Cryptocurrencies have found their way into many areas of our lives. What started out as a hobby for those in the know has now become an integral component of the modern finance sector.
While the use of cryptocurrencies across a range of industries has been well documented, one sector that seems tailor-made for currencies such as Bitcoins is the betting industry. With that in mind, we look into how these payment methods are currently being used in the betting industry, and are they likely to become the norm?
Benefits on both sides
It is well-known that bettors value online safety and security, as well as anonymity, and cryptocurrencies tick all of these boxes. The online casinos themselves also take security very seriously to reassure their customers and build trust. Both players and online operators could benefit from some of the added security that cryptocurrencies can bring.
Faster transactions
But it is not all about security and anonymity; using Bitcoins can actually speed up your financial transaction. Depositing and withdrawing money into your betting account can take just minutes or even seconds using Bitcoins. In almost all cases, cryptocurrency payments are quicker than traditional payment methods.
Added reliability
Bitcoin payments are also amongst the most reliable as they removed the need for a third-party to process the payment. This allows for seamless transactions without any unwanted interruptions. Once you have deposited your cash it is converted into your local currency which can protect you against any volatile price fluctuations in your cryptocurrency.
Current use
Some casino sites such as Bitstarz already support playing in bitcoins, while the popular site called Captain Cook’s Casino is one of many that accepts payment via e-wallets such as Skrill and Neteller, which can be also funded using cryptocurrencies. So, even if your favorite casino does not accept crypto payments directly, there are ways that you start wagering using your bitcoins. In the future, as people become more familiar with alternative currencies, more casino websites will start to accept cryptocurrencies.
Protection
Using Bitcoins means that you never have to enter your credit card number, expiry date or code into a website form. Once you have entered your address and private and public keys, there is nothing else required. This gives many bettors a greater sense of protection as their card details cannot be compromised. The whole concept of sending encoded data to make payments is built on safety and security. These are essential components of the whole exchange process. While a Bitcoin address can be established through the private key, the reverse process is not possible, making Bitcoin payments the safest currency for online transactions. So, if you are the type of person who likes to part with as little private information as possible, then crypto-payments are the answer.
Potential drawbacks
Transactions with cryptocurrencies are irreversible. This means that they are almost impossible to cancel. Therefore, you should always check and then double-check your transaction before confirming. First-time users should start with a small test deposit first to get used to using bitcoins for wagering.
There is a strong case to be made that cryptocurrency payments will become universally accepted just like regular debit and credit cards but right now, that is not the case. The rate of growth has slowed a little in recent years but as more people and business start to understand how cryptocurrencies work, further integration can be expected.
Disclaimer: This is a guest post. Koinpost does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Koinpost is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Koinpost recommends you to do your own research before investing in any cryptocurrency, financial product, or event. Koinpost is not responsible for your personal financial losses.
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