Cryptocurrencies have been taking the world by storm, and it’s hard to turn a corner without hearing about them, how useful they are, and all the different ways you can use them. Many industries took notice of crypto's popularity and started accepting it as a legitimate form of payment, and it didn’t take long for the betting industry to join in.
Although still in the early stages, betting with crypto is highly popular, and it’s not unusual to find a bookie that will accept bets with crypto. Admittedly, not all sportsbooks have embraced the new form of payments yet, but it won’t be hard to find a bookie which will allow you to bet on NFL odds with Bitcoin and Ethereum as two of the most popular cryptocurrencies in the world.
You might be wondering why betting with crypto has become as popular as it is and whether there are any advantages to it compared to traditional betting with cash. While there is no clear answer to that, there are plenty of reasons why you should consider betting with crypto.
What is Cryptocurrency
A cryptocurrency is a virtual or digital currency used to purchase goods on the internet. But while it is essentially a digital form of cash, crypto has one clear advantage over paper money, mainly safety.
So while crypto can be used the same way as you would use the traditional currency, the transactions are highly encrypted and protected via blockchains. And while we talk about crypto, it’s only fair to explain what blockchain is.
Blockchain is a system of recording information that is essentially impossible to change or cheat, which it achieves by sharing data among nodes of a computer network. So while blockchain is, in a way, a database, it’s far more secure than your regular database.
The best way to explain blockchain is to imagine data stored in little blocks strung together with a chain. As the blockchain receives more data, it adds the blocks to the chain that continues to grow, is impossible to alter, and is irreversible.
The data stored is transactions, so in the case of Bitcoin, its chain includes all the transactions since Bitcoin’s inception. Although you could achieve the same thing by recording data on a server, crypto’s data is stored in so-called nodes, which allows the data to be replenished by other nodes in the blockchain if one has an issue.
Advantages Of Betting With Cryptocurrency
Many major sportsbooks, including BetUS, accept cryptocurrencies for betting. And while it may seem like the bookies decided to do so because it benefits them, there are more advantages crypto betting bring for the customers.
As mentioned above, cryptocurrencies are highly secure, and it’s fair to say that the blockchain provides the security you won’t be able to find with any other form of payment. Cryptocurrency betting completely removes any fears you might have with using your credit card for betting, and it guarantees you that your transactions are safe.
Speed is one of the biggest benefits of betting with crypto. All crypto deposits are instant, allowing you to place your wagers instantly. Although withdrawals might not be instant on all bookies, they’re still faster than with any other form of payment, largely because – unlike with credit cards – there is no middleman when transferring your crypto from and into your betting account.
Cryptocurrencies provide you with complete anonymity and are a great way to manage your money outside of the traditional banking account. Anyone can create a wallet and store crypto in it without giving up his identity.
4. No Transaction Fees
There are generally no transaction fees when betting with crypto, although it will depend on which bookie you choose. However, it’s not hard to find a bookmaker that both accepts crypto betting and has no transaction fees for withdrawing and depositing crypto into your betting account.
One such example is BetUS, which promotes crypto betting with Bitcoin and advertises no transaction fees for both deposits and withdrawals with crypto. What’s more, BetUS also offers bonuses for crypto deposits, making it the go-to bookmaker for many crypto bettors.