We are now being bombarded with information, statistics, key data, and of course different opinions and perspectives on cryptocurrencies.
The truth is that cryptocurrencies are beginning to take up a considerably large share of the global population’s transactions and payments and are also becoming more mainstream than one could imagine back at the end of the 2000s when the first crypto was launched.
Cryptos have been pervasive in the gambling industry and they have become the absolute, dominant trend when it comes to online gambling sites and betting platforms.
The thing is that we as bettors may often be confused as to why this is happening, especially if we are not as tech-savvy or digitally literate as many of the crypto-users all so naturally are.
So, why choose an Ethereum sportsbook over a traditional online bookmaker? There are many issues to consider in answering this question, but it is wise to narrow them down to the main benefits that we are gaining by using cryptos for our gambling transactions.
Of course, there are some key advantages that are readily available, such as the convenience of looser tax treatments (at least in some countries), but overall it is better to see the advantages that are linked directly to the nature of digital assets and blockchain technologies.
If you search for the benefits of cryptos in gambling, you will surely find many articles referring to things like anonymity, cost, speed, and security but what do they practically mean for you, the bettor?
Anonymity: what does it mean for you?
We constantly hear about the anonymity offered by cryptos, but how is this attained and why is it important? When using cryptos for gambling transactions, your personal identity can remain anonymous and private.
This is because the transactions on the blockchain do not require personal information as they don’t need to be linked with identities and so these transactions are never tied to specific, qualitative data tied to you.
Practically this means that you can deposit money in a crypto betting site, start betting, get your winnings and withdraw them on your crypto wallet without having to disclose a bit of your personal identity information.
This is in sharp contrast to what is going on with the online gambling sites that do not accept cryptos but persist to have transactions made with fiat currencies.
There you have to disclose too much personal info, including your bank account, your ID, your communication details, and many more and you are always running the risk of fraud or someone stealing your data.
Cost: what does it practically mean?
Efficiency is another advantage profoundly advocated for the use of cryptos, but how is it being achieved? Why are costs lower when using cryptos for gambling?
With the fiat currencies and the intermediation of banking processing mechanisms, any transaction is subject to fees. Such fees in most cases are high and you get to think twice about depositing or withdrawing money from bookmakers’ sites if excessive fees apply.
When using cryptocurrencies, the disintermediation of banking institutions and relevant mechanisms erases these additional fees. Transactions are being processed through blockchain technology and there are either minimal fees or no fees at all.
Speed: how quick are the transactions?
Speed is a subjective matter in most cases, but when we are talking about minutes or seconds then we should acknowledge that such times are in fact very quick.
When using cryptos for gambling, all your payments or withdrawals are being made in the shortest possible time. In the online world, we’ve been accustomed to speedy transactions referring to transactions being made instantly.
But with cryptos, we are now experiencing the instantaneous nature of transactions.
If you opt for using cryptos for gambling transactions, then you can start gambling immediately. And no, you don’t have to wait for lengthy processes which are usually tied to fiat currencies (such as verification, etc).
Security: how is it being achieved?
We are also constantly hearing about cryptos offering very high security in transactions.
But what does this mean? How is security enhanced when using cryptos? When you use cryptocurrencies in gambling, all your transactions are recorded through blockchain technology, which gives an irreversible and immutable nature to the transaction.
So, it is nearly impossible to erase or change the transaction without being traced and this alone prevents fraud from happening (or at least tracks fraud if it happens). You are running significantly lower risks of being scammed when every bit of ‘intervention’ is being recorded in an irreversible manner.