It seems like everyone is talking about crypto. People are rapidly switching from fiat gambling to crypto gambling. It has gotten us into a chokehold, and it might change our economy for good.
In this article, we will touch on different aspects of how crypto betting is revolutionizing our transaction methods.
What Is Crypto Betting?
Crypto betting, or crypto gambling, is an easy-to-understand concept. You have probably already heard of esports betting, crypto betting is just like that, but instead of “real money”, you use crypto.
Although crypto is not as stable as fiat currency, it has the potential to rise in value quite quickly. It has seen a substantial fluctuation since then, which makes crypto betting something like a double-edged sword.
A lot of crypto betting sites let users deposit in crypto and often withdraw in crypto too. These sites accept your crypto and credit your account with an equivalent sum of real money. This way, you will be protected during price swings. You can learn more about cryptocurrency betting here.
How Does It Work?
Every cryptocurrency or token has a “current price” and an exchange rate. And since the prices go up and down a lot, users have to rely on the “foreign cash machine” exchange system that most betting sites provide.
Some bookmakers—this is a very rare occurrence—offer you their own tokens. They mint their own tokens, which are sold to users and then used by them to make bets.
Advantages of Betting With Crypto
So, we’ve learned that crypto has a few potential drawbacks, just like literally everything else in the marketplace. But it has a range of upsides as well. Let’s learn about them too.
Fast Transactions
Depositing works seamlessly and effectively on crypto betting sites. Traditional banking methods, like using a credit card, take a toll on the users because they are relatively longer processes. Which is why so many people are turning to crypto.
When they initiate a transaction, it gets added to a block. All these blocks form a chain or a series called “blockchain.” These blockchains hold the records for all of the monetary transfers. This process takes only a few seconds, which permits near-instant deposits.
Lower Transaction Fees
Regular payment methods charge a hefty amount, especially when it is gambling money. On the other hand, crypto transactions are more affordable because there are no intermediaries.
The average bank transfer, for example, charges $25 compared to the $0.25 transfer fee associated with Bitcoin. This way, you get to have almost the exact amount of money you win.
Global Accessibility
Crypto is not bound by borders. Anyone with an internet connection can join the betting from any corner of the world. Although gambling laws vary in different regions and many have it banned from their networks, just a quick VPN connection will set you up.
Also, if you are thinking of cross border transactions, cryptocurrencies are a great choice. Mainly because of their quick transfer process. It doesn’t matter if you send it to someone 12 feet away or 1200 miles away; there are zero delays.
Decentralized Finance (DeFi)
The blockchain technology is not bound by one single location. It can be controlled from anywhere. Several computers can function within the same system. These computers are known as “nodes” among developers. The nodes validate and confirm every transaction.
Once a specific number of nodes approve a deposit, the transaction is added to the blockchain. With quick crypto transactions, the verification process speeds up. Because as soon as a money transfer is recorded by the network, the nodes validate it.
Traditional banking methods require a tiresomely lengthy process of cross-examination. But with crypto, there is absolutely no need for that. And since there are fewer steps, it takes less time to complete.
Anonymity and Transparency
Blockchain technology does not ask for personal info like your credit card details or address. People want to hide their identities while gambling for the multitude of reasons. The most common one is that they don’t want gambling sites to tamper with their bank account or other financial records.
Government officials often try to track users through their sports betting accounts. By keeping their accounts anonymous, users protect themselves from such inconveniences.
Another thing about crypto websites is that they might seem supportive of freedom of expression in the way they let bettors assume whatever avatar they want to go by. You can gamble as Goku, Steve Harvey, or even Lebron James; it does not matter. Nobody will question your identity.
Maintenance
Online betting is highly associated with security risks. A lot of sportsbooks and customers alike have been exposed to payment fraud, DDoS attacks, data theft, and so much more.
It is traditional for bettors to give out their credit card info to betting sites in order to sign up. However, the problem with that is that their login info may end up in the wrong hands. These risks would never exist if the bettors never had to share those details.
Crypto sports bettors are well aware of these situations, and they don’t spare a chance to take advantage of them. They use unique encryption and cryptographic technologies to provide their customers with the most security.
Popular Cryptocurrencies
In crypto terminology, transaction speed means how quickly money transfers from person A to person B.
In terms of speed, security, and popularity, here’s a list of digital coins:
Bitcoin (BTC): BTC is basically known as digital gold. Bitcoin is one of the most commonly used and highly valued digital coins. However, BTC is rather slow compared to its counterparts. Experts advise users to wait for at least six confirmations before considering a transaction successful.
Ethereum (ETH): Ethereum is an e-wallet. It can process almost 15 transactions at once. That’s right, within a second! Blockchain history witnessed its pivotal moment on September 15, 2022, when it was upgraded to ETH2, commonly known as “the merge”. This new upgrade is estimated to process up to 100,000 TPS.
Dogecoin (DOGE): Dogecoin is a very old but quick cryptocurrency. It runs on a proof-of-work consensus mechanism. The project development for Dogecoin had been dead for a while, but it is back on track with the latest Dogecoin20. There’s a niche of investors who turn to crypto pre-sales for maximum gains. In that regard, Dogecoin is popular among investors.
Ripple (XRP): Ripple’s transaction speed is one of its defining characteristics. This payment protocol can process low-cost and speedy international transactions. The XRP ledger can complete a money transfer within 3-5 seconds, as claimed by their official website.
Conclusion
Crypto provides a sort of transparency to punters that cannot be matched by any other gambling setting. Because all transactions are recorded on the blockchain’s public ledger, fairness can be maintained among players.
Many betting sites offer both new and regular players an array of bonuses to keep them coming. These packages include sign-up and win, multiple spins at the wheel, etc.
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