Crypto Sports Betting – The benefits of using cryptocurrencies in business transactions continue to multiply every day. A major attribute of cryptocurrency that has contributed to its infamous growth is the untraceable nature of many cryptocurrencies. The security of investment they provide as a rich store of value is another reason for this growth.
A new avenue for transactions open for crypto is its introduction to the world of betting, specifically sports betting. Many betting sites now accept major cryptocurrencies as means of transacting on their platforms. The sites collectively known as Crypto Sports Betting Sites have begun to change the face of sports betting.
This development has gained increased momentum in places like the United States of America, the United Kingdom, and some European countries. What is involved in crypto betting? Is crypto sport betting safe? Which betting sites accept cryptocurrency? What are the pros and cons of crypto sports betting? Let’s provide answers to these questions
How can Cryptocurrency be used in Sports Betting?
If you have crypto assets, such as Bitcoin, Etherum, etc, it is easy to use them for transactions on compatible betting sites. First, betting sites that accept these assets must be identified. Next, select what assets you would like to transact with (most sites accept Bitcoin only for now). An account must be opened with a preferred booker and the cryptocurrency is deposited into your betting account from your crypto wallet.
If you don’t have crypto assets, you can easily obtain them by buying them from crypto brokers at the exchange rate obtainable when the purchase is being made. The already acquired cryptocurrencies are deposited in a crypto wallet (an online account specifically created for crypto assets only). Once this step is completed, cryptocurrency can be transferred to and from your crypto wallet as you want.
Winnings from crypto sports betting sites are obtained in cryptocurrencies, thus your earnings from your online betting account into your crypto wallet, from where you can choose to exchange them for physical currency or can be left to appreciate in value over some time.
Just like conventional betting with physical currency, crypto betting is pretty easy and also lucrative. While there are few modifications made on Crypto Betting sites to accommodate the use of cryptocurrency, the changes are easy to understand. Crypto betting is quite secure, profitable and becomes a source of livelihood if properly handled.
Is Crypto Sports Betting Safe?
Safety in Crypto betting can be viewed on two fronts.
- Safety of transactions
- Anonymity and Privacy
Safety of Transactions: While there are no perfect financial systems in the world, cryptocurrency betting achieves a satisfactory level of security when performing transactions. A great deal of encryption is involved when creating a cryptocurrency, thus making it secure. Also when it comes to market fluctuations, major currencies like Bitcoin have some level of certainty and stability and thus can’t lose their value abruptly
Anonymity and Privacy: Unlike physical currencies that can be traced and the identity of its owner can be tracked down easily, cryptocurrency provides anonymity to its owner. You can make transactions on betting sites anonymously with minimal transparency.
On these two fronts mentioned above, crypto betting ensures the safety of its customers. First security of investment is assured and the privacy of customers is also valued greatly.
Which betting Sites accept cryptocurrency?
Crypto Sports betting grows popular every day and more sites have begun to adopt the use of cryptocurrency for transactions. These sites operate just like conventional sports betting sites, with promotions such as welcome bonuses still being given. Let’s see three of such popular sites and the benefits of betting with them.
- Stake: With a remarkable track record spanning over the last 17 years, Stake has maintained an elite status as one of the most popular sports betting sites in Europe.. Benefits of betting here include;
- Top-notch customer support at all hours
- Welcome bonuses in cryptocurrencies among other promotions
- A wide array of betting services
- Thunderpick: As a fast-growing crypto betting platform, Thunderpick has categorized itself as a force to be reckoned with a beautiful interface and top-notch privacy. The site offers its services to players in Europe, China, and the US. Other benefits include;
- Instant bonuses upon sign-up
- Several sports to pick from
- Various payment channels open for deposits and withdrawals
- 1xBet: This site is regarded as one of the foremost crypto sport betting sites in the world. Having offered betting services for more than five years, 1xBet is another excellent crypto sports betting site. It accepts quite a number of cryptocurrencies with Bitcoin at the center. Many use 1xBit because of the anonymity it provides and the security of one’s identity. Signing-up is quite seamless and many bonuses and promotions are open for new members. Benefits of betting with 1xBet include;
- Competitive odds
- Open to many countries and locations
- Accepts several cryptocurrencies
- Privacy of identity
- Security of investment and wide array of payment options
These are just a few of the several websites at CryptoBetting available for customers to choose from. They offer top-notch betting services to their customers and also help secure smooth transactions.
Pros and Cons of Crypto Sport Betting
As mentioned earlier there are no perfect financial systems, this also applies to the world of crypto sports betting. It comes with its own benefits and demerits.
Pros of Crypto Sport Betting
- Increased store of value; one of the major characteristics of money is its role as a store of value. Cryptocurrencies are even bigger stores of value and this value appreciates exponentially over time
- Crypto sport betting sites promote a quicker and easier method of transactions: When transacting with foreign sites, currency exchange among other things can prove problematic. However, transacting with crypto assets is much easier and faster.
- Privacy is assured: Crypto Sports Betting ensures anonymity and the privacy of its customers. It is quite difficult to trace cryptocurrencies, therefore your assets are secured from hackers, and internet fraudsters
Cons of Crypto Sport Betting
- Location restrictions placed on some states and countries: Despite its wide popularity, not all countries have allowed cryptocurrencies as means of transaction. In such countries crypto sports betting is illegal
- Illiquidity of assets: Unlike fiat currencies that can become liquid in a matter of minutes, cryptocurrencies are illiquid. It might take some time before they are turned into liquid (spendable) assets.
Conclusion
Crypto sports betting is a new avenue for sports betting. It makes the betting service easy to carry out and creates a safer platform for customers. Crypto betting comes with its own benefits and demerits, which makes it just as natural as all financial systems. However, it is lucrative and can serve as a means of livelihood.
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