You have probably already heard of Bitcoin and Blockchain, and chances are most of your friends and family have too. Over the past few years, the popularity of cryptocurrency has grown exponentially. It is now a global phenomenon.
And while everyone seems to know of it, a select few are aware of its intricacies. That is what it is and how it works? Today, we are going to tell you a little about cryptocurrency, and how it can be used specifically for online betting.
When Satoshi Nakamoto invented Bitcoin back in 2008, Peer-to-Peer Electronic Cash System was worth pretty much nothing. A year later, a single bitcoin was priced at around 0.003 USD. As of today, one Bitcoin is worth well over 8000 USD.
The concept of cryptocurrency is fascinating, but before we get into how it can be used for online betting, let’s quickly go over exactly what it is.
What Is A Cryptocurrency?
Cryptocurrency works similar to money, in the sense that it is a medium of exchange. The only difference is that it only exists in the digital world. It only exists electronically, making it intangible and encrypted, which means that any transactions are completely secure.
It’s similar to using a credit card to purchase something online. But since it is a peer to peer system, the transaction would only be between the sender and receiver. No other parties, such as banks would be involved. This makes it a decentralized network.
And yes, this means no more pesky commission fees. Cryptocurrencies utilize blockchain technology to ensure that everything is secure and transparent.
But at the same time, cryptocurrency is incredibly volatile. There’s no saying when its value can drop, because it is unregulated by an independent 3rd party.
Crypto And Online Betting
Cryptocurrency seems like it would be a good option for online gambling. Your transactions are completely secure due to the blockchain network. And plus, you will not lose any money due to transactions fees put in place by your bank.
There are some gambling websites that deal with only cryptocurrencies.
You are not permitted to use traditional methods of payment such as through credit cards or PayPal. As you can guess, most of these websites are relatively new.
If you want to bet with such websites, by all means, go for it. Just ensure that you do proper research before you bet away your bitcoin. Due to the nature of cryptocurrency, you may be left with a lot of successful bets, and absolutely no profits and no word from the bookmakers.
These sites aren’t recommended for the novices of the cryptocurrency world.
Crypto As A Form Payment
There are several, established online sportsbooks and casinos that accept various forms of cryptocurrency as withdrawal as well as payment methods in addition to regular payment methods.
These are safer, more trustworthy and more dependable than cryptocurrency only sites, but do require some vigilance as well. They, however, might not accept all forms of cryptocurrency, just the popular ones.