Cryptocurrency Betting 101
Cryptocurrencies are taking the world by storm, you can’t turn a corner without hearing news about Bitcoin, Ethereum, and the like. While the basis for cryptocurrencies is easily understood, how it all works is where it gets drastically more complicated. We’re here to help you get to know how to use cryptocurrencies while gambling on sports, and to help you determine if cryptocurrency betting is right for you.
What is Cryptocurrency?
Cryptocurrency is a form of digital or virtual currency, secured online and uses a technology called cryptography to maintain its integrity. Cryptocurrencies are so secure, they are impossible to counterfeit like normal cash money, and the processes one needs to acquire, or sell is a bit more complex than regular money as well.
Cryptocurrencies are to be imagined as systems with virtual tokens, and these tokens can be bought and sold – essentially used as you would with regular money. With Cryptocurrency, you will see that it’s highly encrypted and will protect the natural ledger of transactions using Blockchains.
What is Blockchain?
Blockchain, a term you’ve heard before, is an organizational method that prevents cryptocurrency integrity from being compromised. The Blockchain database stores information in a very different way than a regular database, making these cryptocurrencies that much more secure.
Picture the data being stored in little blocks, then picture the blocks being strung together by a chain. As the blockchain receives more data, you will receive more blocks. The chain of blocks continues to grow with new information that comes in, linking all information in the blockchain together, making it irreversible.
In the case of cryptocurrencies like Bitcoin, the data being stored in these blocks are Bitcoin transactions – and we mean all of them, from the inception of Bitcoin itself. Each time someone buys or sells Bitcoin, that is logged in the Blockchain. Instead of this data being stored on a server in a computer somewhere, how Blockchain data is stored is referred to as a node. Think of the node like a computer in a server, but the nodes are all over the world geographically.
Each node stores data that’s on the blockchain, which means that if one node has an issue with data, all the other nodes around the world can step in and replenish the data. The shared data allows there to be an irrefutable data chain.
This allows for transparency, and hackers cannot come in and steal Bitcoin without it easily be traced back to them. If they alter their one block, all the other blocks will remain the same, and it’s evident which was tampered with.
Types of Cryptocurrency
While Bitcoin still hails as the most popular cryptocurrency in circulation, there are others that are gaining momentum. The last decade has shown a huge boom in crypto investing and trading, and we expect it to skyrocket further in the near future.
Bitcoin was introduced in 2009 by an anonymous individual or possibly team that goes by the name of Satoshi Nakamoto. It proves to be the most popular – every online sports betting site offers Bitcoin deposits and withdrawals as there are over $18 million Bitcoins in circulation to date.
Litecoin is another cryptocurrency that was brought into circulation not long after Bitcoin’s success. Created in 2011, is considered a fork or altcoin of Bitcoin. It was created to produce more blocks than Bitcoin and is much faster when it comes to generating said blocks using a different algorithm called Scrypt.
Ethereum was launched in 2015 and is an open source computing platform. It has its own currency, Ether, which is traded like any other cryptocurrency, but it also can be used to run applications that offer Blockchain as a monetized service. Ethereum is the second-largest cryptocurrency available and is much faster than Bitcoin when it comes to acquiring the ether currency.
Those are just a few of the biggest and most popular cryptocurrencies in the market – a market worth over 1.5 trillion dollars, with Bitcoin covering over 60% of that number.
Advantages of Cryptocurrency for Betting
Though the thought of using cryptocurrency for betting on casino or sports can be a bit daunting, it’s important to understand the benefits of Bitcoin betting, or using any other cryptocurrencies.
The speed of using cryptocurrencies is a huge benefit when betting on sports. You can make a deposit instantaneously, allowing you to place your wagers immediately. When it comes to withdrawing funds, it will be much faster to withdraw Bitcoin than it would be to request a check that needs to be mailed to you or a bank transfer. Many don’t know that a typical Visa or MasterCard transaction goes through several middlemen before it finally ends up where it needs to be.
