Cryptocurrency has infiltrated several sectors and enterprises. The betting industry is a prime example that for example, may be able to take advantage of this new development. Blockchain technology is increasingly being applied by betting sites given that this kind of technology can set aside some extra time and money, which we all know is very precious.
Using crypto while betting on sports online has been a hot topic of discussion in recent days. Crypto offers a new incentive to the world of finance, stirring people away from the classic banking firms which is a welcome change of pace.
This article will cover:
- What Crypto and FIAT Currencies Are
- Crypto and Betting
- Why You Should Use Crypto
- Why You Should Avoid FIAT Currency for Betting
What are Crypto and FIAT Currencies?
“FIAT money” is the term used to describe state currency that is not supported by an actual asset but alternatively by the government that generated it. When it comes to fiat money, supply and demand, as well as the security of the government that issues it, determines its value.
The 2007-2008 housing crisis and the following financial catastrophe have tempered expectations that monetary policy can prevent depressive or severe downturns. Because there is a finite amount of gold, a currency backed by gold is more stable than a currency backed by paper money. Due to the endless production of FIAT money, there are greater chances for bubbles to form.
Payments are verified digitally instead of through a bank, thanks to the use of cryptography in the form of digital currency. Using this mechanism, anyone, can transfer money. A cryptocurrency transaction is nothing more than an entry in a virtual database that describes a particular process, rather than anything that can be physically carried about and traded. A blockchain key keeps track of all of your cryptocurrency transfers which can be stored in your digital wallet.
Crypto and Sportsbook Betting
When it comes to online sports betting, cryptocurrencies like Bitcoin have become one of the leading currencies for bettors to use when wagering on their favourite sports teams. Given that there are copious amounts of sportsbooks out there that accept Bitcoin we’ve turned to this reliable list of out of state sportsbooks which accept btc to get an overall picture of what factors to consider when choosing a sportsbook that accepts BTC. Besides the security which bitcoin payments provide at these sportsbooks, they also allow for fast and efficient deposits as well as withdrawals so you can expect a payout within the maximum of 48 hours on your wins.
Why You Should Use Crypto For Betting
There are plenty of beneficial factors which come into play when discussing the use of crypto for sports betting. The next couple of sections will be touching upon these benefits, which we suggest you take into consideration when making your decision about using crypto for betting.
Specific Crypto Bonuses
Players who make deposits using Bitcoin are eligible for increased welcome bonuses and other special perks at a variety of online sportsbooks. These can build up to a significant amount of money over time. There are certain betting sites that give new players a chance to win up to $2,500 in cash when they sign up and other betting sites that offer additional bonuses for those bettors who decide to bet using Crypto as opposed to betting in FIAT currency.
Lower Bank Fees
When you input or retrieve Bitcoin from your sportsbook account, the finest betting website for the cryptocurrency will not charge you any additional costs. When we did our research, we found that the majority of sportsbooks that accept Bitcoin do not levy any fees on deposits or withdrawals while you’re betting on the top sports leagues out there.
The Power of Blockchain
Every transfer you make with Cryptocurrency is further protected by the decentralised blockchain network. Thanks to this network, you can rest easy knowing there is no doubt about where your cash is or the amount you’ve been paid out because all Crypto deposits and withdrawals are publicly available on the blockchain. This gives all the best sportsbooks a higher standard of accountability, and customers more confidence in the transactional process.
Growing Your Investments
You may have heard a couple of your tech savvy friends telling you to ‘invest in crypto, bro’. Over the past 10 years, people have been increasingly investing in crypto, specifically Bitcoin, due to its steadily rising value. Famous people like the rapper Money Man, Elon Musk and many more have been previously associated with this growing currency, and many people believe that its value will only keep increasing. Using Crypto to place a bet and receiving your winnings in Crypto allows you to continue to trade in the currency while you are wagering. Cashing out your Bitcoin for FIAT currency is never a good idea since you could lose out on future gains.
Why Should You Avoid FIAT Currency?
By comparison to Cryptocurrency, FIAT currency move requires much more time to be transferred particularly if you’re utilising it for a specific purpose. You might have to wait for days if you’re attempting to transfer cash to the other side of the world. Additionally, you’ll have to pay additional costs to use it. The process of conversion for one fiat to another is a real hassle.
Another issue is the rise in prices. Infinite production of fiat money diminishes its worth over time. The US government is a huge supporter of this, frequently printing so much of the dollar when the economy is weak. While this may provide a quick fix, the long-term effect will be a depreciation of the dollar.
The reality of this currency is not excluded from the reality of sports betting. There are plenty of extra charges which are attached to transactions made with FIAT currency and on top of this, there is also a lot more waiting time for this traditional currency to be processed by comparison to Crypto.