Author:
Sophie Henry
Last Updated:
May 15, 2022
Experiences:
Casino and Poker Specialist
Experiences:
Casino and Poker Specialist
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Table of Content
- How to start betting with alternative digital currencies
- Speedy deposits and withdrawals – Instant rewards
- Verifying your account – Safe and secure transactions
- Other great bookmakers
- The history of alternative digital currency – The meteoric rise of digital cash
- Comparing alternative digital currencies to other payment methods – A whole new world
- Why are alternative digital currencies so popular?
- Alternative digital currency FAQs – Avoid these mistakes
- Bookmaker bonuses from bookmakers offering legit payment methods
- Conclusion – Why you should avoid alternative digital currency betting sites
- Alternative digital currency betting sites FAQ
How to start betting with alternative digital currencies
First of all, we need to make one thing clear. This is that there are no legal US operators that accept alternative digital payment methods. Any site that does accept these alternative payment currencies is operating illegally and should be avoided. Alternative digital currencies have been around for a few years now, providing a different way to do transactions online. These are a kind of digital currency that can be mined via your computer which solves complex equations to uncover small amounts of your selected asset.
At its core, an alternative digital currency is a form of investing (and some would say gambling) as the markets are constantly in flux. If you can’t mine your own alternative digital currencies, you can purchase them as the markets rise and fall.
More than just a form of currency that can be mined and stored for a rainy day, alternative digital currencies are finding its feet in the real world. Online stores are more accepting of the digital currency, it’s possible to purchase cars and clothing with a quick transfer, and there are even specialised online casinos that welcome the use of alternative digital currencies. However, these gambling sites should be avoided.
If you’d like to start using a betting platform who takes, you will need to follow a few basic steps. Just bear in mind that no legit operator would ever take alternative digital currencies as payments:
- Step 1 – You will need access to a special wallet. These wallets are where your digital asset is stored for safekeeping. Essentially, this wallet is the digital version of a bank account. Keeping your funds safe from prying eyes – you should be the only one with access to this wallet. Depending on the wallet you use, you may be able to access your funds via your mobile device or even via downloadable software on your desktop.
- Step 2 – Your wallet will generate a long series of numbers and letters called an address for you to use when making deposits or receiving withdrawals. When you want to deposit into the account of the betting site, you will see an address provided when you select the alternative digital currency as your betting deposit method. Insert this address into your wallet and the funds will instantly be transferred.
Now you can start betting, although as these are illegal offshore gambling sites, we would advise against it.
Speedy deposits and withdrawals – Instant rewards
One of the most popular reasons for using alternative digital currencies at a betting site is the speed at which deposits and withdrawals take place. The average human being doesn’t enjoy waiting and alternative digital currencies sometimes the waiting times of transactions from online betting sites.
While most standard online casinos or betting sites take a few days to process and release funds to a credit card or eWallet, banking with alternative digital currency can be quicker. Deposits are instant (like most deposit methods) but so are withdrawals – if you actually get paid, that is.
Instead of waiting at least 24 hours for a withdrawal request to be processed, most betting sites instantly release digital funds and they will appear in your wallet within moments. For that reason alone, many customers are opting to use alternative digital currencies for all of their gambling needs. However, this is a bad idea as any betting site taking alternative digital currencies cannot be trusted.
Verifying your account – Safe and secure transactions
Alternative digital payment methods are decentralised digital currencies that are not powered by any one country or bank. Instead, this digital form of cash lives on the internet. You have total freedom to use or store your digital asset as you please.
When you create a new account or wallet, you may need to verify your identity – but this depends entirely on which alternative digital currency you use and how you store it.
There are a large number of alternative digital currencies available. Each coin and the wallet you choose may have slightly different verification requirements but once they are complete, you’ll have the freedom to access your funds as you please. Plus, you can rest assured that your identity will remain anonymous (even though all transactions can be tracked).
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The history of alternative digital currency – The meteoric rise of digital cash
The concept of digital currencies has long been an intriguing possibility for internet users and forward-thinkers. In 1983, David Chaum created the first kind of alternative digital currency. This form of currency uses technology to make private and secure transactions. Unfortunately, this was ahead of its time and didn’t take off as hoped.
Fast forward to 1998 and Wei Dai aimed to create a decentralised currency that also used this technology. In 2009, an unknown person or group by the name of Satoshi Nakamoto, created the first real alternative digital currency – changing the face of the market forever. In a few short years, this went from being an unknown fad that drew the attention of internet users to being a form of currency that has the ability to change the world. Now worth tens of thousands of dollars, this is the alternative digital asset to own with celebrities and business people from around the world sinking huge amounts of money into the digital currency.
