Cryptocurrencies have been around for a while, but they’re becoming more widely accepted as time goes on. In case you’re not familiar with them, cryptocurrencies are forms of digital money that use encryption techniques to regulate the generation of units and verify transactions in a decentralized way.
While cryptocurrency markets are prone to volatility, they’ve caught the attention of traders and investors. The rise of cryptocurrency value has accelerated its adoption in various industries, including online gambling and sports betting. That’s why there has been a rise in the number of people ready to buy cryptocurrency or invest in it,
There is no single authority that controls cryptocurrency prices and supply or tracks transactions, making these currencies more secure than typical ones that are managed by central banks. Cryptocurrencies—including well-known ones like Bitcoin and lesser-known varieties like Ether—are based on blockchain technology.
So, how is cryptocurrency changing the online sports betting industry? Is it the future of esports and online gambling? Let’s find out.
Cryptocurrency Transactions: A Closer Look
Cryptocurrency transactions are based on blockchain technology. Blockchain is a decentralized digital ledger—a kind of database that stores and tracks data across multiple devices.
When a cryptocurrency transaction is made, it’s stored on the blockchain, which prevents any single point of failure. That means hackers can’t attack a specific database to steal your funds; they would have to hack every device connected to the blockchain at once, which is virtually impossible.
Concerns over security measures were common in the early days of cryptocurrency transactions when there weren’t many regulations or protections in place. But as more individuals and businesses embrace cryptocurrencies, exchanges are becoming increasingly regulated and secure.
Major banks, such as JP Morgan Chase, have said that blockchain technology can help prevent fraud and theft.
Here are a few crucial benefits of using cryptocurrency for online sports betting:
Wagering With Cryptocurrencies Is Easier
One of the most appealing aspects of using cryptocurrencies for online gambling is that no international banking limits, fees, or hassles are involved. For many people who want to gamble on sports online, making deposits and withdrawals with a credit card or bank account can be a difficult process. Cryptocurrency gives users another option that’s fast and easy to use.
Just as important is the fact that cryptocurrencies are decentralized and not tied to any government or central bank. In some countries where online sports betting is illegal, the government may block or limit transactions between banks and betting sites. Cryptocurrencies can be used as an alternative payment method in these cases.
Cryptocurrency Transactions Are Faster
Cryptocurrency transactions are typically faster than other more traditional payment methods like credit cards.
Credit card payments require a third party to verify the transaction, which adds time to the process. Cryptocurrency transactions are peer-to-peer and don’t need a third party, so they’re faster.
Cryptocurrency transaction times are also generally faster than sending a wire transfer or waiting for a check to be sent and cashed. Some cryptocurrency transfers may even be quicker than using PayPal as an alternative payment method.
Using cryptocurrency for online gamblings ensures that punters can cash out their earnings instantly. Also, it eliminates transaction processing charges associated with credit cards and e-wallets.
Cryptocurrencies Are Becoming Widely Accepted
It’s important to note that not all online sportsbooks accept cryptocurrency, but the number is growing. The most popular sports betting sites like BetOnline and Bovada have begun accepting Bitcoin and other cryptocurrencies.
Several other online sports betting sites like SportsBetting and BookMaker are now accepting Bitcoin Cash, Ethereum, Litecoin, DASH, Monero, and Ripple. While some of these sites may only accept a few cryptocurrencies, others will accept nearly any coin you can think of. In fact, there are hundreds of different types of altcoins available on the market today.
If you’re interested in using cryptocurrencies for your sports betting needs but aren’t sure which site to use, it’s a good idea to research cryptocurrency markets. Find an up-to-date list of all known online sportsbooks that accept cryptocurrency deposits or withdrawals (or both), in addition to resources for learning more about each specific crypto token.
Finding a Way Around Gambling Regulations
What’s important to note about cryptocurrency is that it isn’t regulated by any government or bank. It’s not tied to any country, and you don’t have to use your real name when using it. This can be useful if you live in a place where gambling laws aren’t as clear-cut or if you’re nervous about your online activity being traced back to you by the authorities.
While these factors make cryptocurrencies attractive, they also make them vulnerable to volatility, which has led some people to consider them unsafe (although they’re actually very safe).
Since they’re unregulated, there are no guidelines for exchanges or companies accepting them as payments, making it harder for consumers who are used to receiving refunds and customer service support from traditional exchanges and businesses. It’s crucial to study cryptocurrency markets and prices before you decide to use any digital currency for online sports betting.
Cryptocurrency is becoming a popular option for online sports betting, especially in the United States, where traditional banking options are not always available to sports bettors.
It offers a faster and more secure way of depositing funds, placing bets, and withdrawing your earnings. However, while cryptocurrency can be more convenient than other payment options, it’s important to be aware of some potential drawbacks as well.