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How Safe is it to Deposit and Bet with Crypto, Bitcoin? And What Kind of Technology is It Using?

Written by:
Payton
Published on:
Nov/25/2020

For the past few years, the use of Bitcoin and other cryptocurrencies in the gambling industry has increased significantly. What started with a few cryptocurrency-only gambling sites has now ballooned into a sweeping revolution of the gambling space where traditional online betting platforms have started to offer and support cryptocurrency payment options together with fiat deposit and withdrawal methods. 

The primary reason for the increased use and adoption of cryptocurrencies in online gambling is due to the benefits that these digital currencies provide over other banking options. Cryptocurrencies are not only easy to use but also have a massive geographical reach. Additionally, they face fewer regulatory roadblocks when compared to other currencies or payment options. 

However, there’s a lot of anxiety among many players about betting with cryptocurrencies, primarily due to lack of understanding of different digital currencies and the Megapari.com. The main concern among many punters is the safety of their money and the trustworthiness of such sites. 

How Safe is it to Deposit and Bet with Crypto? 

Throughout the years, online gambling platforms have been accused of using tricks and cheating on their customers, keeping gamblers away and creating an untrue perception of the betting industry being "the bad guy." At any given point, if punters think that the odds at a given platform are stacked against them, that site will inevitably lose customers. 

Also, it has always been challenging to audit online betting firms from the users' perspective. Even if a legally operating betting platform is reputable, customers have no choice or ability to verify everything that is offered.  

With cryptocurrencies, the whole gambling industry is 100% transparent and secure for all the concerned parties. Gambling with cryptocurrency certainly provides privacy to all players while also enhancing the safety factor. The primary insurance points are; the player’s funds never end up on their respective sites' wallets, and the distributions of all winnings are outside the websites' reach or control. All wagers are made according to the smart contract agreements in place. 

Although thefts and hacks are common practices in the world of cryptocurrency, it is worth noting that these are massively confined to the crypto exchanges. Up to now, there is no any major theft at a crypto betting site. In fact, crypto sites could be seen as more secure and safer than traditional online betting platforms because of the cryptographic nature of digital currencies.  

All crypto transactions are not only encrypted but also verified many times at various points on the internet. The private keys that are utilized in transactions and transfers of funds are extremely lengthy, making it difficult to decode. This simply proves how safe it is to bet with crypto, especially Bitcoin, which is the most popular type.

The Kind of Technology that Crypto, Especially Bitcoin, is Using 

Digital currencies like Bitcoin operate independently or simply outside the jurisdiction of any state, making them ideal for players from restrictive countries. As a result of this, the whole world of online gambling and sports betting has now become available to players who were previously prevented from accessing gaming services. Currently, there are thousands of betting sites that allow gamblers to place bets from any part of the world.  

Crypto uses blockchain technology. This is simply a system that stores transactional records, referred to as the block, in different databases, known as the chain. The system works in a network that is connected through nodes. This type of storage is popularly known as a digital ledger. 

The signature of the owner only authorizes each transaction in the digital ledger. It not only authenticates the transaction but also safeguards it from any changes. This shows that the information which the digital ledger contains is well protected. 

The digital ledger works similarly to the Google spreadsheet. It is shared among thousands of computers in a secured network, where transactional records are recorded and stored based on the actual purchases. The most interesting thing is that any user can see the data; however, they cannot alter or corrupt it. 

Blockchain technology is more complicated than Google docs. But the concept is the same and illustrates three important ideas;  

  • Digital currencies are distributed and not transferred or copied 

  • The asset is decentralized, which allows full real-time access 

  • The transparent ledger of alterations preserves the integrity of the transactions, which creates trust. 

Blockchain is a revolutionary and promising technology since it stamps out fraud, brings transparency and helps reduce risk in a scalable way for a range of uses, including making deposits in online sports betting sites and casinos.

Benefits of Gambling at Crypto Sites

Apart from security and transparency, gambling at crypto sites also provides plenty of other benefits. These benefits include: 

  • Unique bonuses and promotions: Punters who deposit using Bitcoin or any other type of cryptocurrency enjoy some attractive bonuses. Since casinos can generate some cash through players who use cryptocurrency, through minimized overheads, they can offer lucrative promotions and bonuses. 
     

  • Minimized costs: Bettors using cryptocurrencies to place bets enjoy reduced costs. This is an essential factor, especially for players who desire to have excellent payout percentages. In crypto sites, there are no fees levied on players. This makes the payout percentages to be higher.
     

  • Fast Transactions: All deposits at crypto betting platforms are processed instantly. While some traditional payment methods can take up to three business days to process funds, Bitcoin transactions, especially withdrawals, are, in most cases, instant. For withdrawals, you should expect your funds anywhere between one and ten minutes. 

Final Thoughts 

Overall, blockchain-based betting sites are still in their development stages. But we cannot deny the fact that benefits prevail and they continue to increase in numbers. Cryptocurrencies are a type of renaissance in the online gaming industry with lots of advantages for involved parties. There's no doubt that the best crypto sports betting sites will continue to increase not only in their size but also shape, driving to better services and high revenues.

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