Before 2009, the concept of holding a currency digitally and distributing it without the control of a centralized system was unheard of. When the first cryptocurrency called Bitcoin hit the financial markets, the world of making payments experienced a paradigm shift.
If at this point, you are confused about what the term “cryptocurrency” means, not to worry, we have got you covered.
What is Cryptocurrency?
Cryptocurrency is a type of currency that can be traded virtually or digitally, without the control of banks to approve transactions.
These digital transactions are said to run on a public ledger or bookkeeping system called Blockchain. By virtue of encryption, data revolving around transactions can be stored and verified, resulting in an open-book system where everyone on the blockchain can have access to this transaction information.
The decentralized nature, although sparked some concerns, in the beginning, has become the main reason that cryptocurrency has enjoyed this wide acceptance, especially in the gambling industry.
Crypto Betting Tips for Beginners
Gambling has become increasingly popular in recent times with the industry recording ground-breaking returns year in and year out.
One of the areas that have become a major concern for most online betting platforms is the availability of payment options. Some payment options are unavailable for certain currencies, hence making processing transactions for people in that location difficult.
This is one area where cryptocurrency comes in handy. Because it is a system that borders on decentralization, players from around the world can process digital payments on the betting site, without any restrictions that could be faced with the traditional payment systems.
This has pushed a lot of online betting platforms to feature a broad range of cryptocurrencies on their platforms to further simplify transaction processing for the users.
To get started with crypto betting, follow the steps below:
- Set up your crypto wallet. This is where you store your vast range of cryptocurrencies, which can be transferred from one wallet to another.
- Buy your preferred cryptocurrencies. You can always buy cryptocurrencies from exchanges like Binance where you can pay Fiat in exchange for the worth of your desired coin. Once purchased, you can then transfer it to your digital wallet where it can be safely kept.
- Find a betting platform that allows payments in cryptocurrency.
- Make your deposits on the crypto betting website via any of the cryptocurrencies you hold in your digital wallet.
- Start placing your bets and winning.
Try Crypto Betting on 1xBit
It is important to start your journey on a trustworthy crypto platform like 1xBit. Here are some of the benefits you stand to gain betting at 1xBit:
Over 40 Cryptocurrencies
Imagine how seamless making payments using crypto can be on 1xBit upon recovering that there are over 40 cryptocurrencies that are accepted on the platform. This way, regardless of the cryptocurrency you hold in your digital wallet, it can be useful when trying to make payments on the site.
Instant Payouts
One of the upsides of processing withdrawals with crypto is how fast they can be. With 1xBit solely being a crypto-based platform, you can be assured that your winnings can get cashed out into your digital wallets in a few minutes.
Zero Fees
Transactions on 1xBit attract zero charges as it is the mode of operation for crypto-based payments. So you need not worry about exorbitant bank charges as you would experience with traditional payment methods.
Generous Welcome Bonus for New Users
Registering on the 1xBit platform as a new user sets you on the path to getting as much as 7 BTC for the first four deposits.
Total Anonymity
1xBit pushes for a totally anonymous betting structure where the platform doesn’t feel the need to collect your personal details as means of identification. All that is required from you when registering an account is an email and password. This way, you can protect your identity.
Conclusion
Explore the opportunities of crypto betting today by signing up on 1xBit and start experiencing betting in a different light.