Crypto Gambling is getting its fair share of attention from technology developers that it’s now possible to place bets using bitcoins or other popular altcoins.
After all, with bitcoins (BTC) now priced at $31K per unit, cryptocurrency punters are inclined to think twice before gambling more money than they intend to. As with the lower-priced Ethereum (ETH), it’s also gradually garnering increased demands in the digital currencies market; closing today at a price of $1,100 per unit.
Why a rising number of sports bettors now prefer to place wagers in crypto, still puzzles those who’d rather stick to using fiat money as wagers. Just what is it about crypto gambling that makes it a better choice when looking to gamble in an online casino or to stake wagers on sports matches?
Elements that Make a Crypto Gambling Site an Excellent Choice
Foreign crypto gambling sites initially became the popular choice among gamblers located in countries where any form of gambling is considered illegal. Basically, the main advantage of using cryptocurrencies is that it allows owners of digital assets to remain anonymous. Mainly because all transactions related to their crypto ewallet are encrypted and recorded in specific blockchain ledgers; making them inaccessible for scrutiny of tax regulators and law enforcers.
Nonetheless, while staying off the radar is an important aspect, crypto gamblers don’t just stake their digital coins in any gambling site. Other elements must be present for them to consider a crypto casino or sportsbook, an excellent choice.
1. Licensed gambling sites are of course, the firsts to be considered and it’s important that their licenses include authorizations to accept cryptocurrencies as payments.
2. Those that offer exclusive privileges and promotional bonuses have an edge over others.
3. Gambling sites that do not impose a cap on the amount of cryptocurrency that players can withdraw from their account. Although crypto money deposited in a player’s account are converted into an applicable fiat currency, crypto money remains different because its value has high volatility.
It’s fair enough that crypto winnings are converted at the same rate at the time when the crypto money was deposited. Putting a cap on the amount that can be withdrawn during a week puts the digital asset owner at a disadvantage. It would limit a player’s ability to trade his digital money in the cryptocurrency markets if he so chooses.
4. Collaboration with a third party service provider that renders Alternative Dispute Resolution (ADR) as a service. This third element is where some crypto gambling operators make a big difference. They offer crypto gamblers better enjoyment in their gambling experience by giving them extra assurance that they’re betting on games or products that are verified as fair and equitable.
ADR service providers apply their knowledge and provably fair technology in evaluating if the provably fair algorithm built into the cryptocurrency gambling platform yields true and fair results
What is Provably Fair Technology?
Provably Fair technology are algorithm-based tools used in verifying if the randomness of the results of the games were not manipulated to yield outcomes favoring the crypto gambling operator. Some crypto gambling casinos even offer their customers the use of Provably Fair Technology to make disputes over gaming outcomes easier to resolve.