Why Bet with Bitcoin and other Cryptocurrencies
Why Bet with Bitcoin and other Cryptocurrencies
Learn the advantages and disadvantages of wagering using cryptocurrencies like bitcoin. Know the commonly used cryptocurrencies in betting sites.
There are various kinds of payment methods you can use when betting online like real money and cryptocurrency. However, one of the easiest ways to wager on your favorite sports betting site is to use cryptocurrency like Bitcoin. It is one of the safest methods available when doing any sort of transaction online. This is because they have strong cryptography which secures your transactions, verifies transfer of assets, and controls production of new units. This cryptography is known as public key cryptography or public key encryption. All cryptocurrencies like Litecoin, All Sports, and Ethereum have this kind of strong encryption.
Public Key Encryption
In public key encryption, you would be assigned a random private and public key that would help in securing your message. Since you will be using this in cryptocurrency, it means only the person who you are sending your money to would be able to receive it.
A public key is one you share with others in order to send you an encrypted message. Any transaction encrypted with your public key becomes unreadable. You would then have to decrypt the message using your private key.
Do keep in mind that since the transaction was encrypted with your public key, only your matching private key would be able to decode it. Think of the public key as a lock whereas your private key is the key to open it.
Before you head on to understanding how to send/receive money, you should know about blockchain.
A blockchain is made up of blocks. These are list of records that continuously gets updated. They are linked together and secured by cryptography so it’s ensured all transactions are protected. Blockchains also provide the validity of your cryptocurrency money.
You would need a crypto wallet in order to successfully transfer your money anywhere you want it to. This does not mean it keeps your crypto coins inside it. All it does is store your private and public key to send and receive your money.
ADVANTAGES OF USING CRYPTOCURRENCIES
There are many advantages in using cryptocurrencies while wagering online. There is no threat of your personal information being shared if you don’t want to. This is because they are encrypted and all you would be sharing is your public key. You would receive an encrypted message of your money which you will decode using your matching private key.
Unlike with real money where it is handled by a central authority, cryptocurrency is decentralized. It means there is no middle man when you send and receive your money. All transactions will only be between you and another person so there is no service cost.
Instant deposit and receiving your payout within minutes is possible because of this. There are various steps you need to do to confirm your transaction. However this does not mean your transaction will take longer.
DISADVANTAGES OF USING CRYPTOCURRENCIES
Having one of the safest ways to secure your financial transactions does not mean that using cryptocurrency is without its faults. One thing to dislike about this is the blockchain. While it is secure, the records it keeps are permanent. This means anyone who knows your private key would be able to search the blockchain and see all records of your transactions.
Additionally, because most cryptocurrencies have high value, the deposit and withdrawal limit might be too high. It would be higher than you would have expected if you know how much it is in converted fiat money.
COMMONLY USED CRYPTOCURRENCIES IN BOOKMAKERS & CASINOS
There are many online sportsbooks that accept cryptocurrencies. The cryptocurrencies which are usually accepted in these sites are: BTC, LTC, ETH, XRP, SOC, BCH, EOS, TRX, DASH.
WHAT IS THE BONUS/PROMOTION IF I BET USING THIS AT BETWALA?
If you are looking for a bonus if you use a cryptocurrency to wager, then you have found the right place. Betwala has various offers that you can use whether you are a new or regular player.
If you are a new player then they have a hefty welcome bonus offer. You would be able to get 3x your stake as a free bet. This means if you bet on odds over 1.50 with exactly mɃ 2/ ETH 0.03 / SOC 1000/ LTC 0.15, you will receive mɃ 6/ ETH 0.09 / SOC 3000/ LTC 0.45 within 48 hours.
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