discuss the benefits of crypto betting with Oscar, a betting expert from Vedonlyontisivustoni.com, the most popular sportsbook comparison site in Finland.
Quick transactions and no extra fees
One of the most significant benefits of using cryptocurrency on a betting site is the overall quickness. According to Oscar, when you deposit or withdraw cryptocurrencies from the betting site, only a couple of seconds later, you can already see the money in your account. That is impressive from a currency many don’t even count as real money. When comparing transactions with cryptos to traditional bank transactions, crypto transactions can be a hundred times faster than bank transactions.
A big plus is that using cryptocurrencies usually doesn’t have any extra fees. Even if there are some additional fees, they are most often cheaper than with traditional payment methods. The costs are more reasonable since accepting transactions with cryptocurrency betting sites saves money on credit card fees. Oscar commented that when there are fewer additional fees, gamblers get to keep more of their winnings when withdrawing money from the betting sites.
Security and privacy
When talking about gambling and money overall, Oscar wanted to point out that you can never focus too much on security and privacy. That is where cryptocurrencies shine since they provide levels of safety and anonymity that traditional currencies don’t. With the pseudonymity of cryptos, casual gamblers can play as much as they want without worrying about someone getting to know they are gambling. If they handle all transactions with cryptocurrencies, there is no way to follow their gambling journey online.
Besides being as private as possible, cryptocurrencies are also extremely safe to use on a betting site. The only problem with safety is that someone forgets the password of their crypto wallet. Then there is no way to get the money back. Otherwise, all the transactions are as safe as they can be with cryptocurrencies. Also, with complete anonymity, the gambler doesn’t risk someone stealing his identity while using an online betting platform.
Optimized for online betting
The last notable benefit of betting with cryptocurrency is that all cryptos were born on the internet and are the best currency available for that platform. If the platform is digital, the best payment method for that platform needs to be fully digital too. Compared to credit cards, Paysafecard, and other similar payment methods, they were all built to work in a physical environment. Since betting sites work only on a digital platform, traditional payment methods had to adapt themself to work in these conditions. Cryptocurrencies have been there their whole life and are a perfect digital currency for a digital platform.