In plain terms, cryptocurrency refers to a digital currency which is secured by cryptography and can be distributed through a highly efficient peer-to-peer system. The entirety of cryptocurrency works on a system called blockchain. Blockchain can be best described as a digital ledger which holds a record of all crypto transactions. For every transaction made and confirmed, a block is added to the blockchain.
Cryptocurrency and Betting
Decentralized nature of cryptocurrency is beneficial for betting, especially in comparison to traditional fiat betting. Having looked at what cryptocurrencies entails, let’s look at some of the perks of betting with crypto:
One of the pitfalls of betting with fiat is the fact that you have to use centralized banking methods to make payments. These payments are controlled by the government, thus exposing you to some point. With cryptocurrency, users have some level of control of their privacy. Impressively, with crypto your personal details are not required. This helps you maintain anonymity as much as you would like.
Another major advantage of betting with cryptocurrency is how highly secure they can be. With most digital solutions that allow for fiat online payments, it has been commonplace seeing loopholes in their security. These platforms end up being easily penetrable to hacking resulting in damning loss of funds. With cryptocurrency on the other hand, it is backed by cryptography which makes the security foolproof. This way, there are slimmer chances for your bet accounts to be breached by cyber scammers.
Some cryptocurrencies are known to be volatile, which describes their tendency to increase in value over time. This serves as some form of investment opportunity for owners of that currency. This is unheard of for fiat as the price is almost static for a long stretch of years, with no much difference to record profits in investments. Betting with such currencies allows you the opportunity to appreciate your money, as the value is determined by the market trends.
Speedy Transaction Processing
Imagine having to cash out your bets and you are delayed for days because transactions take that long to be processed. This is a major challenge that is faced with betting on platforms that are fiat-based. This timeframe is dependent on a couple of factors like the amount and location. All these limitations are cut short with crypto as transactions have proven to be processed faster regardless of the volume and location.
Low Transaction Fees
Another loophole that one has to contend with with deposits/withdrawals on betting platforms that use fiat is the ridiculous transaction fees imposed. These transaction fees could make up a sizable amount depending on the amount that’s being deposited or withdrawn, which could as well come in handy for placing bets. Crypto on the other hand saves the day by ensuring that there are very little or no fees imposed on transactions. This way you could deposit or withdraw high volumes of crypto on a crypto-based platform without being charged ridiculously.
Enjoy the Advantages on 1xBit
The best place to start your crypto betting journey is 1xBit. The platform has proven to be one of the iconic betting platforms today making crypto betting a possibility. Below are some of the advantages of betting at 1xBit:
Over 40 Cryptocurrencies
When it comes to having broad payment options, 1xBit shows strength, which is one of the ways it stands out. There are currently over 40 cryptocurrencies to pick from for making payments on the platform. The platform also makes giant strides by regularly adding more cryptocurrencies to the list.
Given that 1xBit specializes in using only crypto payment methods for doing processing transactions alone, you can be sure that your payouts would be processed faster.
1xBit is a platform that doesn’t require you leaving your personal details while trying to register an account. The major details required from you when registering an account with the platform are email and password. This way, you can protect your identity while exploring the numerous perks of the platform.
Generous Bonus for Newcomers
If you are just registering newly on 1xBit, there is so much to gain for you. The platform offers new users as much as 7 BTC for the first 4 deposits.
1xBit understands what it means to guarantee bettors safety. The end-to-end encryption allows for airtight security on the platform to prevent cyber attacks.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.