Betting with Cryptocurrency

The iGaming industry has always been keen to embrace new technology, from the advent of smartphone betting to live dealer streaming. Cryptocurrency is no exception to this, and the metaverse means it’s continuing to grow in popularity.

Rising Acceptance

Cryptocurrency might be the single biggest change to everyday finance since Croesus, king of Lydia, decided to invent gold coins to replace the electrum ones his father minted. It shifts the power away from nation states and into a more ephemeral sphere, and acceptance of cryptocurrency in retail has been rising steadily. Bitcoin can even be used as legal tender in a small number of countries. It’s also become more widely supported at online casinos around the world, usually alongside other methods.

Bitcoin, perhaps unsurprisingly, is far and away the single most popular cryptocurrency for betting purposes, although others (most notably Dogecoin and Litecoin) can also be found at some online betting sites. Casinos like the system as it’s swift and has lower processing fees than traditional credit and debit cards, and players benefit from the convenience and high security. It is still less commonly available than leading cards and the most popular e-wallets, but the trend is very much upward.

However, be aware that not every nation is so enthused, even now. In the United Kingdom, one of the most accepting countries when it comes to online gambling, you will be hard pressed to find any site supporting direct cryptocurrency payments (for regulatory reasons). As outlined below, there are still ways to indirectly use it, however.

Improve your Odds on Winning with Promotions

It’s worth noting that there are substantial overlapping areas between even pure cryptocurrency casinos (see below) and non-crypto casinos. All aspire to provide the best array of games, have slick navigation, and a good reputation. For players, one great area of coincidence is the desire by competing sites to win custom by offering the best casino bonus. You can enjoy a great start with a new site with these freebies that substantially increase your chance of finishing in the black. Casino promos vary from no deposit to match deposit, with many sites also offering referral bonuses and recurring special offers to help retain existing players. Just consult our handy link and pick the promos that suit your needs best.

Exclusive Promos and Bitcoin Casinos

When deciding on your promo always check the fine print. This is not only for anything dubious in the details but also because crypto fans can often benefit from deals that are exclusive to them. Why would casinos make such bonuses? Because it helps encourage players to opt for Bitcoin, Litecoin, and so forth, which saves the site on processing fees.

Not only that, some sites go full-on for cryptocurrency and only allow transactions to be made with this method. Whether that’s a pro or con depends on a given player’s enthusiasm for the system, but it’s worth noting there are no equivalent credit card only or e-wallet only betting websites.

Metaverse Casinos and NFTs

It remains to be seen just how the metaverse will play out, but Facebook and many other major firms certainly think this will dramatically reorder the workings of the internet with virtual real estate changing hands for hefty sums. With an emphasis on virtual (and possibly augmented) reality and shared online worlds, the betting industry is already creating metaverse casinos.

This matters for cryptocurrency users because crypto is at the heart of metaverses. NFTs (non-fungible tokens) used as wearables for avatars, and for metaverse real estate and other items, is purchased using crypto. Far from being an additional method of payment, cryptocurrency is the financial mainstay of the nascent metaverse. Should the metaverse (or metaverses, to be more accurate) really take off this will mark a sea change in the popularity and utility of cryptocurrency as participating in a given metaverse may require Bitcoin, Ethereum or suchlike.

There are high hopes among some for the future of the metaverse but whether this ends up being a fad that fades or the next stage in the internet’s development remains to be seen.

Using Crypto Via E-wallets

Cryptocurrency can also be used by means of e-wallets. This can be convenient if you want to either buy more crypto or if you want to use funds you have in cryptocurrency but the betting site that interests you has e-wallet banking options but nothing for Bitcoin or other forms of cryptocurrency.

This also opens up possibilities in other fields (such as retail) and can make it easier to turn received payments into cryptocurrency.

Volatility

Players should be aware of the inherent volatility of cryptocurrency. While this does exist with fiat currencies too, the potential rapid changes in value for crypto are far higher. For betting purposes, this is a double-edged sword, as you might find a falling price transforms what should have been profits into a loss, or that a seeming loss actually means you finish ahead because the value of cryptocurrency has changed in the meantime. This is a well-known phenomenon, of course, but one that must be considered when deciding how much to deposit and withdraw. It can even be a good idea to hold off withdrawing until the price is more in line with your preference.

From rarely available in years past to the heart of the burgeoning gambling scene in the metaverse today, cryptocurrencies have become increasingly supported in the iGaming sector over the years.