The Rise of Crypto Gambling: What You Need to Know
The sports betting and gaming industries constantly evolve. The next evolution has been the advent of blockchain and cryptocurrency technologies. Bitcoin sportsbooks have become the newest thing in the industry. And for good reason. A crypto sportsbook provides advantages that traditional books can’t. If you’re new to crypto gambling, or require a refresher, keep reading to discover the top five things you must know about crypto sportsbooks.
What You Need to Know About Crypto Gambling
Bitcoin has become a store of value
For many, bitcoin remains something to be feared or disregarded. But that’s changing and it’s changing quickly.
It already has changed when it comes to the way the largest banks in the world view BTC. Goldman Sachs, JP Morgan Chase, and Morgan Stanley offer their clients bitcoin investment strategies.
Cryptocurrency investors see BTC as digital gold. Bitcoin is the base for their crypto investment strategies. The bottom line? Cryptocurrencies, and especially Bitcoin, isn’t going anywhere.
Your information is more secure
For our purposes, this is the most significant thing to know about crypto gambling. It is much more secure than playing in a traditional sportsbook.
Traditional sportsbooks have your address, your phone number, your email address, and more info about you. Some sportsbooks sell your information to list creators. Those list creators sell the info to tout services that call you to get you on board with their plans.
You can deposit and make withdrawals faster
Crypto deposits and withdrawals happen much faster than in traditional sportsbooks or online gaming sites. The reason is due to cryptocurrencies’ peer-to-peer philosophy.
A middle entity, like Coinbase or Cash App facilitates the transfer of your BTC or other crypto to your sportsbook account. But those entities are just facilitators.
They aren’t involved the way your credit card company is involved. This speeds up the entire deposit and withdrawal process.
From the point of view of your crypto wallet provider, your transactions are anonymous
It’s important to understand exactly how your crypto wallet provider, MetaMask, Coinbase, etc., keeps your transactions anonymous.
The reason all crypto transactions are anonymous is because blockchain is peer-to-peer. It takes a wallet to facilitate transactions, but crypto wallet providers don’t know what your crypto transaction represents.
So although you aren’t anonymous, your transactions via any crypto blockchain are.
You gamble with mBTC, not BTC
One of the most important things to understand regarding crypto gambling is the unit we use to make wagers. The price of a single bitcoin on May 17, 2023 was $26,745.60.
Most of us can’t afford an entire BTC. So when we place bets with bitcoin, we do so in increments of 1/1000th of a BTC.
An mBTC is a thousandth of an actual bitcoin. A single mBTC on May 17 was $26.745. When we make wagers, it’s important for us to use an mBTC to dollars converter just to be sure we have the correct number.
Based on the above, anyone who bets on sports or casino games should consider opening a crypto account. Doing so provides more security, faster deposits and withdrawals, and anonymity.