Betting on sports has always been popular, with some markets worth billions of dollars in revenue. However, an innovator is removing the need to wager on sporting events. Cryptocurrency is set to become one of the most significant innovations in betting since it was first introduced, and its popularity is growing fast.
Charles Bovino is one of several experts who believe cryptos will replace gambling in a few years as an alternative to traditional bets. The reason behind this prediction is simple: cryptocurrencies have become better value for money than conventional wagers.
Many websites across the world offer BTC sports betting. This includes the likes of Nitrogen Sports, BitStarz, and Cloudbet, which have established a good reputation for themselves. As interest in crypto wagering grows, many are eager to cash in on this opportunity.
In this article, we will let you know about the 6 reasons why bettors are switching to crypto:
- Privacy and Security
Betting with Bitcoin allows betting fans to keep their information secure and private. Your details are not shared with anyone unless you decide to share them. While many sites offer to bet with fiat cash, users must submit their detailed personal information, including full name, address, DOB, or other details. The security level is much lower when using a credit card or a similar payment method.
- No Centralized Database
There is no centralized database to hack. There is no single point of failure, which means your money and tips can’t be taken from you. BTC sports bet sites have no single point of failure, and all bets are processed in real-time as transactions are confirmed on the blockchain. This is much safer than conventional betting but also faster, as there is no need to wait minutes in a customer service line if the results are available quickly enough.
- Low Fees
With no third party, there are no fees. The bets you place using BTC will be much cheaper than fiat currency. This is because workers only need to pay gas to the network and not third parties like online betting companies. On top of this, you will also save on fees as exchanges don’t have to be paid every time you make a transaction.
- Quick Payments
Thanks to blockchain technology, you can get your winnings within minutes of a game ending. Not only does this mean that your bet will be paid out before the end of the game, but it also means that your funds are in your wallet and can be withdrawn immediately. Traditional cash betting sites do not offer customers this level of ease.
For Bitcoin to succeed, it has to be fast and convenient. The speed at which a transaction is confirmed on the blockchain keeps BTC users happy and means they trust the system.
- Less Hassle & Increased Customer Satisfaction
You don’t need a bank account if you want to place a bet on bitcoin sites. You can pay in BTC or fiat currency via a credit card or PayPal. This process is straightforward, quick, and easy for all players, making the play experience more pleasant and less stressful than traditional betting sites.
Apart from this, the other thing that makes BTC betting sites popular with players is that they don’t need to deal with annoying features such as slow loading times, inadequate customer support, and other such hassle. Every BTC sports site is different, some are better than others, but there is no doubt that cryptocurrencies offer a better experience than traditional wagering.
- No Card Restrictions
If you have ever placed a sports bet using a credit card, you know what it’s like to be blocked from placing your bets for several days. This happens because of the strict limitations on credit card holders regarding the amount they can spend online. With cryptocurrencies, you don’t need to worry about this issue as there are no such limits.
What is the difference between gambling and Cryptocurrency?
It is fascinating to know the differences between gambling and Cryptocurrency. The main difference is that Cryptocurrency is a digital monetary system or even a digital currency used by the users of Cryptocurrency. The main objective of Cryptocurrency is to use it on the internet and make transactions more accessible than ever before.
Gambling involves online betting as well as in-person wagering. Online betting can be done with fiat money or cryptocurrencies such as Bitcoin, while in-person wagering refers to traditional sports gambling, such as placing a bet on an NFL game.
- Can you bet against the crypto market?
- Yes, you can bet against markets like Bitcoin and Ethereum. In an ICO, you bet the opposite of the market movement. Therefore, if the project you want to invest in is growing, betting on it going down could be a profitable investment strategy.
- Why is crypto gambling and not investing?
- Investing may mean spending money on something and then waiting for a while to earn some profit. That is different from crypto enthusiasts who deposit money on other websites and then wait for a few minutes or even less than that to gamble. The whole process is different from investing, which is why Cryptocurrency could be seen as gambling more than investing.
- When can you start and stop gambling?
- As long as you are new to gambling, there is no absolute limit on when you can start and stop betting. However, if you want to stop your bets, then it is best that you quit when your balance has reached a certain percentage of the total amount that you will gamble. For example, if your entire portfolio is 100 GBP, then it would be better for you to leave about 10 GBP for losing when online betting.
- Will crypto be around in 2030?
- Of course. Cryptocurrency is not a fad and will be around for a very long time. What makes it so significant is that it is made for the public and not just a group of investors or super fans like in other industries. If in the next few years, it keeps on growing, then there is no doubt that cryptocurrencies will be here to stay.