BETTING WITH CRYPTO

NO DEPOSIT FEES

If there is any option that can be labelled as a payment option for the 21st century and beyond, it is cryptocurrencies. So much has been said and written about cryptocurrencies (sometimes written as crypto-currencies or crypto currencies) in the past several years, there isn’t anyone who hasn’t heard of them and millions have already invested or are considering investing in crypto.

We could go into details about cryptocurrencies and there are a lot of details and information, but we will stick to the basics here and this will be particularly useful if you’re looking at betting with crypto.

Pretty much every non-FIAT currency that exists online (in a digital format), and uses encryption to ensure that the transaction is secure and there won’t be any third-party breaches.

The key thing about cryptocurrencies is that there is no central issuing authority, there is no central bank that issues crypto-currencies, they are completely decentralised.

Regardless of how units of cryptocurrencies are generated and issued, individual accounts are stored in a digital ledger. A ledger is a database which is encrypted and that’s where transaction records are kept, but it also allows the verification of the transfer or funds as well as the issuing of new coins.

But all of this sounds too theoretical, so let’s dig into the more practical aspects of cryptocurrencies and why they can be the perfect option for you to fund your betting account.

With a cryptocurrency you have an opportunity to buy, sell things and transfer funds anonymously. Security and anonymity are valued highly by everyone these days and that is one of the key reasons behind the rising popularity of cryptocurrencies and their proliferation in the past several years.

There are dozens of different cryptocurrencies with new ones emerging on a regular basis. More than 10 cryptocurrencies are supported on BetInAsia, including the world’s most popular crypto – Bitcoin.

CRYPTOCURRENCY

Bitcoin – BTC
Ripple – XRP
Tether – USDT
Litecoin – LTC
DAI – DAI
Dogecoin – DOGE
USD Coin – USDC
Cardano – ADA
Solana – SOL
Ethereum – ETH
Tron – TRX

PROCESSING TIME

6 Confirmations
Near-instant
20 Confirmations
12 Confirmations
6 confirmations
25 confirmations
20 Confirmations
15 Confirmations
Near-instant
20 Confirmations
21 confirmations

CRYPTOCURRENCY & PROCESSING TIME

BTC – 6 CONFIRMATIONS
XRP – NEAR-INSTANT
USDT – 20 CONFIRMATIONS
LTC – 12 CONFIRMATIONS
DAI – 6 CONFIRMATIONS
Doge – 25 CONFIRMATIONS
USDC – 20 CONFIRMATIONS
ADA – 15 CONFIRMATIONS
SOL – NEAR-INSTANT
ETH – 20 CONFIRMATIONS
TRX – 21 CONFIRMATIONS

MINIMUM DEPOSIT: 100 EUR

MINIMUM WITHDRAWAL: 150 EUR

DEPOSIT FEES: 0%

WITHDRAWAL FEES: 2% Fee (additional 2% applied on following withdrawals during the 30-day period

HOW IT WORKS

Purchase a crypto amount if you don’t already own any cryptocurrencies.

Choose Crypto as a payment method in your BetInAsia account.

Use the generated address to complete the payment.

Bitcoin

Bitcoin has pretty much become synonymous with cryptocurrency in general. It was the first cryptocurrency in the modern sense of the world, launched in 2009.

Bitcoin value has fluctuated a lot over the years, but the general trend is more than positive. It took more than two years for the price of 1 BTC to reach $1, and then two more years before 1 BTC was traded for $1,000. Then in October 2021, the price reached almost $67,000 and despite the decrease in the first months of 2022, it is estimated that not only is Bitcoin here to stay, but that its value is expected to grow in the future.

Bitcoin is accepted at BetInAsia and it is the most popular cryptocurrency used by our punters. You can make deposits and withdrawals via Bitcoin, there is no deposit fee and the withdrawal fee is 2%.

The minimum deposit is €100 and the minimum withdrawal amount is €150.

Bitcoin might be the first and the most renowned cryptocurrency, but there are many of them and cryptocurrencies and crypto payments are among the most popular options with punters, betting and iGaming enthusiasts. Bitcoin is a particularly popular option among those who are betting with crypto.

We support a range of other cryptocurrencies, including the following:

USD Coin

USD Coin – also known as USDC, is a so-called stablecoin and this is what differentiates it from most other cryptocurrencies. USD is tied to the US dollar and its value always matches the dollar. 1 USDC equals $1.

