Alternative payment solutions are becoming more and more popular these days with cryptocurrencies slowly knocking on the door of sports betting. It’s more of a burst at the door, rather than a knock actually, with bitcoin gambling proving to be on par with common currencies that still very much reside as the most popular methods.
Advantages of Cryptocurrencies
According to cryptocasinoguide.com, betting online with cryptocurrencies such as bitcoin is becoming increasingly popular on account of simple reasons such as short deposit/withdrawal times, security and anonymity. Additional perks such as no chargebacks and fees that are slowly approaching zero are definitely enough to have you scratch your head in dilemma.
Blockchain technology sitting behind the cryptocurrency provides a necessary level of transparency that customers are slowly beginning to value and understand, alongside the betting operators which are in full swing when it comes to taking advantage of this fledgling payment option.
The leap of faith still stands as the biggest obstacle in public perception of cryptocurrencies – online betting included.
Whenever the industry moves in great strides forward – in this instant following the unstoppable surge in bitcoin value – the aspect of safety, security and fairness will occur which ultimately becomes the impenetrable barrier that prevents players from putting their hard-earned cash online.
Therefore, the cryptocurrency betting and gambling in particular have introduced the phrase ‘Provably Fair’ which is echoing throughout the crypto landscape. Through this model, bettors are given the opportunity to come up with a text to follow their bet with a hash – an alphanumerical string – that will ultimately allow you to follow the operators in case they try to alter the outcome of a game or a bet in any way.
Bitcoin and Popular Currencies
Widely accepted as the standard in crypto universe, Bitcoin is a worldwide payment system which was the first decentralised digital currency and therefore the most trustworthy.
Bitcoin is currently going through an evolution as it’s becoming an incredibly valuable currency that has sent the financial world into a frenzy.
With Head of US financial regulatory body spreading concern over apparent lack of protection and substantial risk of bitcoin theft or loss, the currency keeps getting stronger and a more and more popular banking method in the online betting universe. At the same time, creators of alternative payment methods are constantly trying to come up with innovative mining protocols to improve the weaknesses of the system.
Hand in hand with bitcoin expansion, the number of online betting operators and casinos is growing on daily basis.
The inflation rate follows with cryptocurrency bookmakers which are introducing alternative crypto payments methods as standard variations to bitcoin.
Litecoin is one of the initial cryptocurrencies following bitcoin. It is often referred to as ‘silver to bitcoin’s gold’. Ethereum is one of the newest additions to a wide array but it wasted no time in establishing itself as one of the most popular and reliable cryptocurrencies out there.
Zcash, Dash, Ripple and Monero are only some of the newest variants, together with Feathercoin or Dogecoin.