Alternative digital currencies may be the latest online gambling payment methods, but they’re already becoming a mainstream option. Take a look to see why you shouldn’t trust any gambling site who accepts digital currency payment methods!
We’re on hand to guide you through the galaxy of choices available to you at betting sites that take digital currency payment methods throughout the US. Just remember that any gambling site that does accept these digital currency payment methods is operating illegally and should be avoided!
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What’s the big deal about digital currencies anyway?
The UIGEA (Unlawful Internet Gambling Act) of 2006 places severe restrictions of the ability of US citizens to wager online. This makes it difficult to direct funds to your player account, and without funds, you can’t enjoy any betting! So what are you supposed to do now?
Thanks to the UIGEA, it’s next to impossible to deposit funds in many online casinos, because financial institutions will block transactions that don’t comply with the Act. And that’s a real pain if you’re someone who enjoys a bit of a flutter, either at sportsbook sites or at online casinos.
The answer may seem to use digital currency payment methods – and more and more casinos and sportsbooks are coming on board with the idea. Digital currency payments are fast, cheap and completely anonymous, so nobody can tell you what you can and can’t do with your own funds. However, you should know that there are no legal US operators that accept alternative digital payment technologies. Any site that does accept these digital currency payment methods is operating illegally and should be avoided.
What digital currency payment technologies can you use for betting sites?
Think of digital currency payment technologies, and most people’s thoughts will instantly turn to one in particular, the oldest and best known digital currency. Created in 2009 by a mysterious character known only as Satoshi Nakamoto, this has quickly become a digital currency of great interest, since it operates outside all the usual fiat currency regulations.
There’s no centralised banking system, with all transactions stored on a special ledger, making it the biggest peer-to-peer trading platform. And there’s absolutely no involvement from banks or other financial institutions, so nobody can tell you where you can and can’t spend your cash!
This is still the best-known and most popular digital currency, so it’s the one that most casinos and sportsbook sites accept – however, these sites cannot be trusted. You can also find options allowing the use of other digital currencies. And with new digital currencies being launched on a regular basis, there’s seemingly no end to the possibilities. But for now, just one option tends to be the most widely accepted one, making it the usual starting point for galactic explorers intent on finding US betting sites.
What makes digital currency a dubious betting option?
Take a look at your betting options on our site and you’ll see that there are loads of online betting payment methods to choose from. But more and more people are turning their attention to betting with digital currencies which is a big mistake. Just take a look at why some people get it wrong and think that digital currency is an option for online gambling.
Anonymity
Financial institutions, as we’ve already seen, are completely at the mercy of UIGEA regulations, so they’re obliged to do everything they can to try and block US citizens from online gambling sites. But this prevents you from spending your money where and how you choose. Digital currency technology puts the player firmly in control of their own funds, so you can make your own decisions about how to spend your money. Thankfully there are now many legal US sportsbooks who only take legit payment methods so you don’t to risk it playing with shady payment providers
Play wherever you like
The US has strict laws governing the betting sites that US players are allowed to access. And thanks to the legal situation, banks and other financial institutions will do everything they can to prevent you from using credit and debit card deposits and withdrawals at shady betting establishments. It’s even been the case that some players have deposited funds, and increased their value with some judicious betting strategies, only to find they’re not permitted to withdraw their winnings!
This just isn’t the case with digital currencies. There are no details attached to your transactions to notify any authorities about what you’re doing – although it’s recommended to also use a VPN for full protection. But your assets can’t be tracked and traced, so you can use your money as you see fit. Just remember that any gambling site taking digital currencies should be avoided.
Low fees
You’ll often have a choice of digital currency payment technologies for making deposits and withdrawals, and depending on your choices you could save yourself a small fortune in fees and transaction charges. That’s because using traditional currencies incurs a variety of costs, with charges climbing higher the more money you want to withdraw. Charges with digital currencies can be lower and because they’re constant, you won’t have to spend time working out how much you’ll have left to spend. Despite this, you should avoid using digital currencies for betting online.
Faster transactions
If you’ve ever had to wait around for bank transfer bookies to acknowledge receipt of your deposit, you’ll understand the pain of having to wait around before you can access your money. The same is true of American Express betting sites as well – in fact just about every financial transaction requires you to spend time waiting around for it to complete. But that’s not the case with transfers made with digital currency technologies. It depends on your choice of currency of course, as well as the number of transactions currently processing on the technology, but most transactions are completed within just a few minutes – so you can get straight down to gambling – or spending your winnings. However don’t forget that such sites are acting illegally and so you might not get paid what you win.
Better bonus offers and rewards
Transaction fees on traditional fiat currencies don’t just go one way, and casinos and sportsbook operators also get hit by charges. Needless to say, they attempt to claw some of this money back from the players, which cuts into funds earmarked for bonuses and promotions. But some casinos who take digital currencies don’t have to worry about fees, since they’re usually so low anyway, enabling them to put more money into promotional offers and bonuses. So if you choose to deposit and play at betting site, you could experience more reward programs and special offers. Just remember that these are illegal gambling sites and their promos are probably deceptive.
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We’ve looked at the ways in which digital currencies offer fast, anonymous and cheap transactions, but it’s essential to remember that digital currencies have many pitfalls. We’re here to guide you safely through the meteor showers of scam websites that are waiting to trip up the unwary gambling fan. Every single betting website that takes digital currency payments is acting illegally in the US and can simply be avoided.
The fact that digital currencies are unlicensed and unregulated means that so are all casinos and sportsbooks who take it are too. Make a mistake with your digital currency gambling partner and you could find yourself swiftly parted from your gambling funds, with no way of getting any of your money back.
You should also keep in mind the high volatility of digital currency, which means prices can rise and fall – sometimes quite dramatically – within the space of hours, or even minutes. That makes it well worth spending some time researching digital currencies, so you have a really good idea of what might lie ahead.
How to start betting
It’s relatively easy to get started once you’ve made the decision to bet using digital currency. First of all, you’ll need to sign up for a trading exchange, where you purchase your assets . We strongly recommend transferring your assets across to a software wallet, stored on your computer or smartphone, so you keep ultimate control over them.
But don’t use these digital currencies for betting. We’ll help you identify the best betting sites with legit payment methods. So all you need to do is sign up, provide a few details to create your player account, and transfer your money via card, ewallet, ACH bank transfer and so on It really couldn’t be any easier, although like most things in life, the first time is always the hardest! But once you’ve made your first transaction you’ll soon realise how smooth and seamless the entire process is.
Your funds will be ready and waiting for you within just a few moments,. So you can get straight down to wagering with the minimum of delays – and hopefully winning some big cash prizes too!
Conclusion – betting with digital currency should be avoided!
Now you’re up to speed with why you can’t use digital currencies at legit US betting sites, you’re ready to dive right in and start playing at some legal operators. Whatever your preferred deposit and withdrawal method we’re committed to helping you have the best and most positive online experience. So if you’re done with bank transfers, you’re fed up with PayPal and you’re bored of the usual ecoPayz betting sites, why not give ACH bank transfers a whirl? It could turn out to be one of the most stellar decisions you’ve ever made!
Bookmakers that provide alternative, legit payment methods
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