Special Bonuses & Promotions
When it comes to choosing a deposit option for crypto betting, Bitcoin has its benefits, such as our extra 50% bonus on deposits made using cryptocurrencies. We love to reward cryptocurrency users, and because it makes the process so much easier. You can take advantage of a total of 150% crypto betting bonus up to $7,500 on your first crypto deposit. You can take advantage of a 100% match bonus up to $5,000 on sports betting, and a 50% match bonus up to $2,500 on casino games.
There’s no question that Bitcoin and other cryptocurrencies are extremely safe and secure. The whole Blockchain process provides security that you won’t find with any other payment method. You won’t worry about entering your credit card on a website online, or any of the common anxieties that come along with online betting.
With the safety of the Blockchain, you can rest assured that your transactions are safe and secure, and if you choose to withdraw your funds, you know it will be placed in your account immediately.
It’s no secret that people who purchase Bitcoin want to remain anonymous. It’s a great way to manage your funds outside of traditional bank accounts that charge fees and is more restrictive. Cryptocurrency is anonymous in the sense that you can create a wallet and upload money without giving away your identity, but the transactions themselves are trackable within the Blockchain.
No Transaction Fees
At BetUS, we don’t charge any transaction fees on Bitcoin or cryptocurrency deposits. We also offer the lowest minimum bet of all the deposit options ($10). You don’t need to pay any extra processing fees because the deposits and withdrawals are processed instantly and our staff won’t have to mitigate and process the transaction.
Bitcoin Casino at BetUS
When it comes to creating an account and using your Bitcoin to bet at the BetUS casino, it’s really no different than creating an account and depositing with any other payment option. You can deposit between $10 and $50,000 using Bitcoin, and your funds will instantly be deposited in your account to use.
If you decided to take advantage of the Bitcoin casino bonuses and promotions, you can expect a 50% welcome bonus of up to $2,500 on your Bitcoin casino deposit. This bonus is subject to a 30x rollover requirement, which means you will need to play through your deposit amount 30 times over before you can make a withdrawal of your winnings. You can deposit between $100 and $2,500 for this bonus.
You can request this bonus up to 48 hours after your first deposit, so if you don’t use it right away you can contact your Account Manager. You will also have 14 days to fulfill the bonus requirements before it expires. Eligible games are located in the BetUS Casino, Classic Casino, and Slots Zone. Live dealer games are not included in the bonus rollover.
Bitcoin Sportsbook Betting at BetUS
Bitcoin and sports betting go hand in hand. It’s growing to be the top deposit option for sportsbooks around the world. If you plan to use Bitcoin to fund your sportsbook account, you are in luck, as we have a seamless Bitcoin sportsbook deposit option, and you can deposit any amount between $10 and $50,000 when using Bitcoin.
Here at BetUS Sportsbook, there is a great welcome bonus for any first-time Bitcoin sportsbook deposits. You can redeem a bonus that will match your initial deposit up to 100%, which essentially will double your deposits between $100 and $5,000.
You will be required to roll over your deposit amount ten times over, which essentially means you will need to play through whatever amount you deposit ten times to qualify for a withdrawal of winnings associated with those deposited funds. There are fewer restrictions on the sportsbook in terms of eligible games to bet on, so you can bet on any and all sports freely to achieve your rollover requirements.
If you plan to place a Bitcoin sportsbook wager, we recommend taking advantage of our bonuses – they will benefit your bank account in the long run.
Bitcoin Betting Guide
When you are choosing Bitcoin betting options, you can easily place wagers and utilize the sportsbook or casino in the same way you would with any other type of currency. If you aren’t familiar with Bitcoin betting or how to set up an account or e-wallet, we have you covered:
How to Set Up a Cryptocurrency Wallet
We recommend this resource when it comes to choosing a cryptocurrency wallet if you are planning to use crypto for betting at BetUS. These wallets are also called exchanges, and they work exactly like a bank, you can put in your regular money, and transfer it to Bitcoins, and use the Bitcoins at your disposal.
