Role Of Cryptocurrency In Sports Betting
If you must play, why not do it the most convenient and the secure way? There was a time when the only thing that you were sure about when you placed a bet was that you would have to pay up if you lose. There was no guarantee that you will get the payment for your winnings. All this has changed with the influence of technology on the betting world.
Technology has influenced all walks of life with no exceptions that you will cross your mind. While the books were replaced with the online platforms some time ago, the advent of cryptocurrency has given a new form to the world of sports betting all together. Before we start understanding the role of cryptocurrency sports betting, let’s understand what cryptocurrency is?
What Is Cryptocurrency?
Cryptocurrency, in the easiest form, refers to digital money. Cryptocurrency is the digital money which is stored in the form of blocks. Blocks are a type of datasets which has information about the amount of transaction, data, and time of the transaction and the hash. A hash is a unique identifier that is given to your transactions. A hash, in your case, refers to the bet that you have placed. It is important to note here, and these blocks do not contain your personal information that keeps your identity safe.
How Does Cryptocurrency Work On Sports Betting Platforms?
Since we have already read that betting has gone digital, let us take a closer look at the role of cryptocurrency on betting. Cryptocurrency has replaced the traditional payment transfer systems of betting websites. Earlier, these websites used to save the wagers on their private servers. Now they have started incorporating the cryptocurrency in their platforms.
This is how it happens. When you make a wager on one of these websites, you wager recorded in the form of a block across millions of servers across the world. These several blocks are proof that you placed the wagers. Once the event finally has happened, and the result comes across, the debtor in the transaction has to make the payment.
Role of Crypto Sports Betting and Gaming
Believe it or not, cryptocurrency is the future of betting. The majority of the online betting platforms have converted to cryptocurrency servers. The remaining are going to convert soon because of the many roles that cryptocurrency is paying in the betting world.
1. Keeps your identity secret – Cryptocurrency does not store any information related to your identity. All it needs is the transaction, the amount of transaction, and your hash, which is your untraceable digital identity. In case you want to show your involvement with the gambling world or gambling I prohibited in your country, you don’t have to worry about getting traced.
2. More reliable and dependable – Blocks that contain all this information are stored across numerous private servers, making them a public record. Since this information is stored across several servers, this information is irrefutable. In case a party involved in the gamble tries to go back on their word, these blocks can be shown as proof of your wager.
3. Implausible to alter the records of your wager – This storage of information happens across several servers by adding a block of information at the end of the blockchain. Once any information is added to the blockchain, in the end, it is impossible to change it.
If somebody wants to alter the information changed in the block, firstly they will have to spend a lot of money and effort on changing the hash. When you are able to change the hash, another block is added to the chain, which still reflects the old information. Because there are two hashes of wager in the chain, you will have to alter the hash containing the old information, and this will add another block to the chain. This will keep happening. This is the reason why it not possible to alter the bets once placed.
4. Faster transactions – Usage of cryptocurrency facilitate faster transactions. Since everything can be controlled by your fingertips, there is almost no need for any physical effort. All you have to do is pick up your gadgets and make some finger strokes, and the transaction will be done.
5. Transaction from anywhere – With the help of cryptocurrency, you can make transactions from anywhere in the world. Cryptocurrencies support many banks and are accessible all across the globe without any interruption.
Things to keep in mind before adopting cryptocurrency as your go-to method of betting.
– The cost of cryptocurrency is dynamic according to market demand and supply. There is no telling at which rate you will be able to sell your cryptocurrency once you have bought it. This is the foremost thing that you should consider.
– There is a cost of conversion that you have pay while selling your cryptocurrency. While this cost is quite low, it should not be a problem. Other financial institutions are dealing in money conversion charges exponentially high charges.
A final take
While the gambling world is quite safe than it was before, it is still the gambling world. More than for money, you are here for the thrill, and thrill is what you will get. The only thing that has changed with the help of cryptocurrency is that the world of sports betting is much safer and convenient. Just make sure that you follow your gut and make the smart choice.
I want to build your own cryptocurrency sports betting platform, get in touch with us!
Let’s Build Your App
So let's get in touch and turn your app idea into a brilliant mobile app solution. Go ahead & fill the form below
Head Office (India)
10/72, Chitrakoot, Sector 10, Near Chitrakoot Stadium,
Vaishali Nagar, Jaipur, 302021
India Office (South)
201, MJ Heights, Hedhari layout, Ananth nagar phase 2, Kammasandra, Bangalore 560100
India Office (North)
24/1-B, Govindpuri, Near Bhagat Singh College, Kalkaji, New Delhi - 110019