Crypto sports betting involves betting with the use of cryptocurrency currencies. That is, instead of betting with fiat money, people can freely use crypto currencies such as Bitcoin, Bitcoin Cash, Ripple, Dogecoin, Ethereum, Litecoin and the options available to place their bets. This form of gambling has gradually started to become a more important part of the online gambling industry as more and more online bookmakers and casinos are adopting this method.
While other bookmakers are adding crypto sports betting as one of the available options for making payments, there are even certain sports bookmakers that only accept cryptocurrencies as a form of payment, thus excluding fiat money. The reason for this is not difficult to understand; With cryptocurrency betting, this means more security and more privacy for online sports bettors. You can find different crypto bookmakers at CryptoBetting.
In fact, with the speed at which cryptocurrency is being adopted in online sports bettingOne might wonder if there will come a time when crypto sports betting will come to dominate the world, that is, whether or not cryptocurrency will become a more dominant way of transacting during sports betting than even betting through the currency. fiduciary, which is currently the main one. form of payment used when betting.
To consider if this could one day become the order of the day in online sports betting, there are certain factors to consider, the factors that we will consider will cover aspects such as the efficiency of cryptocurrency payments compared to paying using fiat currency. If the cryptocurrency is sustainable in the long term, the volatility of the cryptocurrency, among other factors, will be considered below. These factors that we will consider include:
One of the main considerations in online sports betting has to do with the speed of online transactions, no one wants to wait after depositing into their account, especially after making a withdrawal / cashing in their bank accounts. While regular transactions like bank transfers, credit / debit cards, e-wallets can take anywhere from 24 hours to 48 hours or more, or even up to 72 hours (3 days) when it comes to making withdrawals, this is not the case for cryptocurrencies. proceedings. Therefore, this problem is solved with transactions in cryptocurrencies.
When using trusted crypto wallets, any withdrawals to your account are done instantly, thus eliminating the need to wait slowly for days for your money to reach you. Hence, with this factor, crypto transactions are one step ahead of fiat currency transactions at online sports betting houses.
This is the main problem associated with cryptocurrencies. It is very volatile; For volatility, this means that the value changes very quickly. So you can make a deposit and bet and win, but when you withdraw, the value of the crypto currency could be lower than when you placed the bet. You have won the bet, but due to volatility, you have lost more money due to volatility.
The volatility of cryptocurrencies can only stop when more people adopt the currency and use it in day-to-day transactions. However, it is slowly becoming accepted in more mainstream industries, which may take some time before cryptocurrency volatility issues are resolved. However, when you compare the fiat currency under this factor, the fiat currency is much more stable because it is the accepted and regulated currency of the said nation’s government.
For cryptocurrency to rule the world, this is a huge factor. Nobody wants to lose their money when they want to make more money.
- Augmented options not limited to regions
With cryptocurrency now among online sports betting options, there are several types of cryptocurrencies that can be used. Coins are produced every day and with more coins, sports bettors have to make decisions. The mother of all cryptocurrencies is Bitcoin, which has the highest value among the currencies, as its value exceeds $ 35,000. Others include Bitcoin Cash, Ethereum. Litecoin, Dogecoin, Ripple, Binance, and many other options are still being added. Therefore, when an online bookmaker creates such an option on its website, holders of said coins can place their bets with said coins. So even when one coin is missing, you can still make use of another one offered by the online bookmaker.
- Universal value and without national limitations
Another great thing about this is that regardless of where you reside, you can make use of the coins as they still hold the same value. Therefore, if you are traveling from the United States to the United Kingdom or Canada, you do not have to worry about the value / need to convert your currency. This is because, with cryptocurrencies, the value is the same all over the world. Therefore, it has no national restrictions nor is its value limited by the country you are in. Therefore, your bet in one country is the same as where you move.
- Privacy & Security
This is an important factor. Cryptocurrency transactions are completely more private and safe as fiat currency, as there is no need to leave your bank information. Also, since bank information is not deleted, there is little chance that bank accounts will be segmented. Therefore, there is more guarantee of privacy and security, and these are two things that sports bettors love.
What does the future hold for us with crypto sports betting?
If cryptocurrency transactions can floor fiat currency transactions on some of the factors discussed above, particularly in terms of becoming more stable, as well as in terms of maintaining privacy, then there is no doubt that crypto sports betting will rule. the world before. that later. However, if crypto gambling still has its flaws then most people may still prefer to gamble with fiat having the assurance of the stability of the currency they are using, in such circumstances then it may still take a while before Let’s consider whether crypto gambling can wipe out fiat currency transactions and eventually rule the world.
However, at the speed at which cryptocurrency has gone, coupled with the recent adoption of currencies like Bitcoin as legal tender in certain countries, there is no doubt that cryptocurrency sports betting is on its way to usurp fiat currency. and rule the world. .