Sports betting is easily the most popular way to gamble by people who are into any kind of sports. Watching sports alone is already thrilling and exciting, but knowing that you have money on the line with a certain match just makes the experience a whole lot thrilling.
Statistics show that millions of people would actually wager on sports, and nowadays, trends are changing and people are now betting in different ways. Bitcoin cricket betting or betting with cryptocurrencies for many other sports is something that is quickly rising.
A cryptocurrency is a form of digital asset that is based on a network and is distributed online. It has a decentralized structure, and so this means that there is no middleman, unlike how things are with the bank. This is mainly why many people would rather transact with cryptocurrencies online nowadays.
Bitcoin remains the most popular cryptocurrency and it is even considered or known as the father of cryptocurrencies. It was developed in 2008 by a person or group of people called Satoshi Nakamoto who intended its use for mining or as a rewards system. Eventually, other cryptocurrencies were released to the public like Litecoin, DogeCoin, Bitcoin Cash, and Ripple.
Now, it was mainly in 2017 when the sue of cryptocurrencies blew because of the value of Bitcoin. In that year, Bitcoin peaked with a value of 20,000 US dollars. Since then, many people and businesses or industries started to embrace its use. This includes the sports betting industry.
Currently, there are now many online casinos and sportsbooks that accept cryptocurrencies from their customers. They process cryptocurrency payments and there are even online gambling sites that only process cryptocurrency payments.
If you haven’t tried betting with cryptos just yet, you are probably wondering why people are now getting into it. What’s with it, anyway? Is it beneficial? Isn’t it a hassle because you’ll have to convert your cash into digital currency? Well, we’re here to let you know why it’s definitely better to wager on sports with these cryptocurrencies.
- Safe, Secure, and Private
Many punters prefer the use of cryptocurrency because of its decentralized nature. Now, this may scare you at first because decentralized means that no one is really looking after it, but that’s more on to your advantage. The system that cryptocurrencies use already ensure a safe transaction.
In the first place, you will only need a wallet address to make a transaction. There’s no need for you to disclose any other information when you need to send money or deposit money to your betting account with this. You can even remain anonymous because even your location can’t be traced with this.
- Faster Transactions
Since Bitcoin and other cryptocurrencies are decentralized, there is no middleman who will need to process your transactions. Compared to banks, where sometimes, approvals are necessary for a transaction to go through. There are banks that are also strict when it comes to betting or gambling activities, and this could be a hassle. Betting with cryptos will help you avoid those hassles.
- Can be used anywhere
Unlike fiat currencies, you don’t need to exchange your crypto when you visit a different country. You can use it as it is anywhere you are in a world because it is already a type of currency. Even if a betting site is located in a different country, they’d accept your Bitcoin or whatever crypto it is without having to exchange it into something else. In fact, some land casinos that also accept bets on sports would already accept cryptocurrencies as payment as well. In some countries, they already have Bitcoin ATMs scattered in the cities. It’s something becoming more convenient to use nowadays.
- Generally Cheaper
Because there is no middleman who would process the transactions you make with cryptocurrencies, no one needs to get paid. Banks typically charge fees for convenience or simply because you’re paying for their services and this is not the case for cryptocurrencies.
This is why it is generally cheaper to make payments with cryptos. There are even instances that crypto transactions are for free. This just really depends from one bookie to another. Processing crypto transactions is also cheaper for operators and this is why they are more capable of giving out generous amounts of promos and bonuses to their customers. This is why many first-time bettors would rather look for crypto betting sites. They typically offer huge welcome bonuses, and this is also something that you should take advantage of.