4 Reasons to Use Crypto When Gambling : Blockchain, the technology behind crypto, has been the latest addition to the gambling industry presenting solutions to problems that have been ailing the industry for a long time. Challenges in privacy, transparency, and fairness have long dragged the gambling industry behind making potential gamblers pull out from the trade due to the drawbacks.
However, with the introduction of cryptocurrencies, this trend is bound to change. Below we explore four reasons why you should use crypto when gambling.
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Unparalleled privacy
Despite gambling being legal in many parts of the world, it often comes with a lot of social stigma from the general public. When people know you’re gambling, they tend to label you as a morally decadent and unsavory character. While these attributes can be associated with gambling, there are numerous casual gamblers out there who do it just for fun.
Using crypto like Ethereum when betting can help protect your identity since you can only be identified by your wallet address rather than your personal details. It is therefore incredibly important to manage your digital currencies in a safe wallet. Furthermore, some payment gateways allow you to buy bitcoin with amex and other bank cards and this then enables traders to process transfers anonymously. Ultimately, this anonymity enables you to keep your cryptocurrency transactions private which has major advantages when gambling.
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Robust security
Cryptocurrencies especially Bitcoin, are the most secure currencies out there when stored correctly. As long as you store your coins in offline wallets and protect your private keys with strong passwords, there is no way someone can steal your money.
This is unlike using credit cards or PayPal which are highly predisposed to theft by hackers in case a gambling site gets hacked and users’ credit card information or PayPal account information is stolen. You can start gambling securely using crypto by simply visiting a sports crypto blog and following the guidelines there.
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Fast transactions
There are numerous complaints by gamblers who spend hours, days or sometimes weeks waiting on an online casino withdrawal to be reflected on their accounts. Crypto payment is a better alternative to these conventional payment methods.
Crypto payments are incredibly fast with deposit and cashout transactions completed in as little as fifteen to thirty minutes. Transaction speeds can even be instant when using reputable online gambling platforms.
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Low transaction fees
In addition to the fast transaction speeds, using crypto when gambling saves you a lot of money due to the relatively low transaction fees incurred as compared to bank transfers or credit card payments. In the cryptocurrency realm, this fee is referred to as the ‘miners fee’ and is usually a small fee levied by cryptocurrency miners as payment for processing your transaction.
Nonetheless, the miners fee is a much cheaper option when compared to the fees associated with other payment methods. This cost-effective benefit is very important to any gambler because it ensures he/she receives the maximum possible percentage of the winnings.
Conclusion
The use of cryptocurrencies in gambling is now a reality. Thanks to its many benefits, numerous casinos continue to adopt it daily to streamline their services. Gamblers also have a lot to gain from this in terms of lower costs and higher returns from their bets.
4 Reasons to Use Crypto When Gambling