Exploring Another Practical Application of Crypto on 1xBit, A Popular Crypto Gambling Platform

This article is sponsored.

Cryptocurrency is functionally a decentralized, permissionless, and intermediary-free method of storing, transferring, and exchanging value. The early days of Bitcoin in 2009 leading up to the ICO rush of 2017 and the start of the current decade has positioned cryptocurrencies as the future of money.

However, cryptocurrencies are still functionally a means of storing, transferring, and exchanging value for a growing number of early adopters. Hence, it is always interesting to see the applications of cryptocurrency in use cases that could drive wider adoption.

The global gambling market suffers intense scrutiny from traditional financial institutions that make high-handed moral and ethical judgments on the $500B industry and its participants.

Thankfully, cryptocurrencies provide an opportunity to participate in the global gambling market without necessarily having to deal with the permissions, controls, and oversights of traditional financial institutions. This 1xBit review examines a popular crypto gambling platform with a view to helping you decide if it is the best place to bet with cryptocurrencies.

What is 1xBit?

1xBit is one of the few all-inclusive crypto gambling platforms that provide access to an innovative sportsbook and online casino on a single platform. Founded in 2016, 1xBit is plugged into the evolution of cryptocurrencies as it provides an opportunity for bettors to leverage the decentralized nature of cryptocurrencies to engage in betting activities.

1xBit is a trusted and reliable bitcoin and cryptocurrency sportsbook and casino gambling platform. It provides a fast, secure, and enjoyable crypto betting experience to gamblers who want to bet and play casino games without having to worry about KYC regulations.

Gambling

1xBit offers gamblers more than 400 different gambling games divided into the categories
Sports, Live Games, Virtual Sports, Esports, Slots, Live Casinos, 1XGames, TV Games, Lotteries, and more.

• The Sports category gives you access to place bets on 40 different kinds of sports.
• The Live category enables you to place different kinds of bets on live sporting events in different sports, tournaments, and countries.
• The Virtual Sports category is for placing bets on computer-generated sporting activities.
• The Slots category provides you with over 5,000 of slot machine games and you’ll be able to play up to 4 games simultaneously.
• The Live Casino feature allows you to play classic casino games such as Poker, Blackjack, and Roulette, with over 100 live dealers.
• The 1xGames category provides different kinds of variety of traditional dice games, rock paper scissors, and others.
• You can also bet on other events such as the weather, the outcome of political elections, and other games of chance.

Key features

Opening an account

Opening an account with 1xBit typically starts with clicking the registration button at the top of the homepage and entering a promo code so that you can get a fuller welcome bonus (more on that in a bit). Enter your promo code if you’ve got one from one of the affiliates.

That is literally all it takes and you have a bettor’s account with 1xBit. Of course, you’ll have a unique account number. You are also encouraged to confirm an email for the purpose of account recovery, but you can choose to save the file or picture containing your username and password without providing your email address.

Bonus plans

When you sign up on 1xBit, you can expect to receive up to 7BTC in bonuses if you are a prolific user.

1. Create an account with 1xBit
2. Deposit at least 5mBTC (or it’s equivalent in another cryptocurrency). This is 0.005BTC or about $57.27 at current prices
3. Start placing sports or casino bets to qualify for bonus points that can be converted into funds for placing more bets. The more bets you place, the more bonuses you earn.
4. You’ll qualify for additional bonuses on your 2nd, 3rd, and 4th deposits. The more funds you deposit, the more bonuses you earn.
5. The maximum deposit bonus that can be claimed is -100% bonus up to 1 BTC for the 1st deposit,  50% bonus up to 1 BTC for the 2nd deposit, 100% bonus up to 2 BTC for the 3rd deposit, 50% bonus up to 3 BTC for the 4th deposit.
6. Note that to qualify for a bonus, you need to bet up to 40X of the deposit amount within 30 days of depositing the fund.

