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If you were to believe everything you read in the mainstream media you probably wouldn’t have touched cryptocurrency in the first place. Or you may have gone all in and invested your life savings. That’s why you need to get your information from more specialized outlets.
As with any other area of business, the use of digital currency has increased in the last few years. The betting industry is no different. There have been many examples of sports betting sites accepting Bitcoin – and other currencies – with other crypto-only sites springing up as well. But is this safe? And what might the future hold for sports betting with cryptocurrency?
Why Use Crypto to Bet?
Why not? As you are already reading this site we will assume that you are at least familiar with the way that cryptocurrencies have started to enter more mainstream society. The gambling industry is never slow to jump on a new way to make money and has wholeheartedly welcomed crypto into its business plan.
The reasons for betting with digital currencies are basically the same reasons why you would want to use them for any other financial transaction. Whether it is the privacy and security, the speed of the transaction, or just that you would rather use a decentralized form of business – all of these work for betting too.
Of course, some of these reasons seem even more resonant when it comes to betting. The speed thing is especially important. Being able to place bets quickly and catch the best possible odds can be very important when you are betting on live sports. It is also much more preferable to be able to collect your winnings without waiting for the banks to do their thing.
How Do You Bet with Cryptocurrency?
You may know about cryptocurrency, but you may not know about sports betting. If your experience is the other way around, you will be pleased to know that it is just like any other form of betting. In fact, that is one of the big reasons why so many betting sites have accepted it.
You can use your digital currency just like any other currency at sites that accept it. You will need to sign up for a new customer account with an online sportsbook. But then it is just a case of depositing your funds by transferring from your digital wallet and then finding a suitable bet. Many sportsbooks convert the currency into USD at that point anyway.
Will There be a Crypto Crash?
This is one of the reasons why some people are getting a little worried about betting with cryptocurrency. It is not that the gambling side of the equation is in danger (although you should always be responsible with your betting). But it is the supposed volatility of the market that has people spooked.
Collapses of exchanges, regulatory pressures, and other issues to do with interest rates and inflation around the world, have all had an impact on investing in cryptocurrency. There will be some people that will say that we have seen this all before. But the concern is understandable.
The rule of thumb should be that as long as you are responsible with your investment and don’t get too carried away by investing more than you can afford to lose, you should be fine. This may go against the idea of making it big with crypto, but that is more of a mainstream media idea anyway. Keep an eye on the markets and the exchanges and everything should be all right.
What is the Future of Betting with Digital Currency?
As far as betting with cryptocurrency goes, this is an area that is still evolving. But the sportsbooks seem to be all for it. There may well have to be further regulation, as the gambling industry is required to be fully regulated. So that could lead to some interesting developments.
But there does seem to be an acceptance of using the likes of Bitcoin to bet on sports or for casino gaming. There may be further crypto-specific sites and betting opportunities ahead, so if you are interested in this area you should take a look now and see where it goes.
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