How Cryptocurrency Betting Will Overtake Traditional Fiat Money Wagering?

How Cryptocurrency Betting Will Overtake Traditional Fiat Money Wagering?

It has been an exciting year for the most popular cryptocurrency, Bitcoin. At the beginning of 2021, the primary cryptocurrency hit an all-time high of more than $63 thousand, which left all crypto enthusiasts thinking about the opportunity of reaching the milestone of $100 thousand by the end of the year. Unfortunately, that wasn’t meant to happen.

After we were halfway through the year 2021, Bitcoin reached one of its lowest points in a long time. The price of less than $30 thousand made everyone in the crypto space worry for a while. But this was not for long, as just a few months later, Bitcoin saw massive support due to the numerous companies and services that are beginning the movement of mass adoption of this cryptocurrency.

At the end of October 2021, Bitcoin reached a new all-time high of almost $66 thousand. This clearly illustrates that cryptocurrency can resist bad beats. Considering the mass adoption worldwide, this is becoming a trusted asset for many crypto enthusiasts and even investors.

And it can’t be any other way, considering all of the different features and benefits Bitcoin provides. With its low transaction fees, advanced security, and lightning-fast payments, it’s only a matter of time until that cryptocurrency becomes one of the primary payment methods worldwide. We are entering a stage where Bitcoin is beginning to see mass adoption, and it won’t be long before most people are using it as freely as fiat money at the moment.

That being said, Bitcoin is not a mere payment tool. With all its benefits and features, people can also use it for more entertaining and profitable activities. One of these is Bitcoin betting, which is beginning to be the new trend in the online betting scene. To understand why crypto betting will likely take over the online betting industry, we have to compare it to traditional betting.

What are the main disadvantages of traditional betting?

Traditional betting has been around for decades, providing players with an exciting experience all that time. However, conventional betting is far from perfect, and a few things have been bothering players for quite some time. And considering the structure of this type of betting, these disadvantages can’t be resolved.

  • Relatively Slow Payments

Two main reasons can make withdrawing from a traditional sports betting platform a nightmare. The first one is that the standard transactions with fiat currency can take quite a lot of time due to different regulations, problems with bank institutions, and other stuff like these. You will usually withdraw your winnings in 2-3 days, but sometimes this is not quick enough, as we all have different responsibilities.

  • Long Verification Processes

Without a doubt, verification is one of the essential processes you will need to go through before making any transactions out of your account. That’s crucial because the betting site needs to know they send funds to the right person. More often than not, the verification process takes no more than 24 hours, but it’s very frustrating in the cases that it takes more.

  • Security Could Be Better

The best online betting platforms frequently provide players with a very secure environment for online betting. But when it comes to the payments, there isn’t too much these companies can do. They still place the most advanced security measurements, but because of the nature of fiat payments, they can still sometimes be exploited.

The extensive list of features you can exploit with cryptocurrency betting

On the other hand, when we look into the world of cryptocurrencies, we see fantastic features and perks that resolve all of the online sports betting industry’s problems. That’s why we can confidently say cryptocurrency betting will be the future of the online wagering world.

To realize that a bit better, you can go through a list of some of the best perks that cryptocurrency betting platforms bring to their players.

  • 100% Decentralized System

Some of you may wonder what that means, but this is one of the crucial components of cryptocurrency betting. Due to the unique nature of cryptocurrencies, they operate on a fully-decentralized system. This means every transaction you create or process with cryptocurrencies will be on a unique network, outside the regulation or control of any third-party organization or bank.

  • Full Anonymity

One of the main perks of this type of gambling is that players don’t even share their details. Just one email and a cryptocurrency wallet are all you need to begin your adventure with crypto betting.

  • Low Transaction Fees

When making transactions using different banks and institutions, players usually lose a fraction of their winnings. But why do that when you can use cryptocurrency betting platforms and pay unimaginably low taxes on your winnings?

  • Lighting-Fast Transactions

You already know that you can withdraw your funds in 2-3 days on most sports betting sites. However, with the cryptocurrency betting bookmakers, your withdrawal will take you less than 10-15 minutes, depending on the cryptocurrency you have chosen. How convenient can that be?

  • Advanced Security

On one side, cryptocurrency betting is anonymous, and that’s why it provides such advanced security. However, as every cryptocurrency transaction is recorded on the blockchain, even a fraction of crypto can’t be lost down the chain.

1xBit — one of the most reputable cryptocurrency betting platforms

One of the places where you can bet with Bitcoin, combining all of these benefits, and grant yourself one of the best betting experiences is 1xBit. With 1xBit, we are talking about one of the most reputable platforms for online betting.

By joining as a new player, you can take advantage of a welcome bonus of up to 7 BTC and enjoy one of the most extensive sportsbooks in the world of cryptocurrency betting. On top of that, you will have the privilege to use the cashback feature of the platform and get back up to 11% of your losses. Plus, you will enjoy regular sporting promotions with nice crypto prizes.

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