Supported cryptocurrencies

1xBit currently provides support for deposits and withdrawals in 26 cryptocurrencies which is significantly more than the number of tokens that its competitors support. Starting with the most popular ones, 1xBit supports Bitcoin, Ethereum, Litecoin, Ripple, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, Monero, Qtum, Tron, NEM, Dash. Dogecoin, Ethereum Classic, Digibyte, Sibcoin, Verge, Bitshares, STRATUS, and ZCash. It also supports stablecoins such as Tether, USDC, TUSD, and PAXOS ST if you don’t want your deposits and winnings to be affected by the volatility of cryptocurrencies.  1xBit’s users can bet in several currencies when opening a multi-currency account.

Deposits and withdrawals

To deposit funds into your 1xBit account, click on the deposit button in the top pane of your account.

Click on your preferred cryptocurrency and it will generate an address into which you can deposit the crypto. If you do not yet have crypto, 1xBit provides access to platforms where you can purchase crypto for direct deposit into your account. You need to make sure that you transfer or buy enough cryptocurrency that meets the minimum deposit for your chosen cryptocurrency. For instance, the minimum bitcoin deposit is 1.00 mBTC which is 0.001BTC or about $11.50 at current prices.

Withdrawing your winnings from 1xBit is equally simple. Click on the “My Account” menu at the top of the page and click on “Withdraw Funds”. Winnings on 1xBit are typically paid out in BTC but you are welcome to withdraw your winnings in any of the 26 supported cryptocurrencies. Choose your preferred payout crypto, enter the amount to be withdrawn, enter or paste the wallet address of the preferred crypto,  and your funds are on the way.

Another great point to note is that deposits and withdrawals on 1xBit are processed with a single confirmation; hence, you don’t have to worry about your transactions taking forever to be processed.

Competitive Advantage

One of the key factors that set 1xBit apart from many traditional casinos and bookers is that it uses cryptocurrencies exclusively for deposits and withdrawals and it doesn’t force users to use traditional payment methods such as wire transfer, PayPal, Visa, Mastercard, etc. This exclusive use of cryptocurrency makes 1xBit an ideal choice for bettors that want some anonymity and discreteness in their gambling activities.

Also, 1xBit stands head and shoulder above its direct competitors in a large number of crypto tokens in support, its localization into 60 languages so that you can interact with the platform in your preferred language, and its excellent customer support available as 24/7 live chat in 15 languages.

Downsides

There are not many downsides to using 1xBit. It has a large selection of games, supported cryptocurrencies, and a user-friendly interface. However, the fact it doesn’t require any form of KYC means that accept users from the UK, US, and countries in the CIS (Commonwealth of Independent States).

Also, 1xBit doesn’t yet allow funds transfers between its players. However, this is understandable since 1xBit is predominantly in the business of betting and not financial services.

Is 1xBit safe and secure?

1xBit is a crypto-powered online sports betting, gambling, and casino platform. All deposits and withdrawals are in cryptocurrencies. Start with personal information, 1xBit doesn’t request or store your personal information, hence, you don’t have to worry about your funds being stolen.

Secondly, all transactions can be tracked through the blockchain; hence, there’s an immutable proof of records should you need to follow up on your deposits and withdrawals. 1xBit’s platform itself is secured by a best-in-class firewall and SSL encryption technology and user funds are kept securely.

Wrapping up this 1xBit review

1xBit has been around for almost 5 years and the service has been improving as cryptocurrency continues to mature and unlock greater application and mass-market adoption.

1xBit doesn’t annoyingly brand or promote itself as a crypto sportsbook and online casino platform, but it embodies all the ideals of cryptocurrency in anonymity, decentralization, permission less, and open.

1xBit offers a user-friendly platform for placing bets on sports or playing casino games on the web, iOS, and Android devices. It provides excellent customer service through a 24/7 live chat, responsive email, and social media accounts.

There are hundreds of crypto casinos in the market but few of them have shown the stability and steadiness that 1xBit has delivered since 2016. If you want to choose a crypto betting website, it might be in your best interest to use a platform that has been around for several years rather than an untested gambling website that sprung up overnight.

To sum it all up, very few crypto gambling platforms provide a mix of convenience, a large selection of games, discreetness, and superfast transactions like 1xBit. In the last 5 years, 1xBit has shown another practical application of cryptocurrencies,  we are hopeful that they’ll stick around for the next 50 years and beyond.