What is the Difference Between Betting with Crypto and Investing in Crypto?

The recent surge in cryptocurrency sports betting is changing the landscape of the industry. The use of cryptocurrency is rising and becoming increasingly popular across many domains for several different reasons.

The following article aims to delve deeper into the reasons behind the popularisation of cryptocurrency whilst making a distinction between crypto sport betting and investing in crypto.

In short, cryptocurrencies have the distinction of being more volatile than most traditional currencies.

Cryptocurrency Betting

Betting using cryptocurrency is not too dissimilar from betting using a standard currency. However, some key differences are important to understand before diving head-first into crypto betting.

Using cryptocurrency to bet allows you to remain anonymous when depositing funds into your betting account. This is perfect for anyone looking to maintain their anonymity and is a benefit you will not get with regular currency.

Another difference between cryptocurrency betting and betting with other currencies is the speed of the transaction. Cryptocurrencies are generally much quicker and often come without fees that other currencies may incur.

The processing time of withdrawals is also greatly reduced. Withdrawals can be conducted instantly provided they are lower than a certain limit compared to several working days using other payment methods.

Cryptocurrency Investment

Investing in cryptocurrency also carries a degree of risk but in a different way to betting. As with any speculative investment, purchasing cryptocurrency can be hazardous. Prices can be volatile and could crash with little to no warning.

Bitcoin has had numerous surges and crashes but has overall been a strong investment for many. There is definitely a degree of unpredictability akin to betting but investment is less of an ‘all or nothing’ deal.

The complexities of the market make it a treacherous but potentially fruitful investment depending on the investor’s willingness to take a risk and their understanding of cryptocurrency.

As with any type of investment, you must research carefully before spending any of your money. Understanding the associated risks is vital as there are no guarantees that you will see a return on your investment so you do not want to place yourself in a potentially dangerous position in terms of your assets.

Having said this, investing in cryptocurrency can be profitable so it is certainly worth considering.

Crypto Gambling Sites

There is a growing list of gambling websites that allow cryptocurrency is a viable payment method. Many sportsbooks allow you to make bets using cryptocurrency and online casinos are becoming increasingly likely to allow you to play games using crypto.

At present, sports betting with crypto is still more popular than casino gaming but both are growing in popularity. Sportsbooks that offer the chance to deposit cryptocurrency also often feature eSports betting. This betting market is rapidly growing in popularity and adds another option for punters to bet on.

As with any sportsbook or online casino, it is important to check that the platform is reliable. One way to do this is to check what authoritative body licenses and regulates the website. If either the United Kingdom Gambling Commission or the Malta Gaming Authority are associated with the website, that is a good sign. It may also be worth checking user reviews to make sure people are pleased with the website and there are no issues you do not know about before you sign up.

How to Bet with Cryptocurrency

If you are keen to start betting using a form of cryptocurrency then you will need first find a bookmaker that accepts it as a deposit method. Once you have identified a website that accepts the cryptocurrency you want to use, you will need to set up an account with them and transfer funds.

In order to fund an eWallet, you will need to purchase your chosen crypto at the current exchange rate via a debit or credit card.  As soon as the transaction is complete, you can link your eWallet containing the crypto funds to your bookmaker account.

The transfer occurs in the same way as any other deposit but there will be no attached fees. The transaction should also be quicker as it will be available instantly. This will allow you to use your funds immediately without a waiting period as you may have with other deposits.

Placing bets is exactly the same as soon as the money is in your account. Everything else will work in the same way you may expect so make sure to continue to look out for promotions, changing odds, and free bets.

Once the funds are in your account, the value will remain the same, regardless of fluctuations in the cryptocurrency. This makes betting with crypto more stable in this regard as your risks are limited to the games you play and bets you back.