Last Updated on 09/23/2022
Fact checked by: Mike Goodpaster
If you read about digital currency betting platforms, you’d know that these gambling sites have gained a considerable market share over the past year. However, they cannot be trusted!
There is a lot to learn about this growing trend, and so we’ve created this guide to show why you should avoid betting sites who take digital currency. Keep reading to see why you should only play with legit US sportsbooks!
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.
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.
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!
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:
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.
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.
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.
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 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.
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.
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.
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:
Even if a casino has all of these factors, the fact that it takes alternative digital currencies shows that it is an illegal operator.
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
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.
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.
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.
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.