Things to Know about Mobile Betting with CryptocurrencyNovember 14th, 2018
It's been impossible to ignore the trend of cryptocurrency, and it's not surprising that cryptocurrency is now accepted at some online casinos.
If there was a buzzword in 2017, it was Bitcoin (BTC). Despite being around since 2009, things caught fire in 2017 and the cryptocurrency’s value soared. As more people jumped on the bandwagon, the price of a single coin went from $1,000 to almost $15,000 in a 12-month period. Helping to fuel the surge was an increase in ways to spend Bitcoin and other cryptos. Although we’re not yet at the point where digital currencies have replaced traditional currencies, things are changing.
As is often the case, the iGaming industry was quick to pick up on the recent trend and, today, cryptocurrencies are finding their way on to the deposit pages of certain casinos. Again, it’s not an option at every online casino just yet. However, it’s a good bet that almost every leading platform will have at least one crypto option within the next ten years. So, with this in mind, we’ve put together a few things you’ll need to know before the winds of change blow through the industry.
1. Crypto Payments Cross Borders
The main reason cryptocurrencies such as Bitcoin, Cardano (ADA) and Litecoin (LTC) are popular is because they aren’t bound by any banks or government forces. In simple terms, no one owns a digital currency and no one is needed to oversee the payment process. Because of this, cryptos are described as being universal.
In contrast, if you had GBP, you wouldn’t be able to spend in the US without exchanging it to dollars. This isn’t necessary for cryptocurrencies. The upshot of this is that you're able to deposit, bet and withdraw the same funds as everyone else, regardless of where you live. That, in turn, eliminates currency conversion fees, which makes your overall experience not only cheaper, but more efficient.
2. Making Crypto Deposits Can be Tricky (at first)
Perhaps the most important lesson you need to learn before you start betting with cryptos is how to make a deposit. Unlike traditional payment methods such as Visa, MasterCard and PayPal, cryptocurrency transfers require a lot of care. Firstly, the process involves sending money from your online wallet to the casino’s online wallet. Wallets have long and complex addresses. What’s more, the address can change. Therefore, you need to take care when you input the unique string of letters, numerals and symbols.
Secondly, crypto payments are irreversible. Because there is no one overseeing the process, a wrong move will cost you your funds. In other words, there isn’t a bank worker who can correct your mistake. Therefore, when you do finally get around to making a cryptocurrency casino deposit, make sure you check and double check where you’re sending the money before hitting the confirm button.
3. Check the Regulations in Your Country
Despite being a universal currency that no one controls, there are certain countries where cryptos are outlawed. In technical terms, governments can’t stop you from owning Bitcoin et al. However, what they can do is shut down exchanges where you can invest in them. The reality is that the lack of regulation has spooked some governments and caused a negative reaction. However, as things evolve, this will change. Until that happens and everyone starts supporting cryptos, make sure they're legal in your country.
One positive for UK gamers is that the Gambling Commission has ruled that digital currencies are acceptable. As long as a UKGC licensed operator can meet all the necessary anti-fraud measures, it’s allowed to offer crypto payments and more.
So, if you’re a British gamer, take note of our tips because more sites are going to be using digital currencies in the next few years.