Cryptocurrencies have become very popular and valuable around the world. Ever since Bitcoin graced the world in January 2019, a lot of people are now buying into it. Today there are over 22,932 cryptocurrencies, and the market is worth over $1.1 trillion. The gambling sector isn’t left out, considering many now offer crypto payments.
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Online Bookmakers That Accept Crypto in Nigeria
At the best crypto casino sites, players can deposit into their accounts using Bitcoin, Litecoin, Ethereum, Dogecoin, and Bitcoin Cash, among others. There are many benefits of Crypto payments compared to other types of payment methods. In this review, we will be looking at some of them and also where you can find the best betting sites offering this type of payment option.
Fees, Timing and Limits Applied by Crypto Bookmakers
When signing up with the best gambling platforms in Nigeria accepting Bitcoin or other digital currencies, it’s important you get more information about their payments. Below, we have listed the best gambling sites, including their fees, processing times, and limits:
| Bookmakers | Credit Time | Minimum Limit | Maximum Limit | Commissions |
|---|---|---|---|---|
| 22Bet | Instant – few minutes | ₦100 | n/a | Free |
| 1xBet | Instant – few minutes | ₦250 | n/a | Free |
| Melbet | Instant – few minutes | ₦250 | n/a | Free |
| BetWinner | Instant – few minutes | ₦100 | n/a | Free |
The Advantages and Disadvantages of Betting with Crypto
As we mentioned earlier, there are many perks to signing up with the best crypto betting sites in Nigeria. However, there are also some drawbacks we think you should know before you begin using this payment method at betting sites:
Advantages
Here are some of the benefits of using cryptocurrencies to gamble:
- Secure: Cryptocurrencies are decentralized and as such, it is very secure. There is no middleman involved in these types of transactions, like there is with fiat currencies. Instead, these types of payments are processed in transparent blockchain technology. You should be able to use your bank account to make Cryptos to and from your betting site if you use a bank account and live in a nation where online gambling of any kind is permitted.
- Anonymous: Another reason why many people prefer this payment option is because of the anonymity it brings. Crypto payments can’t be traced to your bank account and it offers a level of privacy that fiat currencies don’t give. You don’t need to enter your banking information to deposit or withdraw. Instead, you can do so using only your wallet address.
- Swift Payments: Also, this type of payment method is very fast. Usually, it takes a few minutes for crypto payments to be processed. The transactions are instantaneous, which is why it is preferred. Since there are no third parties involved, making deposits and withdrawals comes without delays.
- Convenient Payment: It is very convenient making payments at crypto casino sites using this option. Since you only require your wallet address, there is no cumbersome form to fill out. The process is easy, and deposits can be completed in less than a minute.
- Bet Limits: You can deposit as much as you want with cryptocurrencies. Unlike fiat currencies that put a peg on deposits and withdrawals, this doesn’t apply to crypto payments. You can withdraw any amount into your wallet.
- Low Fees: You should know that this payment method comes with its fees. However, the fees are quite low compared to other payment methods at online betting sites.
Disadvantages
Also, just as with other payment methods at gambling sites, cryptocurrencies come with some risks. Here are some of the drawbacks of using this payment method:
- Volatility: One major reason many bookmakers don’t adopt cryptocurrencies is because of its volatility. The value changes rapidly, and unlike fiat currencies, it is highly unstable. As a result, it can cause loss or gain, due to price fluctuations.
- Cybersecurity issues: Even though cryptocurrencies are considered safe, it is completely immune to security issues. The wallet or even the Crypto exchanges can be compromised. There have been instances where people’s wallets have been hacked and as a result lost their money.
- Lack of Regulation: Even though the decentralization of cryptocurrencies is one of its advantages, the lack of regulation means you have no protection. In case of any breach or loss, wallet owners don’t have access to any protection, unlike the traditional betting platforms.
Top 3 Crypto Bookmakers in Nigeria
How to Deposit on Crypto Betting Sites
To deposit at Crypto betting sites, here’s a quick guide to help you:
- Go to the bookmaker’s site and login to your betting account.
- Navigate to the deposit button to make your payment.
- Select the type of crypto you want to use as your method of payment.
- Enter your deposit amount.
- Also, enter your wallet address and then confirm your payment. Your deposit will reflect in your betting account.
How to Withdraw in Three Steps
Here’s a step-by-step guide to help you withdraw your funds using cryptocurrencies:
- Login to the bookmaker’s site
- Navigate to the withdrawal page and choose your preferred cryptocurrency.
- Enter your withdrawal amount and paste your wallet address to receive your money.
Are there any Transaction Fees with Crypto?
Whether you’re depositing or withdrawing funds at a crypto betting site, there are some fees you should be aware of. Regardless of the type of cryptocurrency you use, there is a small fee for transactions you make on the blockchain. Also, some betting sites will charge a withdrawal fee and sometimes commission fees for placing bets on certain games. Also, there’s the conversation fee that the user deposits to exchange their funds.
FAQ
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Is Crypto Betting Safe?
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Is Crypto Betting Legal?
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Where can I bet on sports with Crypto?