A guide to using stablecoins for online betting
Due to the convenience that online betting provides, people have shown more interest in it. With online betting, you’ll have access to various betting options with just a few clicks. Betting using digital currency has also become a go-to option for many punters.
Crypto betting not only guarantees a more secure and hassle-free betting experience but also faster and anonymous transactions. With the abundance of online betting sites that accept crypto, betting using coins has become more accessible which resulted in the continuous growth of the crypto market.
When playing casino games, you can claim bonuses such as the Bitcasino bonus that will help you win bigger prizes. What online punters love the most about crypto betting is the wide selection of coins available. Popular coins such as Bitcoin (BTC) and Ethereum (ETH) are two of the most used digital currencies for crypto betting. Aside from these, stablecoins are among the top choices on platforms such as the Bitcasino live casino site.
What are stablecoins?
Stablecoins are a type of digital currency developed to retain a fixed value in relation to an external asset, such as a fiat currency like the US dollar. Just like other coins, stablecoins offer the same benefits such as low fees and fast transactions.
They can also provide liquidity in the crypto market to promote cross-border transactions. With stablecoins, online punters can bet without worrying about volatility.
Why should you use stablecoins for online betting?
Stablecoins have become a popular option for most punters who are looking for a less volatile option for crypto betting. Standard payment methods like credit cards and bank transfers can be slow, expensive, and even risky. To avoid this, punters prefer to use stablecoins for a more hassle-free betting experience.
Aside from convenience, stablecoins provide more benefits to their users. Some of these are:
Stablecoins offer increased security when it comes to online betting transactions. Since they use blockchain technology, stablecoins are highly resistant to fraud and hacking attempts. This means that bettors can rest assured that their funds are safe and secure when online betting.
As mentioned, stablecoins are less volatile than other coins since their value is backed by fiat. This stability makes them a reliable and predictable form of currency for online betting, as the value of the stablecoin is less likely to fluctuate drastically. Their stable nature reduces the risk of withdrawing your winnings in lesser value due to the crypto market’s volatility.
Lower fees and faster transactions
Another benefit of stablecoins is that they often have lower transaction fees than the usual payment methods. Instead of spending more on transaction fees, you’ll have more budget on the games you want to play.
Unlike credit card payments, which can take days to process, stablecoin transactions are often processed within minutes or even seconds. This means that you can deposit and withdraw your funds faster with zero hassle.
Anonymity and privacy
Online punters can remain anonymous when using stablecoins for online betting. Since stablecoins are decentralised and operate on blockchain technology, they do not require users to provide personal info to a central authority. This means that you can engage in online betting without your identity appearing on any bank statement.
How to use stablecoins in online betting
New punters often think that using stablecoins for online betting is overwhelming. However, using stablecoins to bet on your favourite sports teams and players or play casino games is easy. You just need to understand the basics of stablecoins and how they work. Once you know the ropes around stablecoins, you can start betting using them with these easy steps:
- Create a crypto wallet
- Buy the type of stablecoins you prefer
- Connect wallet to your casino account
- Start placing bets with stablecoins
Types of stablecoins for online betting
There are various types of stablecoins you can choose from when online betting. To maximise their features, you need to choose the one that best suits your needs. Each type of stablecoin can be used in different ways. Depending on your needs, find a stablecoin that is not only accessible but also has versatile features.
Some of the best stablecoins you can use for online betting are:
Tether (USDT) is one of the most popular types of stablecoin found on sites such as Bitcasino. USDT is one of the most widely used stablecoins in the crypto market, which means that it is widely accepted and has a high trading volume. Its high liquidity makes it easy for users to buy and sell USDT.
Dai (DAI) is an Ethereum-based decentralised stablecoin that was created by Rune Christensen in 2015 and launched by MakerDAO two years later. Unlike stablecoins that are tied to the value of a single currency, such as the US dollar, DAI is tied to the value of a collection of digital assets such as Ethereum and Basic Attention Token (BAT).
USD Coin (USDC)
USD Coin (USDC) is another well-known stablecoin that you can use at Bitcasino. This type of stablecoin is an ERC-20 token built on the ETH blockchain. It is also available on other blockchains, such as Algorand, Solana, and Stellar. Due to its consistent value, USDC is a good choice not only for online punters who want to transfer funds between wallets or exchanges without being affected by market swings.
TrueUSD (TUSD) is another stablecoin that is an ERC-20 token built on the ETH network. It is also available on other blockchains such as Tron, Algorand, and Binane Smart Chain. TUSD is popular for the real-time verification of its reserves through a dashboard, which shows the amount of TUSD in circulation.
The coin’s transparency and compliance with government regulations are two of its greatest strengths. This makes it an excellent stablecoin for those who wish to avoid the risks of other coins due to their lack of transparency.
Tips when online betting with stablecoins
With the benefits of stablecoins for online betting, some players can easily get lost in the excitement. As much as you want to take advantage of the perks of using stablecoins, you should still be mindful of your spending habits to avoid depleting your bankroll. It’s also crucial to research first, learn crypto terms and understand how stablecoins work. By doing this, it will be easier for you to bet using stablecoins hassle-free.
You can use some betting tips to boost your chances of winning big. Some crucial tips when online betting with stablecoins are:
- Keep track of your transactions → It’s crucial that you keep track of your transactions to see how much you’ve already spent. By doing this, you can avoid overspending and remind yourself when it’s time to take a break.
- Choose a licensed betting platform → The internet is a vast and public place that can be overwhelming for some. This is why you should always be careful when choosing an online betting platform. To have a safe and hassle-free betting experience, always research the betting platform of your choice and make sure that it is licensed.
- Understand the risks linked to stablecoins → To have the best time betting with stablecoins, it’s crucial that you understand the risk of using them. Stablecoins may be subject to regulatory risk if their issuers are not compliant with relevant laws and regulations. This could result in legal and financial penalties for both the issuer and the stablecoin holders.
Best crypto wallet for stablecoins
Looking for the best wallet to store your stablecoins? When it comes to online betting with stablecoins, choose the best wallet that will cater to your needs. Each stablecoin wallet boasts various uses and unique features that you can maximise. Always choose a virtual wallet that is not only secure but also easy to use. Two of the most popular wallets are:
- MyEtherWallet → MyEtherWallet (MEW) is a free and easy-to-use crypto wallet. In addition to supporting popular coins such as BTC and ETH, it supports stablecoins as well. Since MyEtherWallet is an autonomous wallet, it does not have access to your private keys.
- Trust Wallet → Trust Wallet is another option to securely store your stablecoins. The wallet uses bank-grade security standards to ensure the safety and security of your stablecoins from any potential threat. This wallet is popular among investors since it’s a mobile crypto wallet that is known for the variety of coins it supports and its ease of use.
With stablecoins, online betting becomes more worthwhile and convenient. To have the best online betting experience, all you have to do is choose the best betting platform such as the Bitcasino live casino site. Betting on renowned sites will not only expose you to a variety of stablecoin games but also to generous bonuses such as the Bitcasino bonus.