The continuous rise and popularity with cryptocurrencies, especially in regards to Bitcoin, is starting to change the financial landscape as we know it today.
Whether you are buying in or not, the simple fact that cryptocurrencies are now here and they are not going to be going anywhere anytime soon. Yes, some cryptos fail in their attempt to remain on the market, but there are far more cryptos out there than we can count.
With sports betting being legalized in the United States combined with cryptocurrency’s rise in popularity among its citizens, you can bet that sports betting, and cryptocurrency sports betting, is going to be on the uptrend.
Sports betting has continued to grow among American citizens, it was just taking place offshore where the Feds could not regulate the market. At this point, sporting betting has become too big to ignore, hence the USA’s adoption of legalized sporting betting on its own soil.
This page will help you understand betting with cryptocurrencies as it stands today. While rising in popularity, it is still an unknown aspect among many in the betting industry, and we want to help you understand the ins and outs so you can get a better grasp on the concepts at hand.
The several sections of this page are going to help you understand betting with cryptocurrencies, and it’s recommended you view as many as you can in order to get the full picture.
It might not be for everyone, but betting with cryptocurrencies is on the rise and it’s a prudent move to get a grasp of the situation at hand.
Cryptocurrency Betting Sites
When it comes to betting with cryptocurrencies, the leader in the market Bitcoin, by far. However, as mentioned above, there are plenty of cryptocurrencies on the market these days, several of which are now being accepted by some betting sites as a means for deposit.
If you are looking to utilize a different cryptocurrency for sports betting aside from Bitcoin, then the options are little fewer and further between than Bitcoin.
Still, there are several other cryptocurrencies you can bet with in the form of Litecoin, Ethereum, Bitcoin Cash and Dash. Some have similar characteristics to each other and to the ever-popular Bitcoin, but some also can differ in certain aspects.
As mentioned, Bitcoin is the leading cryptocurrency at the moment both in general popularity and when betting with cryptocurrencies. The revolution started with Bitcoin and it will be tough to knock the leader out of the top spot for some time.
It currently has the most value and easy the highest acceptance rate among betting sites. It is easily the most popular among bettors and betting sites alike.
Litecoin is gaining in popularity as well and has very similar characteristics to Bitcoin. That said, Litecoin is cheaper to use and its efficiency in transaction speeds is superior.
While not as popular as Bitcoin at the moment, Litecoin is gaining big-time in popularity among acceptance rates and the general population, so this is one to certainly keep an eye on moving forward.
Bitcoin cash differentiates from Bitcoin in the sense it has larger block sizes and allows larger transactions to be completed in a more efficient manner.
It also has fewer fees than Bitcoin, why is aiding its rise in popularity. Like other Cryptos, Bitcoin cash can be widely purchased almost anywhere in the world by anyone in the world.
Ethereum also operates on an open-source block chain like Bitcoin, also has its own proprietary traits.
It has only been around since 2015, but Ethereum has already branched from Ethereum Classic, or ETC, to the much more popular ETH, which is gaining popularity in terms of acceptance from online betting sites.
Formerly Darkcoin or Xcoin, Dash is gaining popularity at a higher rate than a lot of other cryptos, especially within the United States.
Its characteristics are similar to those of Bitcoin in terms of using an open-source, peer-to-peer system, like many of the other cryptos in existence.
Other Accepted Cryptocurrencies
While the above-mentioned cryptocurrencies are the most popular among betting sites, there more than 30 cryptocurrencies you can bet with, although the options in terms of betting sites aren’t as plentiful.
Please feel free to sort through the hub in order to understand the different types of cryptos, the pros, and cons as well as the best betting sites when it comes to cryptocurrencies!
Why Adopt Cryptocurrency Betting?
An attractive aspect of cryptocurrency betting is the fact that cryptos are not regulated by a Central Government Bank, unlike the vast majority of the world’s financial system.
In terms of cryptocurrency sports betting, the main advantages are the attractive near-zero fees and the efficiency in regards to transactions. Prior to betting with cryptos, it could cost a fee to withdraw funds from a betting site, sometimes as much as $50 or 10-20% of the withdraw amount. When betting with cryptocurrencies, the fees are near-zero or zero.
Essentially, the pure efficiency level of the peer-to-peer transfers of cryptocurrencies, and the lack of Government involvement, is making betting with cryptocurrency very attractive.
Do All Betting Sites Accept Cryptocurrencies?
While it didn’t take off immediately with online betting sites, the sharp rise in popularity in cryptocurrencies has all betting sites that accept deposits from Americans offering Bitcoin as a deposit method.
With the legalization of sports betting in the United States, the use of cryptocurrencies as means of depositing for offshore betting sites is huge as it allowed them to continue to attract business alongside the rise in betting with cryptocurrencies.