Know how Cryptocurrency in online betting work

Know how Cryptocurrency in online betting work

Gambling

Know how Cryptocurrency in online betting work

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Online gambling activities using different virtual currencies are popular in countries around the world such as the United States, France, Colombia, however it is African players who are among the majority of punters who use cryptocurrency to bet on games of chance. Africa is a very diverse continent with South Africa as the top leader when it comes to the online betting market especially for mobile. South Africa is closely followed by Kenya and Nigeria. 

On the other hand, Kenya has one of the most flexible mobile gambling industries that includes almost every form of gambling allowed: online gambling, bingo, online casinos, sports betting, lotteries, etc. Regarding the Nigerian mobile betting market, it is definitely booming as the Nigerian authorities that allow gambling have guaranteed their authorization in many places or betting sites. Other African countries like Ghana, Zambia and Uganda also have developing online betting markets.

More and more bookmakers offer deposits and withdrawals via the bitcoin protocol, bookmakers specializing in sports popular on the American market are at the forefront. There are two reasons for this: firstly, the United States is second in the bitcoin transactions ranking, so this is a great market for this currency, and secondly, in the vast majority of states, online gambling is not legal (e-gambling is only available in Nevada, Delaware and New Jersey), so players are looking for every way to bypass government blockades . This article describes the use of bitcoin in betting. You will learn from it how to convert currencies PLN, USD, EUR into virtual bitcoin and how the deposit goes to the bitcoin bookmaker. We also looked at bookmakers that support Bitcoin and created a preliminary ranking. Those who are unfamiliar with the subject of bitcoin are encouraged to read the article on the basics of bitcoin and cryptocurrency as a preliminary supplement to knowledge, advantages of using cryptocurrencies in gaming industry are huge. 

Bookmakers only “bitcoin” 

Bitcoin bookmakers do not verify tipsters. On the wave of popularity of cryptocurrencies, many new bookmaking companies have been created. They only accept deposits and withdrawals in cryptocurrencies. Bitcoin support (BTC) is standard; some also support Litecoin (LTC) and Ethereum (ETH) cryptocurrencies. Bitcoin bookmakers function like cowboys in the Wild West … they are free from any imposed regulations. They are not subject to any gambling commission, usually they do not have a license, and only a few are monitored by the SBR. They are completely uninterested in user data, they do not require a first name, last name or residential address to register , let alone ID scans … there is no verification. Rarely which Bitcoin bookmaker asks about the date of birth. All you need is a working email address, which you need to click the confirmation link, your account password and nickname.

The benefits of using crypto for betting

Well, there are a number of advantages that are unique to cryptocurrencies.  Transactions are carried out directly between users who exchange this currency, without intermediaries involved.

Therefore, the transactions are completely private and anonymous, ensuring that the identities of both parties are completely hidden behind a simple code string that cannot be connected to any detail of personal information and, since the gaming authorities have also Having started to integrate this method into their procedures, it is the ideal time for this cryptocurrency to demonstrate its full potential.

In fact, most casinos that accept this payment method have a large variety of currencies available, so they often provide a welcome or special bonus if this payment method is used. These online betting houses in Peru can also decide if they offer casino bonuses exclusively when using Bitcoin once the user has registered on the platform, with the possibility of recharging and receiving deposit offers according to the provisions of each website of the Peru.

You will start to wonder how this innovative payment method really works. Well, we will tell you. We know that this cryptocurrency is similar to using cash online, but how do you use it to play at an online sports betting house that offers Bitcoin as a payment alternative?

Simply put, you will need to find a Bitcoin exchange online, opening a wallet, much like traditional electronic wallets like Skrill and PayPal. 

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