Back in 2009 when the first cryptocurrency was made, Satoshi Nakamoto the creator of BitCoin thought that he could use this blockchain technology as an electronic cash system and a way to giving back financial independence to the people. Since then, crypto has flourished in the cyberworld that took every technology enthusiast by storm due to its numerous user-centric features which address the issues of fiat currency: inflation and tax. Because of these, BitCoin garnered over 70 million active wallet users, who use virtual money in purchasing goods and services online particularly in online betting sites.
Benefits of Using Cryptos in Online Betting
Some gaming operators have adapted the cryptos into their money transaction system to cater to the increasing amount of cryptoholders-slash-bettors. This hype in cryptocurrency along with the following user-centric features made BitCoins and its other imitators a new payment method in online betting sites.
- Ensures anonymity
For crypto transactions to be made possible, both parties—the payee and payer—only need public and private keys, which are unique codes, to seal the deal and during that exchange, only these codes, the payment, and the sold goods are the only information that is exposed. It excludes the amount of your total virtual tokens in your account unlike in fiat currency where every detailed information is at risk of hacking.
- Speedy transaction
Since this transaction does not involve any middleman like the bank or any money wiring service provider, the transaction can be completed within minutes or even seconds. Hence, both consumers and businessmen prefer this.
- Obliterating frauds
Blockchain technology was created to ensure that every transaction is recorded and should be done ethically. Hence, transparency is ensured.
- Less to zero transaction fees
Since there’s no middleman, the transaction fee from alike currencies are zero while converting one type of crypto to another involves lesser transaction fees that can be done through a cryptocurrency exchange entity.
- Free from tariffs and exchange rate issues
Cryptocurrency acts like a universal currency, but it is not subjected to tariffs nor has exchange rate issues. The exchange rate can only be subjected if you need to convert a type of currency to another.
Online Betting: How to Use Cryptos
To use the cryptocurrencies in online betting sites like viggo slots, you first need to have a crypto wallet wherein all your virtual money can be monitored by you using private keys in which only you should know. For BitCoin users, the following steps will be your guide.
- Open a BitCoin wallet provided by a hosted wallet.
- Deposit some cash and use it to buy Bitcoins. Remember, check first the conversion value of BitCoins to dollars before purchasing it.
- On the online betting site, there is a BitCoin button where you can deposit it. Just simply follow the guidelines. The same method is applied for withdrawing your winnings.