Cryptocurrency Integration in Betting: Exploring Melbet’s Acceptance of Digital Payments

According to statistics for 2023, more and more bettors are choosing to bet with cryptocurrencies. Melbet mobile players are no exception. In this article we will tell you about all the features of betting on melbet India using crypto-payments.

Cryptocurrencies. Historical Background

Blockchain technology and the first cryptocurrency bitcoin was created in 2008 by a man called Satoshi Nakamoto. To this day, the true identity of this person remains unknown.

The idea of blockchain was not a completely new idea. Back in 1983, David Chaum introduced the world to the first proto-cryptocurrency Digicash. But then the invention was ahead of its time and the project was not a success.

Bitcoin’s path to success was gradual:

• 2009 – the first bitcoin and the first transaction;
• 2010 – first real purchase with bitcoin (two pizzas worth 10000 bitcoins);
• 2011 – the value of one bitcoin reaches $1.

Already in 2011, new cryptocurrencies began to appear (Ethereum, Litecoin, etc.). The peak of the popularity of cryptocurrencies came in 2016. And already in 2021, the total capitalisation of all cryptocurrencies exceeded $1 trillion.

How Cryptocurrencies Work in Melbet App

Cryptocurrencies are integrated into the app and website in the same way as traditional currencies. That is, when registering, the user selects the cryptocurrency in which they will place bets. As with other currencies, it will only be possible to withdraw in the cryptocurrency selected when creating an account.

Benefits of Betting with Cryptocurrencies

Betting with crypto in the Melbet Android app has a number of pluses that are not available for other currencies, namely:

• Low withdrawal and deposit fees. Melbet itself does not take commission for deposits and withdrawals using cryptocurrencies. Therefore, players lose much less money on transactions;
• Faster transactions. Speed is one of the main advantages of cryptocurrencies. Any transaction is completely anonymous and is not checked by additional regulators. Money is often withdrawn instantly;
• Greater anonymity. The data on each blockchain transaction is completely transparent, but the data on the people who conducted them is completely. anonymous. Of course, to buy cryptocurrencies you will still have to use personal data, but their movement will be known only to you. You can also buy coins on decentralised exchanges, which provides complete anonymity;
• High security. Cryptocurrencies are fully decentralised, so if you keep the key to your wallet in a safe place, it is impossible to hack it;
• Decentralisation. Because of complete decentralisation, each individual wallet holder is the sole owner of the wallet. No world government and even less betting site has anything to do with the cryptocurrency app you use to store it;
• Global distribution. Unlike INR, cryptocurrencies are accepted by exchanges and other services all over the world. So you will be able to convert crypto into the currency you will need at a particular time without much loss on commissions.

But there are disadvantages to using cryptocurrencies:

• Price fluctuations. Because of its volatility, the cost of cryptocurrencies can change dramatically, both in the direction of appreciation and in the direction of markdown. Therefore, you should always monitor the behaviour of your currency in the market;
• Irreversible transactions. Cryptocurrency transactions are irreversible, if you make melbet app free download and make a mistake in the data when depositing or withdrawing funds, the money will go nowhere. It is impossible to reverse an erroneous transaction, so be careful when depositing and withdrawing;
• Lack of support. In case of loss of funds as a result of a failed transaction, theft of your account by a cybercriminal (if your key is stolen) or loss of the cid-phrase to restore your wallet, you will not be able to go anywhere. As we have already said, crypto is decentralised, so the safety of funds and wallets is the personal responsibility of each individual user.

But if you have any questions about using crypto specifically for betting, you can address them to the support team, after melbet apk download.

How to Deposit and Withdraw Cryptocurrency from the Gaming Account

The procedure of deposit and withdrawal is very simple, for this purpose:

1. Make melbet app download for android;
2. Open the app and authorise;
3. Go to the “Cashier” section;
4. Select “Deposit” to deposit and “Withdrawal” to withdraw your winnings;
5. Select the cryptocurrency you are using for betting;
6. Copy the Melbet wallet code for deposit and paste it in your personal crypto wallet, specify the deposit amount. For withdrawal, specify the amount and your wallet address;
7. Confirm the transfer.

As a rule, crypto comes in a couple of minutes, after that you can dispose of it as you need.