The usage of money has evolved over time. From goods exchange, we have developed by using cash. From cash, we have moved on to digital currency. From digital currency, we might move to cryptocurrency, the new trend in the money market. Its usage is not yet popular, but it’s not too far from becoming one of the commodities.
But do you believe cryptocurrency has already been in practice with sports betting? Yes, it is. In recent times, there has been a new trend of crypto sports betting. Let’s get to know what it is and how it works in this blog.
What is Crypto Sports Betting?
Crypto sports betting is an online practice of wagering money using cryptocurrencies like Bitcoin or Ethereum instead of traditional fiat money like USD, EUR, GBP, or INR. The betting process is the same as the traditional online betting method. The difference between these two methods is that crypto sports betting handles all the transactions through blockchain technology.
How Crypto Sports Betting Works
Digital sports betting platforms like 96.com have crypto betting specialities. Knowing how crypto sports betting works will help start your betting journey. The betting procedures are similar in normal online sports betting and crypto betting. Instead of doing transactions from your bank account here, you will do it with a cryptocurrency account.
You need to create a cryptocurrency account with your name and email address. It doesn’t require much personal information. Once you register your account, you can deposit your cryptocurrency. Here, you can choose what kind of cryptocurrency you want to deposit.
Now, a unique wallet address will be created for you to make transactions. When your deposit is successful and the balance gets reflected in your wallet, you can begin your crypto sports betting journey. Also, you can withdraw your funds to your crypto wallet.
Cryptocurrencies Used in Sports Betting
The cryptocurrencies that are used in sports betting platforms like 96.com include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Ripple (XRP)
- Dogecoin (DOGE)
Bitcoin (BTC)
It is the first introduced cryptocurrency and one of the most popular cryptocurrencies. It has been widely accepted and used across all platforms. With its release, digital finance has grown one step ahead by offering decentralized transactions. These are done peer-to-peer, without the need for banks or intermediaries.
Ethereum (ETH)
Ethereum is famous for its faster transactions. It gives smart contract options with automated payouts. It helps decentralized apps to work transparently without a central authority. Therefore, it becomes a boon for decentralized betting platforms with its open-source feature.
Litecoin (LTC)
Litecoin is called silver to Bitcoin’s gold. This is because it shares all the features of bitcoin but has faster transaction times with lower fees. It is best used for quicker deposits and withdrawals.
Tether (USDT)
Tether is a stablecoin cryptocurrency. This means, its value can be maintained at the same level as the US Dollar value. It provides instant payments to anyone across the world. It has become the third widely used cryptocurrency after Bitcoin and Ethereum.
Ripple (XRP)
It allows cross-border transactions with its open-source, decentralized features. It is known for its fast transaction settlement times compared to other cryptocurrencies.
Dogecoin (DOGE)
As its name suggests, it is inspired by the famous “Doge” meme and has been named Dogecoin. Initially, it wasn’t created for a serious purpose, but later, it has become a major cryptocurrency due to its low price and fast payments.
Why Crypto for Sports Betting?
Now, let’s check why sports betting platforms are shifting towards crypto:
Privacy and Anonymity
In the olden days, when bettors wanted to participate in sports betting, they had to undergo strong personal verifications. This made traditional betting difficult and when crypto came, it didn’t ask for much detail. Bettors can easily participate without sharing many personal details. It allows them to be anonymous, too.
Lower Fees
Compared to other betting styles, crypto sports betting has lower fees. Others used to charge high transaction fees and hidden charges. It is not present in crypto betting.
Quicker Transactions
If you transfer money through a bank, it might take days for an international payment. However, with crypto, it can be done very instantly, so the receiver doesn’t have to wait for the payment.
Globally Accepted
Cryptocurrency is accepted all over the world. So, if you are betting online, you don’t have to worry about the place from which you are betting and the country’s currency. With crypto, you can make foreign transactions smooth and secure.
Wrapping Up
Sports betting is exciting, and when you can get instant transactions, it becomes double the fun. So what are you waiting for? Get started with crypto sports betting today to enjoy all its specifications. No matter if you are sports betting or joining a live casino online, you will not regret choosing crypto for that!
