If you read about cryptocurrency betting platforms, you’d know that Bitcoin and other crypto-based gambling sites have gained a considerable market share over the past 12 to 24 months. Crypto betting sites most commonly accept Bitcoin, Ethereum, and Altcoins.
However, Bitcoin remains a firm favorite, most likely due to its established reputation and availability. There is a lot to learn about this growing trend, and we’ve inspected every corner of the world of crypto gambling — still in a stage of infancy — ensuring you are a step ahead with comprehensive knowledge about crypto gambling and crypto betting sites.
As cryptocurrencies develop, more and more different ones become available. We used Bitcoin for our review as it is the most commonly used and commonly accepted cryptocurrency at online casinos and other betting platforms.
Bitcoin is a type of digital cryptocurrency. In simpler terms, it’s a new form of currency (money) that is set up to be used over the internet. Transactions using Bitcoin are completely anonymous, free, and use no banks to complete transactions.
Deposits with Bitcoin on a cryptocurrency betting platform
Once you’ve got your money safely stored in your Bitcoin wallet, you’re ready to make your deposit onto the online crypto betting platform and start having some fun. All you need to do is navigate to the deposits section on the platform of the online operator you want to play at and click on the ‘Bitcoin’ option. Note that this option will only be visible if the operator accepts Bitcoin as a payment option. After clicking on the option, the operator will give you specific, step-by-step instructions on how to make your deposit, so don’t worry about getting stuck. After that, you’re all done! The depositing methods are usually very straightforward and easy to follow on all sites that accept crypto as a payment method.
Withdrawals with Bitcoin at crypto betting sites
After you’ve played and won yourself a nice lump of cash, it’s time to withdraw your winnings. All you need to do now is start the withdrawal process through the online casino or operator where you made your winnings, and it will process a transfer of your Bitcoins back into your Bitcoin wallet for you. Now you can do the Bitcoin to cash conversion! Once you receive your Bitcoins, convert them into your currency and send whatever amount you want back to your bank account if you want. Alternatively, you can also use the Bitcoin withdrawal to purchase from other online vendors that accept Bitcoin.
If you haven’t looked at the best betting sites with Bitcoin or other cryptocurrencies yet, you can take a look at some of our in-depth operator reviews on TheGruelingTruth.com. When it comes to matching up players with their ideal operators, we’re matchmaking experts!
Withdrawal and deposits with cryptocurrencies: know your average time scales
When depositing with cryptos such as Bitcoin, it shouldn’t take more than a few minutes from when the transaction is approved for you to have your money on the site and be playing or betting.
Withdrawals are always a different situation with every casino. Some casinos take 24 to 48 hours to complete a withdrawal, while others can take longer. Some casinos provide instant withdrawal transactions, especially high-end casinos, and others have the option of giving you an instant withdrawal at an additional fee. Overall, we think that crypto withdrawals are relatively fast and a great option when compared to other payment methods and their withdrawal times.
As a rule of thumb, you should expect your crypto withdrawal to take two days max; however, your best bet is to familiarize yourself with your casino of choice’s deposit and withdrawal Ts & Cs as they all have their own way of doing things. If fast withdrawals are a must for you, we suggest you take a look at some of our operator reviews on TheGruelingTruth.com to see which operator tickles your fancy.
If your deposit or withdrawal time ever takes longer than stipulated in your operator’s payment Ts & Cs, contact customer support immediately to ensure that the issue is straightened out ASAP.
Cryptocurrencies verification requirements – steps you need to take to get some invisible dough
A Bitcoin wallet can be described as an online hub for selling and purchasing Bitcoin. There are two types of wallets — one is called a software wallet and the other is a hosted wallet. A hosted wallet is similar to a bank, where it is available for spending but the third party is also responsible for the security of your crypto. So, that is the type of wallet we’re focusing on.
Using a hosted Bitcoin wallet feels the same as using PayPal. The only difference is that, once you load money on your hosted crypto wallet, you can convert the money into cryptocurrency and use it to make transactions.
