Cryptocurrency Betting: Exploring The Future of Digital Wagers
The betting industry never sleeps, and the fact that we can now place bets in cryptocurrency is evidence of that. There was a time when wagers could only be made between individuals. Then came bookmakers who set up betting shops and gambling providers who blessed us with casinos. After that came the Internet, which basically revolutionized the whole aspect of betting. People got more comprehensive access to betting services, especially when mobile betting was added to the equation. With online betting, punters were no longer required to physically attend betting shops and casinos. Thousands of betting providers are available to people from all around the world using computers and handhelds. Betting platforms are constantly updated with new betting markets, features, and deposit and withdrawal methods.
And Now We Have Cryptocurrency Betting…
Did you know that you don’t have to place bets using traditional currency anymore? While it’s a reasonable question to ask, we may be jumping the gun a bit. Not many people are even aware of the existence of cryptocurrency. Folks are getting acquainted with the idea of virtual currency, but not that many have gotten comfortable with using it to transact serious business. In that light, the more succinct question would be: Do you own cryptocurrency, or are you interested in owning and using it? Still, crypto is a far less foreign concept than it was when Bitcoin launched as a weird, “wireless form of money” that nobody was prepared to take seriously. Since then, Bitcoin and others like Ethereum have been used to make billions of transactions, ranging from luxury purchases like cars, watches, and collectibles to paying for education and healthcare and making real estate investments. At the time of writing, over 700,000 Bitcoin transactions happen daily, without considering other types of crypto. So then, why would betting be left behind?
Cryptocurrency Betting Is Easy
Betting using cryptocurrency is far easier than many people think. Therefore, if you’re a punter who has shied away from using crypto to bet on your favorite sports because of the perception that it’s complicated, pay close attention. First, let’s establish a basic understanding of what exactly cryptocurrency is. Crypto is a digital currency based on blockchain technology. It doesn’t require banks or any financial institutions to act as intermediaries. There’s no central issuance authority. A crypto transaction is between a good or service buyer and the vendor or provider. In a crypto-betting scenario, the punter is the buyer, and the bookmaker is the provider. Cryptocurrency betting transactions are a breeze - quick and delightfully uncomplicated. These transactions are stored on a blockchain - an indelible, unhackable ledger publicly accessible to the punter, bookmaker, and everyone else on the same network.
Getting Started On Cryptocurrency Betting
The first thing to know - the most obvious thing - is that the punter must have crypto available to spend. Nowadays, it’s easy to convert fiat currencies - such as dollars, pounds, shillings, etc.- to crypto. Others acquire crypto through trading digital items online. Broker-dealers and crypto exchanges are available online, and genuine, veritable reviews help you choose wisely. Most importantly, many sportsbooks now accept cryptocurrency. In fact, some of them will ONLY buy crypto and not any other types of currency. Some major bookmakers, such as bet365, have yet to take cryptocurrency directly. However, PayPal can be an intermediary, allowing punters to broker their money to crypto. Cryptocurrency betting is an entire world of fun and money-making just waiting for you to take that first step.
