The Rise of Cryptocurrencies in the Sports Betting World
Is there anything we can’t buy with cryptos these days? From a latte at Starbucks to a Tesla vehicle, cryptos can pay for pretty much everything. The most famous one, Bitcoin, has even become legal tender in the Central African Republic and El Salvador. More and more street shops accept them in countries like Turkey and Nigeria, just like regular card payments.
So, using cryptocurrencies for online betting is one of the least surprising developments of this payment method. If you want to use this payment method for sports betting, this article will walk you through the basics. Don’t forget to check the best odds and events at Boylesports football odds.
Crypto History – A Crash Course
Cryptos are no longer exclusive to tech geeks and are now all over the stock market. However, back in 2010, someone had to actually insist on paying for two Papa John’s pizzas with 18,000 BTC. The amount that would make anyone a millionaire today was almost worthless back then. This episode says a lot about the volatility of this kind of asset.
Bitcoins, and all other cryptos today for that matter, are based on a revolutionary technology: the blockchain. They aren’t only for storing payments, though; many gambling sites use this system to manage outcomes and payouts. A quick search for “decentralised casinos” or “decentralised sportsbooks” will return several options.
Despite some cyber attacks on blockchains in the past, this system is still regarded as one of the most transparent and safe. Better still, it’s a decentralised system, which means individuals or companies can’t alter it.
All transactions involving cryptocurrencies are validated and stored by them in a system that’s nearly impossible to alter. So, if you join a sports betting site that operates with cryptos, at some point, a blockchain will be involved.
What’s Hot and What’s Not
Some key advantages propel the rise of cryptos in the online betting world. Crypto transactions are completely anonymous: you don’t need to provide personal info to the website you’re betting on. Those transactions are much faster than bank transfers and are often processed instantly by these websites. Crypto transactions are also cheaper than bank transactions.
While using cryptos, you can access more betting options, and more sites use them as the only payment method. There’s a myriad of esports to bet on, platforms that are completely dedicated to crypto betting on virtual sports, and daily fantasy sports (DFS). Also, it allows you to bet very small amounts, as many cryptos are worth way less than USD 1.
However, if you plan to buy cryptos, you should know that this asset is very volatile. It means its value can spike up or nosedive in a matter of days. Despite its wide acceptance, cryptos are still unregulated in most markets. Also, platforms that use blockchain and crypto betting must invest a considerable sum in cyber security. Once your cryptos are stolen or lost, recovering them is almost impossible.
Betting With Cryptocurrencies
Betting with cryptocurrencies looks like doing so with fiat currency but with extra steps. First, you’ll need to set up a wallet for storing your assets and find a trustworthy trading platform for buying them. You’ll also have to link your wallet to your chosen online sportsbook so that you can make deposits and withdrawals. All the rest is like regular betting.
Bitcoins are the most widely accepted cryptocurrency, but it won’t be difficult to find platforms accepting Ethereum, Dogecoin, Litecoin, Ripple, and others. Pay attention to the Terms and Conditions of each site, as some promotions may not be valid for this payment method. Bet responsibly and enjoy your cryptos!