Transaction delays and payment difficulties are examples of the numerous issues plaguing the online gambling industry. It can even be described as the most significant issue because it tends to affect the gambling activities of all bettors. For this reason, many online bookmakers have made necessary upgrades to the payment section in their platform. Tonybet has introduced the use of cryptocurrencies to make deposits and withdrawals to its payment section, thus shooting the online betting industry to the moon.
The talk of the online industry is about crypto, as many punters look to embrace its use for their gambling activities.Despite cryptocurrencies being in the financial sector for more than a decade, they have still not completely broken the barriers surrounding their use for online betting. However, with traditional payment methods faltering at very crucial times, most punters have turned their attention towards cryptocurrencies. Thus, highlighted below are some of the benefits of using cryptocurrencies to make deposits and withdrawals.
Fast Transactions
Deposits and withdrawals made through cryptocurrencies have minimal processing time compared to other payment options in the industry. It is a good thing for live bettors as they are able to fund their accounts in sufficient time. Thanks to Cryptocurrencies, punters will always be ready to enjoy the high-profit level of the live bet section.
Security of Funds
It is difficult to access funds stored in a crypto wallet compared to an e-wallet or a payment card. Cryptocurrencies operate tight encryption protocols and use blockchain technology, making them a highly secure payment method. The funds transferred between the two parties become inaccessible to any third-party agency hoping to tamper with the transaction process.
Reduced Payment Fees
Cryptos are not yet a legal tender, which means they are tax-free. Bettors are not subjected to exorbitant charges for processing a transaction. Compared to traditional payment methods, cryptocurrencies have lower transaction fees. They are also the best option for international payments due to their reduced fees. Local payment providers usually charge bettors tooth and nail for processing international payments, but with digital currencies, these charges can be avoided.
Top Coins for Use in Online Betting Platforms
There are thousands of coins in the market, so it is impossible to offer all for use in processing transactions. They usually provide the most popular coins in the market, which are the ones with significant value. A few of these options include.
Bitcoin
It is the coin with the most significant value and the leading cryptocurrency payment option in all online betting platforms. A vast majority of online gamblers prefer using Bitcoin for their transactions because it has already established itself in the crypto market.
Ethereum
Referred to as the sister coin to Bitcoin, Ethereum is a major player in the online betting industry. It is the 2nd most valuable coin in the market.
Litecoin
For speedy transactions, litecoin is the perfect option. Despite not being as valuable as Bitcoin or Ethereum, it is a widely used payment coin because of its speed.