There are specific steps and requirements for opening a Bitcoin wallet. The first thing you want to do is find a trusted provider and follow the instructions for creating an account. To open a Bitcoin wallet account you need to find a provider and follow the registration instructions. Here is an example using a popular and safe option, BitPay:
Open the BitPay App. You can download the app from your mobile app store.
After you’ve finished the installation of the app, click the ‘Wallet’ icon at the bottom of your screen.
Then, click on ‘Get Started’.
From here, you can enable the currencies you want to use. For example, if you wish to use Bitcoin, choose BTC.
After making your choice, scroll down and click on the ‘create’ option.
Now you will be provided with some prompts that you need to read and accept on the app by clicking ‘I understand’.
You can protect your wallet with a password. When you are prompted to do this, provide a password that contains more than six characters, at least one numeric character, one special character, and one capitalized character to ensure you have a strong password.
If you have other options like biometric authentication, you can choose which is best for you.
It’s unlikely that you’ll struggle to sign up using any crypto wallet as the majority of them are really easy to use and come with clear, step-by-step instructions.
The history of cryptocurrency — from suspicious invisible entity to financial marvel
Where it all began
The cryptographer David Chaum is the one to blame – if you feel like blaming someone! We’d rather feel like congratulating them, though. In 1981, Chaum developed a cryptographic system called eCash in the US. This was the first sign of cryptocurrency. In 1989, Chaum went on to develop this into an ingenious system called DigiCash, which used cryptography as a tool that made economic transactions completely confidential.
Who said the ‘C’ word first
However, it was only later that the actual term ‘cryptocurrency’ was used for the first time — in 1998, to be exact. Wei Dai is the culprit, and the term comes from his idea to develop a payment method that uses a cryptographic system for the main purpose of decentralization.
Crypto and legal gambling in the US
The legality regarding gambling in the United States is an issue for the majority of US citizens interested in betting on sports or gambling at online casinos. Additionally, the laws in the different states are not the same, which makes the situation even more confusing. It’s the same when it comes to betting deposit methods, which specifically refers to accepted payment methods at different online casinos. Some operators and methods will be legal across the board like bank transfer betting sites, but when throwing cryptocurrencies into the mix, it leaves online gamblers in a state of confusion about what is legal and what is not, especially in the state where they may reside.
The future of cryptocurrencies
The use of cryptocurrencies and investment popularity is constantly increasing. Although the majority of society showed much distrust toward this strange new invisible currency, times have changed, technological development has affected the general approach to things, and crypto is currently viewed as an asset rather than a sinister technological plot. A myriad of companies have started using it by allowing payment of their products and services with virtual currencies.
Cryptocurrencies compared to other providers – the battle of the payment methods
Crypto versus Credit Card
Using crypto at an online casino is completely anonymous while using a credit card requires basically all of your personal details. This is ultimately for safety and security purposes, but many individuals don’t like providing unfamiliar operators with their personal information, and for good reason.
You might be searching a lot harder for crypto betting sites than you would for those that accept credit cards. Credit card options like online betting American Express are available at basically every online casino because it is an established and popular payment method. Crypto is on the rise, though, so watch this space.
The deposit times for crypto and credit cards are basically the same — almost instant. However, while many online casinos don’t offer a credit card withdrawal, a crypto withdrawal is relatively quick and easy.
Crypto versus ECheck
While crypto is a super-fast way to transact, whether it be a deposit or a withdrawal, doing the same via ECheck is a timely process, and a deposit, which is usually quick with all payment methods, can take up to 3-5 days before you can use the funds in your operator account,
Additionally, while crypto betting sites are notoriously hard to find, finding an operator that accepts EChecks is also not so common. It will also not be as widely advertised as a payment method as crypto will as it is an archaic way of making payment, and many gamblers have moved on to newer technology like instant wire transfers and credit cards.
Finally, you once again have to provide scores of personal information if you want to use ECheck as your preferred payment method at an online casino, while crypto is anonymous. These details include your bank name, account, and routing number, and the amount you want to load to the account — all inserted into the online casino’s cashier section.
