In the past couple of decades, cryptocurrency has completely upturned the financing world. More and more people are becoming interested in investment, trading and finance in general thanks to the mass appeal and popularity that cryptocurrency offers to users.
In much the same vein as cryptocurrency, online betting has caught on in recent years as well. The fact that bettors can now access odds and place bets through any electronic device has made the entire hobby a lot more accessible and available to many more people.
So, this begs the question. Just what do online betting and cryptocurrency have to do with each other? Well, the truth is, that thanks to the general popularity and acceptance of cryptocurrency, many businesses are beginning to embrace cryptocurrency as a viable payment method. This, of course, includes many online bookmakers.
In the United States, the National Football League is the biggest, most popular sports league and NFL betting takes up the most interest from American bettors. Bookies place special care to set up odds on NFL matches, and, in fact, the NFL odds for week 1 have already been released on many sportsbooks out there. So, in this article we answer the question, “can you bet on the NFL using Cryptocurrency?”
Cryptocurrency and Sports Betting
To put it plainly, yes, you can use cryptocurrency to bet on sports. However, there is a bit of a longer answer that needs to be addressed. You see, while many businesses have embraced cryptocurrency as a viable method of payment, many are still reticent to give the new and exciting phenomenon a go.
So, the truth of the matter is that, while some online sports betting websites out there will take cryptocurrency-based deposits and offer crypto-based withdrawals, others might not make that option available.
However, as we move further into the digital and cyber age, we become much more open to stuff like cryptocurrency. This means that, in the future, more and more sportsbooks might begin to accept crypto as a viable option for placing bets.
The Popular Cryptocurrencies on the Market
When talking about accepting cryptocurrencies as viable options for deposits and withdrawals, we also need to discuss exactly which cryptocurrencies are being embraced. You see, in the past 10+ years, cryptocurrency has become quite popular, and many have attempted to jump on the wagon. It is precisely for this reason that the world now has an estimated over 1000 cryptocurrencies that you can buy, sell or trade. However, not all of them are a viable investment, and not all of them are embraced by bookmakers or businesses. So, let us take a look at just a few that are trusted by various businesses, including sportsbooks.
Bitcoin
Naturally, first on the list is the first, and to this day most popular cryptocurrency on the market. Bitcoin was first unveiled to the public in 2009, by creator Satoshi Nakamoto, who remains anonymous to this day. The cryptocurrency craze all started with this unveiling of the first cryptocurrency. Satoshi Nakamoto himself mined the first block of crypto, and awarded it to long-time friend and accomplice, as well as life-long cypherpunk, Hal Finney; a man who many believed was Satoshi Nakamoto himself. Over the years, the price of Bitcoin has drastically surged in popularity, and today, most businesses that accept cryptocurrency list Bitcoin as the main option.
Ether
Next on our list is Ether. Ether is the crypto unit that is supported by the Ethereum network, created by Vitalik Buterin, with a team of about a dozen programmers. Today, Ether is the second most popular and most-highly priced crypto and the main competitor for Bitcoin. While Bitcoin is still a more popular, Ether is still hugely influential, in large part thanks to the blockchain’s early adoption of non-fungible tokens, or NFTs.
Tether
Lastly, we are looking at the altcoin Tether. What sets Tether apart from the aforementioned two cryptocurrencies, is the fact that Tether is a so-called stablecoin. What this means is, that the cryptocurrencies price is not as volatile as Bitcoin. This is due to the fact that Tether’s price is tied to the U.S. dollar. Meaning that, as long as the dollar remains stable, so will Tether. The crypto is massively popular, and has, at times, even exceeded the volume of units sold by Bitcoin.
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