Pros and cons of digital currency betting
Pro and Con
- Interesting use of payment tech
- Not legal in the US
- Unsafe
- Not recommended
- Volatile value
Making a payment with digital currency
So let’s get one thing clear: there are no legal US operators that accept alternative digital payment technologies. Any site that does accept digital currency is operating illegally and should be avoided.
As digital currency technologies develop, more and more different ones become available. We used one famous asset for our review as it is the most commonly used and commonly accepted digital currency.
Understanding digital currency
In simpler terms, these are a new form of currency (money) that is set up to be used over the internet. Transactions using digital currency are completely anonymous, free, and use no banks to complete transactions.
Once you’ve got your money safely stored in your wallet, you’re ready to make your deposit onto the online 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 relevant option. Note that this option will only be visible if the operator accepts digital currency 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. Just remember that any gambling site taking digital currency is acting illegally in the US.
Withdrawals at betting sites with digital currency
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 back into your wallet for you. Once you receive your digital currency, 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 withdrawal to purchase from other online vendors that accept the alternative payment method.
If you haven’t looked at the betting sites with digital currency yet, you should know that they are illegal and should be avoided. Instead, you can take a look at some of our in-depth operator reviews on TheGruelingTruth.com. When it comes to matching up players with legal US operators with safe payment methods, we’re matchmaking experts!
Withdrawal and deposits with digital currency: know your average time scales
- When depositing with digital currency, 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 withdrawals with shady payment providers aren’t worth it just because they are relatively fast compared to other payment methods and their withdrawal times.
- As a rule of thumb, you should expect your 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.
Payment verification requirements – steps you need to take
A digital currency wallet can be described as an online hub for selling and purchasing the digital assets. 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 assets. So, that is the type of wallet we’re focusing on.
Using a hosted alternative digital currency wallet feels the same as using PayPal. The only difference is that, once you load money on your hosted wallet, you can convert the money into the alternative digital currency and use it to make transactions.
There are specific steps and requirements for opening such a wallet. The first thing you want to do is find a trusted provider and follow the instructions for creating an account. To open a wallet account you need to find a provider and follow the registration instructions. Here is an example using a popular alternative digital currency option:
- Open the 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 alternative digital currencies you want to use.
- 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 wallet as the majority of them are really easy to use and come with clear, step-by-step instructions.
The history of alternative digital currencies
Where it all began
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 payment system in the US. In 1989, Chaum went on to develop this into a new ingenious system technology as a tool that made economic transactions completely confidential.
Who said the ‘C’ word first
However, it was only later that the famous term 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 system for the main purpose of decentralization.
digital currency payments 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 alternative digital currency into the mix, it may leave online gamblers in a state of confusion about what is legal and what is not, especially in the state where they may reside. However, we just have to emphasise the point that there are no legal US operators that accept alternative digital payment technologies. Any site that does accept digital currency is operating illegally and should be avoided.
The future of alternative digital currencies
The use of alternative digital currencies 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 alternative digital currencies are 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. However, you can’t use alternative digital currencies at any legit US gambling sites.
Alternative digital currencies compared to other providers – the battle of the payment methods
Credit Card
- Using alternative digital currencies 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. However, any company taking payments like this is acting illegally in the US.
- You might be searching a lot harder for betting sites that take alternative digital currencies 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.
- The deposit times for alternative digital currencies and credit cards are basically the same — almost instant. However, while many online casinos don’t offer a credit card withdrawal, a withdrawal with alternative digital currencies can only be done at illegal offshore gambling sites.
ECheck
- While alternative digital currencies offer relatively fast ways 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 betting sites that take alternative digital currencies 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 alternative digital currencies 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 alternative digital currencies are 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. Such checks are ultimately there for your protection.
Sites that offer legit alternative payment methods
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Three essential facts about using alternative digital currencies at betting sites
Alternative digital currency 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 alternative digital currencies as a payment method
All legal US casinos won’t have alternative digital currencies as a payment option, and then there are casinos that only support specific cryptocurrencies. You can bet on the fact that a Venmo sportsbook will most likely not have alternative digital payment options, for example. On the other hand, you may find casinos that have special bonuses that can only be claimed with alternative digital currencies, but in the end, the most important part is whether the 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 to find a legit operator who only features trusted payment methods, not alternative digital currencies.
Betting sites that take alternative digital currencies are not legit
Using alternative digital currencies as a payment method is not safe, and the crypto betting website you’re eyeing is an illegal offshore operator. 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 alternative digital currencies 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 alternative digital currencies?
- Does the operator have reliable customer support?
- Are the Ts and Cs unambiguous and clear?
Even if a casino has all of these factors, the fact that it takes alternative digital currencies shows that it is an illegal operator.
Conclusion – Avoid alternative digital currencies for gambling
There is no reason for anyone residing in the US to be using alternative digital currencies at betting sites. This is because there are dozens of excellent licensed gambling sites in the US who take regular payment methods like Visa, Mastercard, PayPal, Play+ and ACH bank transfer. All of which means that you won’t have to risk your online security by using alternative digital currencies.
You should now be able to navigate through the world of gambling and understand that there is no need to use alternative digital currencies as your payment method for gambling.
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 trustworthy payments by digging into our spectacular operator reviews here at TheGruelingTruth.com
Awesome bonuses to boost your bets
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Alternative digital currencies betting FAQ
👀How do I make a deposit with alternative digital currencies at an online casino?
The depositing process is quite simple, and will most likely be similar on most online gambling deposit pages. However you should read our review to see why you can’t use alternative digital currencies for legal wagering in the US.
💫Can I deposit with alternative digital currencies 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. But any site taking alternative digital currencies cannot be trusted. 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 casino operators who take alternative digital payments from classic casino operators?
It most likely depends on the meaning of ‘Classic Online Casino Sites.’ An online casino that accepts alternative digital currencies can also be seen as a normal online casino but these are all acting illegally and will be offshore gambling sites. We’ve got all the details about betting platforms in our comprehensive review about online gambling sites so that you can find a legit operator who doesn’t use alternative digital currencies.
🌎Where is gambling with alternative digital currencies legal?
Gambling with alternative digital currencies is illegal in all states in the US. You can find out all the necessary details about where to find the best betting platforms who feature legit payment providers by reading our reviews right here on on TheGruelingTruth.com.