Let’s say a few words on stablecoins first. A stablecoin is a cryptocurrency, but its value is pegged to a fiat currency, a traded commodity like a precious metal, or in some instances another cryptocurrency. So, unlike other cryptocurrencies there is no risk associated with the fluctuations of the value of the crypto in question. So, if you want to deposit a particular amount of US$ but you would prefer the anonymity and security of the world of crypto, USDC would be a great option for you.

The terms and conditions are the same as the terms and conditions for Bitcoin transactions in terms of minimum and maximum deposit amounts and fee percentages and one difference is that a USDC transaction processing time is 20 confirmations, whereas a Bitcoin transaction processing time is 6 confirmations.

Tether

Tether – or USDT is another stablecoin which is also tied to US$ and the value of 1 USDT equals $1. USDT is generally utilised more often by traders whereas USDC is considered to be a more secure option.

Ripple

Ripple – although it is more than a cryptocurrency, here we are talking about XRP which is the Ripple powered crypto. One of the biggest advantages of Ripple is that transactions are practically instant. You can fund your BIA Wallet using Ripple and the terms and conditions are the same as for the other available cryptocurrencies.

Ethereum

Ethereum – here we are talking about the cryptocurrency which is created as a result of the operations of the Ethereum protocol, also known as Ether or ETH. Unlike Bitcoin, Ether doesn’t have a supply cap. The Bitcoin cap is 21 million coins. Ether is also a lot faster when it comes to block validation. It takes only 21 seconds for Ethereum blocks to be validated, while the Bitcoin blocks are validated once every 10 minutes or so.

Litecoin

Litecoin – Bitcoin’s younger brother, although it has been around for much longer than the other crypto options available here. Litecoin is pretty much identical to Bitcoin in terms of the technical setup and how the transactions are set and processed. In terms of value, Litecoin is worth a lot less than Bitcoin, it has always been worth a lot less, but it has a four times higher cap, there are 84 million coins.

Cardano

Cardano – (ADA) a relatively newer player on the market, this proof-of-stake cryptocurrency was launched in 2017. If you’re new to crypto, you will surely wonder what is proof-of-stake? Perhaps it’s best to explain it by comparing it against the other crypto protocol – proof-of-work, but without going into too much technical detail.

Proof of work is a cryptographic proof which is used by a majority of known cryptocurrencies, most notably Bitcoin. The downside of the proof of work protocol is that it uses an awful lot of energy and that’s one of the main points of criticism. Proof of stake solves that problem and is a lot more eco-friendly cryptographic protocol. And Cardano (ADA) is one of the first and largest proof of stake crypto currency.

Solana

Solana – while most other up and coming cryptocurrency are turning to Bitcoin as an inspiration and as the coin, Solana (SOL) sees Ethereum as its main competitor. And by 2021 it was already considered Ethereum’s key rival by experts. Solana’s key claim is that transactions are faster and the associated costs are lower.

Solana also introduced new technologies in terms of proof mechanisms. In addition to the proof of stake protocol that we explained above, Solana also supports a proof of history mechanism. It has been argued that this allows Solana to increase scalability, but not at the cost of security and without compromising the principle of decentralisation.

Dai

Dai – another stable coin that was released towards the end of 2017. Dai (DAI) was designed as a crypto payment method that is tied to the US$ and it mostly managed to maintain its value over the years.

The use of an automated system which is set on the blockchain used by Ethereum is what makes it possible to keep the Dai value tied to the US$.

Tron

Tron – was launched in 2018 and it was one of the last cryptocurrencies that managed to establish its position on the market. Tron (TRX) also uses proof of stake protocol. Experts have concluded that Tron is, in most aspects, very similar, almost identical to Ethereum.

Dogecoin

Dogecoin – a rather surprising stream of events and developments established this cryptocoin that initially started as a joke. Even though dogecoin was launched as the first “dog coin”, it was still considered to be and actually was a serious investment project.

Dogecoin has been labelled an ‘alt coin’ or alternative coin and it has been traded against other cryptocurrencies, but also against conventional fiat currencies.

Make a Crypto Deposit at BetInAsia

Crypto is one of the most common payment methods at BetInAsia and a lot of our customers are betting with crypto and using one or more cryptocurrencies available to make deposits to and from their BIA Wallets.