You receive private keys for your Bitcoin, which keeps your Bitcoin wallet safe, and you can use these keys to access and monitor the funds. Many of these e-wallets are simple to set up and can be done quickly and easily. Once your account is set up you can transfer money into your account to buy Bitcoins. You are essentially buying Bitcoin or other cryptocurrencies, much like exchanging your money for another type of currency if you are traveling to another country. You can fund your e-wallet with your credit or debit card, or transfer funds from your bank to the exchange.
You can then head to the sportsbook and choose which cryptocurrency you’d like to use, followed by the amount you’d like to send, and choose to receive either an email or text with the wallet address to send your funds to.
Once your Bitcoin or other cryptocurrency is in your account, you can then share your wallet address to your sportsbook account. You set up your transaction in your wallet, so only the amount you want to transfer is sent over, and your sportsbook account will receive that through a link, or key.
BetUS does not charge any transaction fees on crypto betting deposits, so you can rest assured you will never find any hidden charges or fees transferring cryptocurrency. You can deposit a minimum of $10, and a maximum of $50,000 in a single transaction. There could potentially be a fee associated with your wallet for transfers so keep that in mind when you are shopping for an e-wallet.
Now that you have your funds in your BetUS account, you can place wagers on any sport or casino game you like!
When it comes to withdrawing from your account, we do offer cryptocurrency payouts or withdrawals. You can request your withdrawal by using a request form or call 1-800-51 BETUS (23887), or you can conveniently chat with your account manager.
Crypto betting or Bitcoin betting is really simple and easy, even if you’re a beginner to cryptocurrency! If you have the means to create an e-wallet, you can get started with Bitcoin betting and use those funds to make speedy deposits and withdrawals on your betting account.
If you have any cryptocurrency questions or need more information, please reach out to our customer support team or your designated Account Manager.
WHAT KIND OF CRYPTOCURRENCY DOES BETUS ACCEPT?
BITCOIN (BTC) – BITCOIN CASH (BCH) – LITECOIN (LTC) – ETHEREUM (ETH)
ADVANTAGES OF CRYPTOCURRENCY?
EXTRA 50% BONUS ON DEPOSITS
STEPS TO GET STARTED
STEP 1 : CREATE YOUR WALLET
If you do not have a cryptocurrency wallet, you will need to find one via a web browser and follow their sign-up process. You can get started by checking out some wallet options by clicking to the right:
STEP 2 : FUND YOUR WALLET
After your wallet has been created, you may fund your wallet by buying your cryptocurrency. Cryptocurrency exchanges are the most popular way to buy Cryptocurrencies and can be done online. This will give you the option of buying instantly with your Credit/Debit Card or through a bank transfer. You will also be able to Fund your wallet through a Cryptocurrency ATM or by buying it locally. If you are looking for a place to get started with funding your wallet, then some of the most popular exchanges can be found by clicking to the right:
STEP 3 : FUND YOUR BETUS ACCOUNT
Once your wallet is funded, you are ready to deposit into your BetUS account. Simply visit our Deposit Page and select Cryptocurrency as your Deposit method.
- Select the type of cryptocurrency you would like to use
- Enter the amount you would like to send
- Select a method of how you would like to receive our wallet address (Text or Email)
- Upon receiving our wallet address, you will need to access your Cryptocurrency wallet and send the funds to the address we provided. Please make sure you copy and paste the address for accuracy.
THAT’S RIGHT! YOU CAN WITHDRAW AND DEPOSIT FUNDS
FROM YOUR SPORTS BETTING ACCOUNT
ARE THERE ANY TRANSACTION FEES?
BetUS does not charge any transaction fees on Cryptocurrency deposits. The minimum deposit amount we accept is $10. Any transaction received for less than $10 will NOT be credited to your account. Some wallets provide priority processing by adding a default fee, or give the user the option to add one themselves, however they are usually minimal.
WHAT ARE YOUR CRYPTOCURRENCY DEPOSIT LIMITS?
The maximum amount we can accept per transaction is $50,000.
DOES BETUS ALSO OFFER CRYPTOCURRENY PAYOUTS?
BetUS offers Cryptocurrency payouts. Payout request can be made via the request form. To hear about our other payout methods please call us at 1-800-51 BETUS (23887) or click below to chat with an Account Manager