Cryptocurrencies have a natural place in the sports betting world
These currencies have certain advantages over fiat currencies like the USD, that make them well-suited to the needs of sports bettors.
Sports betting faces a range of issues when it comes to the transfer and management of bettors’ funds. Issues such as fraud, transaction costs and the speed of transactions have always been sticking points. Because of the technologies that cryptocurrencies employ, they can address these issues and offer a sound alternative to fiat currencies.
This article explores some of the main plus points of crypto, why so many bettors like using them and provides a list of the best crypto sports betting sites here.
Why do bettors like to use cryptocurrencies?
Before the advent of cryptocurrency and blockchain technology, bettors had to rely on fiat currencies to carry out their transactions. Bettors had to open an account with a bank or other financial institution to obtain those currencies. This often took time and effort and these institutions charge fees for their services.
Everything changed when cryptocurrencies came along. Bettors could now quickly and easily open online accounts and fees tended to be lower. There are a number of other factors that also make crypto an attractive option for sports bettors.
Location independent
Cryptocurrency accounts can be opened by anyone who has a smart device and an internet connection. This means that crypto can be used by bettors who might not be able to open a fiat currency account.
Privacy
Opening a crypto account requires much less personal information than a fiat currency account. Conventional banking usually needs account holders to provide proof of a range of personal information like address, age, income and other financial data. Crypto accounts can often be opened with a minimum amount of information. Some accounts only require an email address.
Anonymity
The concept of anonymity ties in with the minimal amount of personal information required to open a crypto account. Many bettors do not want to disclose a lot of their personal information to sports betting sites. Therefore, they can use crypto accounts to protect their details. To use crypto as a payment method, bettors just need to transfer their crypto to the sports betting site from their e-wallet.
Lower transaction fees
Cryptocurrencies are built on blockchains, otherwise known as distributed ledgers. These ledgers have no central control, so there are very few human beings involved in any transactions made. Unlike a bank, they do not require any physical buildings or staff to manage transactions. Therefore, crypto doesn’t have the same overheads as modern banking, so its transaction fees can be much lower.
Speed of transactions
All crypto transactions are made digitally. These transactions are carried out very quickly, over a network of computers. There is no need to wait for anyone to check the transaction and clear it, as the blockchain automatically carries out that function. This makes crypto transactions much faster than fiat currency transactions.
Future of cryptocurrencies in sports betting
Cryptocurrencies offer a range of benefits that make them suitable for sports betting. As crypto becomes more popular, these currencies will become even more widely used in the sports betting world.