Three essential facts about using cryptocurrency at crypto betting sites
Crypto is different from real money
Gambling with crypto is almost like gambling with gambling itself because cryptocurrencies have a constantly fluctuating exchange rate. This is something that always needs to be on your mind if you decide to gamble using crypto, and it is something you need to understand thoroughly. Understanding cryptocurrency from an investment perspective can be a great help if you decide to go for it. That being said, this is not necessarily a negative thing — fluctuations can go both ways, but there’ll be that extra risk involved.
Not all casinos accept crypto as a payment method
There are casinos that don’t have crypto as a payment option, and then there are casinos that only support specific cryptocurrencies. In this case, Bitcoin is the most popular. You can bet on the fact that a Venmo sportsbook will most likely not have crypto payment options, for example. On the other hand, you may find casinos that have special crypto-only bonuses, but in the end, the most important part is whether the crypto betting platform will ultimately meet your wants and needs as an online gambler. You can easily find your perfect match by reading our operator reviews on TheGruelingTruth.com.
Crypto betting sites are not necessarily more legit than other betting sites
Even though using crypto as a payment method is very safe and secure, the crypto betting website you’re eyeing may still be shady. As with other betting sites, you need to look at some tell-tale components that will provide confirmation of legitimacy for you, apart from the fact that you can use crypto as a payment method. After all, there are many aspects of an online casino that needs to be checked out to establish legitimacy. Here are some things to consider:
Does the site promote responsible gaming and have such policies in place?
Is there still a wide variety of payment methods even though you can use crypto?
Does the operator have reliable customer support?
Are the Ts and Cs unambiguous and clear?
If these match up, chances are you’ve got yourself a quality crypto betting platform.
There is no reason for anyone residing in the US to fear using Bitcoin or other cryptocurrencies at crypto betting sites. As long as the operator you chose is a reputable and legal casino or betting platform, you can deposit and withdraw your earnings without any concerns. You may not find a crypto betting platform right off the bat as they are still pretty rare, but times are changing — hence the fact that we conducted an in-depth review on cryptocurrencies and online casinos that accept them.
You should now be able to navigate through the world of crypto gambling and understand the pros and cons of using crypto as your payment method at your favorite gambling site. However, the only real con is that not enough operators provide a crypto payment option!
Some online gamblers will always stick to what’s familiar like Paysafecard betting sites, but as everything, including technological development, progresses around us, we can’t help but wonder if these methods will eventually be completely phased out. Find the best reviews of online gambling sites that do support crypto payments by digging into our spectacular operator reviews here at TheGruelingTruth.com
👀How do I make a deposit with Bitcoin or other cryptocurrencies at an online casino?
The depositing process is quite simple, and will most likely be similar on most online gambling deposit pages. Find out more about deposits and withdrawals using cryptocurrencies by reading our review about how to understand and use crypto at crypto betting sites.
💫Can I deposit with cryptocurrency and use another banking method for withdrawals?
It all depends on the gambling operator you prefer to use. Different operators offer different payment methods for deposits and withdrawals, so it all depends on the operator’s Ts and Cs. TheGruelingTruth.com covers all your favorite operators and even some you may not know about by doing in-depth operator reviews. Check out the site to find out what your favorite operator’s deposit and withdrawal requirements are.
🎲What separates crypto casino operators from classic online casino operators?
It most likely depends on the meaning of ‘Classic Online Casino Sites.’ An online casino that accepts crypto can also be seen as a normal online casino — it just offers an extra, and currently rare, payment method to its customers. Crypto casino sites are online gambling operators that offer their customers the option to pay using cryptocurrency. We’ve got all the details about crypto betting platforms in our comprehensive review about online gambling sites that offer crypto as a payment method, so make sure you take a look!
🌎Where is cryptocurrency gambling legal in the US?
Cryptocurrency gambling is legal in several states in the US. However, this doesn’t mean that all casinos in these states provide cryptocurrencies as payment methods. You can find out all the necessary details about where to find the best crypto betting platforms by reading our review on operators that provide cryptocurrency as a payment method and by looking at our in-depth operator reviews all over the US on TheGruelingTruth.com.
Players must be 21 years of age or older to reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council of Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.