What is cryptocurrency and why is it great for betting?
You might have heard of cryptocurrency and how these virtual coins are being used in betting. This unique currency has a reputation for being a secure and convenient form of payment that can be easily accepted through the internet.
Crypto has become more widely accepted today, with several businesses accepting it as payment and also for betting on major sporting events. If you are someone who actively places bets but feels traditional payment methods are inconvenient, then its time to look into crypto. Let’s take a look at three major reasons why crypto is great in the betting world.
Your information will remain private when placing bets
The first major reason why crypto is great for betting is its ability to allow owners to place bets privately. Those who use cryptocurrencies to place bets will not have any personal information made public and can still receive their winnings.
Crypto keeps a user’s personal information a secret through the usage of public and private keys. A public key is a long series of digits and letters that represent your wallet. The public key is given out by a user who wants to receive crypto from either a friend, family member, or in exchange for an item. A private key is another long string and is used to authenticate the user when receiving or spending cryptocurrency.
Most cryptocurrencies incorporate some form of privacy, but be aware that some currencies are more private than others. The crypto giant, Bitcoin, has come under fire before for not being as private as other crypto coins. Monero, Verge, and ZCash are three cryptos that have topped Bitcoin on the best privacy list.
The privacy benefits offered through cryptocurrencies are incredibly useful for betting since you’ll be protected from possible fraud. It will be harder for cybercriminals to obtain crucial financial information through crypto transactions. Let’s say you won a large sum of money from a bet and become a prime target, it will be harder for hackers to penetrate a crypto-based account.
Placing bets with crypto is more affordable
Crypto is also more affordable than traditional payments since it eliminates the need for middlemen. You probably have discovered hidden charges when sending and receiving money through platforms like Paypal. Having these charges pile up when receiving winnings from a bet or withdrawing funds can certainly become annoying and eat into your savings.
With crypto, you don’t have to worry about large transactional fees because the payment goes directly to the other party. When a third-party is involved, such as a bank, they’ll be looking to place fees on transactions in order to make some money. You can expect to receive a small transactional charge through a crypto exchange, but when compared to what a bank charges, it is much smaller.
Since crypto has small transactional fees when compared to traditional money, you’ll see that you can save a lot more in the long run. Crypto doesn’t have any high fees for overseas transactions either which makes it even more useful.
You also will no longer have to pay a huge “cut” of your prize from bets when transferring them to a bank account. The betting platform you used can transfer your winnings directly to your crypto wallet with only a small fee attached.
Crypto has more flexibility for betting
The last benefit of crypto is that it is great for betting flexibility. Some limitations betting participants have encountered include limitations by banks on withdrawals and where they currently live. With crypto, your funds are readily available for any betting event.
A crypto holder will only need access to the internet in order to start withdrawing and placing bets. You’ll be free to place bets on events anywhere within your country or even the world. Many platforms hosting a sports betting event is accessible by crypto holders over the web. Those who live in remote areas can greatly benefit from crypto’s flexibility since they can access tons of live betting events from the comfort of their home.
Some banks will limit how much you can withdraw from your account depending on how much money you have at the bank or the type of account you have. Most crypto exchanges will allow unlimited withdrawals, so you have the freedom to take as much crypto as you wish.
Sports betting events take place at all different times of the day and can be hosted in multiple regions. Traditional currencies limit the number of bets someone can place according to the rules a bank sets. Crypto allows any holder the freedom to place bets without limitations from banks or locations.
Conclusion
While most are used to using traditional money to place bets they don’t realize how restricted they are. If you are seeking more freedom when placing your bets then crypto is the way to go. If you are looking for a great platform for placing bets with your crypto then check out Thunderpick.
Thunderpick accepts cryptocurrencies and offers complete security and fast withdrawals on any winnings.