As the alternative digital currency grew, many other digital currencies jumped on the bandwagon hoping to reach the same heights. None have managed to grow quite as quickly but some currencies are starting to gain impressive traction.
What makes alternative digital currencies so intriguing? It’s the ability to skyrocket to success or plummet in an instant that keeps investors on their toes. A simple statement from the wrong celebrity and the whole market could crash within minutes or it could be boosted to heights never seen before. Much like gambling, investing in alternative digital currencies is all about playing the odds.
Comparing alternative digital currencies to other payment methods – A whole new world
While it’s hard to compare apples to oranges, alternative digital currency stands out from the crowd as a top contender in the payment solutions space. For one, you have complete control over your money and how it is spent. However, we have to emphasize the fact that there are no legal US operators that accept alternative digital payment technologies.
Unlike eWallets and bank cards, alternative digital currency is handled anonymously. Transactions can be tracked on unique technology but they are not tied to your identity which means you could spend all you like or withdraw huge wins and remain completely anonymous.
Finally, having instant access to withdrawals from betting websites who take alternative digital currency may seem hard to beat. Even the best payment methods tend to make you wait for your funds when making a withdrawal but this is not the case with alternative digital currencies. Just bear in mind that only offshore gambling sites take alternative digital currency and so you might not get paid at all.
Thankfully there are a number of legit deposit methods available, including the ability to use bank transfer betting sites, or even explore online betting American Express sites. The options are endless with eWallets and banking options. You can play at the best Venmo sportsbooks or make the most of Paysafecard betting sites which means that you never have to risk your security by using alternative digital currencies!
Why are alternative digital currencies so popular?
As we’ve already mentioned, alternative digital currencies are fast and anonymous which means that you should in theory be able to access your funds and move them around without any fear of having your identity leaked.
More than just a fast way to move your money around, alternative digital currencies also allegedly offer extra layers of security. Thanks to the the unique technology, all transactions are encrypted and secured. This means you never have to worry about your funds going missing or being stolen. However, try telling that to the countless people who have had their alternative digital currency accounts hacked.
It’s for these reasons that alternative digital currencies have become increasingly popular over the last few years. Still, if you want to use legit betting sites, you’ll need to avoid alternative digital currencies!
Alternative digital currency FAQs – Avoid these mistakes
When using betting platforms who take alternative digital currency, it’s important to keep your head out of the clouds and to make sure that you’re spending your digital currency wisely. It can be tricky when you’re first getting started with alternative digital currencies. Here are four FAQs for you to consider when making that first deposit.
- Should I always use alternative digital currency when gambling?
Never. Any site that takes payments with alternative digital currencies is acting illegally and cannot be trusted. - Can I join any betting site and use my alternative digital currency?
No, only illegal betting sites accept alternative digital currencies. While the number of sites that accept alternative digital currencies is growing, they simply cannot be trusted. Instead visit one of our recommended operators and be sure to read through the terms and conditions, find the best casino games or sports options, and learn more about bonuses that may be available before signing up for an account. You can read our handy betting site reviews for more information on the best sites you should consider. - Will I receive a bonus when making a deposit with an alternative digital currency?
Probably not as any site that takes alternative digital currencies is acting deceptively. Just because it says that it will give you a promo on receipt of an alternative digital currency payment doesn’t mean that you’re going to get your bonus funds. - Will I have to deal with fees when playing at a betting site who takes alternative digital currencies?
Yes, these betting sites do charge fees for using your digital funds. Deposits and withdrawals may incur small fees that range from 2% to 3% but this could vary depending on your digital of choice. You won’t have to deal with these fees when using legit betting sites.
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Conclusion – Why you should avoid alternative digital currency betting sites
It’s no surprise that betting platforms that take alternative digital currencies are becoming more and more popular. Everyone wants a piece of the pie but it’s always important to choose a site with the right ingredients. This means avoiding any site that takes alternative digital currency as a payment.
Ensure that you find a betting website that caters to your needs, features top-rated betting options, and rewards you from time to time. Take a look at our list of betting site reviews and you’ll find yourself in good hands. You can rest assured that all of the sites featured here are safe, have been thoroughly reviewed, and will provide the best experience without you having to risk your security by using alternative digital currencies.
Alternative digital currency betting sites FAQ
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