If you have an internet connection, you know all about cryptocurrencies – AKA crypto. Bitcoin, Ethereum, Litecoin, and others. And while we understand the currency definitely has its ups and downs. It is, in our opinion, the best way to transfer money in the gambling world.
So we suggest you push crypto to your clients as well. That’s why we’re giving you a quick rundown of how crypto works, the best ways to use it, and why it will benefit both the player and agent.
What is Crypto?
A cryptocurrency or crypto is a digital currency meant to be used as a medium of exchange like the US dollar. Basically, it was created to buy and sell stuff just like your Benjamin’s, except, in this case, it wasn’t created in the form of coins or paper. It’s completely digital.
But like first-year economics, supply and demand are what created their value. Ownership of crypto is displayed on a ledger and uses strong cryptography to ensure everyone’s individual hold on the coin is entirely safe. Also, to maintain its value, creating “or mining” crypto is no easy task. The digital currency was created with such meticulous coding that it would take numbers and expensive supercomputers to create crypto like Bitcoin.
Another big difference is there’s no middle man. You no longer need a bank to send and secure a transaction between two parties. Every transaction is tracked on the ledger, and such deep encryption ensures your information can’t be hacked.
Bottom line, crypto is the perfect currency for the American online gambler in the internet age. Crypto thumbs its nose at government oversight.
How to Use Crypto?
You can use crypto like any other currency. And just like when you take a trip to Europe, you have to hit up an exchange to change your USD into Bitcoin or anything else. Numerous exchanges are now on the net to change your bills to crypto coin. We’d suggest giving a quick Google search, and you’ll find some steady options.
The good news is, once you’ve used the coin to deposit to a site like BossAction.com, it immediately stays in your account as USD. This avoids you sweating when any crypto has an up or down moment. For many, crypto has become an investment tool more than a method of exchange. But that was never its original design. It’s a way to send and receive money without any bank or IRS agent snooping over your shoulder.
Benefits of Using Crypto
Which brings us to the benefits you or your players using crypto to deposit and gamble. The first answer is simple: Taxes.
Unlike places like Canada, the US government takes a HUGE chunk of player winnings once you’ve cashed out. New, US-based sites even send you your receipt after you’ve processed your withdrawal. You don’t even get a chance to file come tax season. It’s automatic.
Crypto is not watched or tracked by government watchdogs, nor does it use their banking systems to transfer your funds. What you declare once you’ve won on an offshore site is up to you. That makes crypto the perfect tool for agents and players when playing on pay per head software.
When withdrawing from your account, it goes directly into your crypto wallet, where it can stay as long as you want. Or, it can be exchanged back into US funds as well. The speed of these transactions is as quick as 15 minutes. You don’t have to wait for a check in the mail or for a week-long wire transfer. It’s a digital currency, so transactions tend to go as fast as an email.
One issue within the US is that credit card companies like VISA and Mastercard are either blocking transactions or charging 7% on the dollar for every transaction going to an offshore site.
That could become costly to a player or agent over time. Crypto is a much more affordable and reliable method for sending money. And if you’re an agent, this is the best way to sell crypto to your players.
In our research, there also tends to be more bonuses and offers for crypto because it’s cheaper for merchants to process your transactions.
In our opinion, if you want to offer pay per head services online or take on players as an online bookie, it’s better to provide crypto as your primary method to get money in and out.
Best Crypto to Use
You think we’d say Bitcoin, but we’d only suggest that method if you or your players want to do $5K-$10K per transaction. This is because the processing fees associated with Bitcoin transactions tend to be on the higher side as it’s a crypto with such high volume use.
Ethereum is a good method if your players are a bit lighter in the pockets, but for the most part, we suggest coins like Litecoin, Ripple, Tether, USD Coin, or Cardano as cheaper methods for the players that want to send a couple of hundred dollars or less.
We get it, crypto has its share of lucrative highs and backbreaking lows. But on its merits, there’s no better way to get money in and out of your accounts. And that’s not just for players but also for sports bookies online.