You’ve no doubt heard of cryptocurrency over the last few years; it’s been making big waves around the world, and many believe that it will eventually take over from conventional currencies.
While we don’t know exactly what the future holds, we do know that at the moment, more and more sports betting casinos and bookmakers are turning to cryptocurrency as a legitimate method of banking – and so far it looks to be a success.
For those of you that haven’t been following cryptocurrency, the general premise is relatively simple. A new currency is created online, such as Bitcoin, and it’s then given value. The value increases and decreases depending on the market and how popular the cryptocurrency is at any given time.
While currencies like Bitcoin were cheap and easy to obtain ten years ago, they’ve become one of the most valuable currencies in the world, with entire factories designed to generate them at an astounding rate.
Their prevalence on the internet ties in directly with other online industries, one such being the betting world, where more and more online gambling casinos are starting to view cryptocurrencies as a new means of making deposits and withdrawals. Learn how these new digital currencies affect you, and how you can fully utilise them.
1. Why Use Cryptocurrencies?
The main reason many casinos want to start using cryptocurrencies as a banking method is because they exist outside the realm of more conventional methods. This is especially important for those punters that want to use a casino that doesn’t accept their native currency. Cryptocurrencies also tend to have much faster deposit and withdrawal speeds, and there generally aren’t any banking fees attached.
Due to the online nature of cryptocurrencies, there is often very little government interference, if none at all. This means that punters are able to wager as they please, and not have to worry about any laws or penalties that they may incur otherwise.
2. The Most Popular Cryptocurrencies For Sports Betting
While cryptocurrencies haven’t quite saturated the market, there are still plenty of sites that make use of them. Among the currencies used, these are the most common, and the best ones to invest in for use in sports betting:
- Bitcoin – The original crypto, and one that has seen massive growth over the last few years. It’s well-known, flexible, and the most commonly accepted currency online.
- Litecoin – Litecoin is similar in many ways to Bitcoin, but it tends to be cheaper to invest in, and much easier to get hold of. It’s rapidly becoming the currency of choice among bookies.
- Ethereum – Ethereum is set to rival Bitcoin in terms of availability and value, which is why many sites have begun to adopt Ethereum as an accepted currency.
While there may be some years left before we see cryptocurrencies dominate the sports betting market, this is the perfect to start learning and investing in them, and hopefully putting them to good use on your favourite team.