Published
4 years ago on
March 05, 2020
Table of Contents
Blockchain and cryptocurrency already had a great impact on the world of online sports betting.
Online bettors have been opting to use cryptocurrencies instead of fiat, and with Euro 2020 closing in, the impact of blockchain technology is already increasing.
Euro 2020 and Crypto
The largest sporting event that will take place this year is the UEFA European Football Championship, which will undoubtedly attract millions of viewers and bettors.
The qualifications are still in progress, but the Euro 2020 odds for the top victors have already been posted on sports betting sites. The dozens of teams and matches are available for betting on websites such as 1xBit, and the live betting odds will be updated live as the games progress.
How Is Crypto Betting Better?
When it comes to online betting with fiat currency, you need to use a debit/credit card or a bank account. In doing so, you have to submit a lot of personal and financial information to the betting platform, such as your full name, email address, bank account, and even physical address.
This process is sometimes tiresome and doesn’t exactly protect your anonymity.
Cryptocurrencies, on the other hand, don’t require you to send any sensitive payment information to the betting website.
You just have to use the website’s cryptocurrency wallet address to make a deposit using your crypto wallet. The transaction should take a couple of minutes to finalize, as opposed to days, which is common for bank transfers.
Even if credit card transfers are faster, they incur a 1-4% fee for each transaction, and this expense is always supported by the bettor. When you bet with crypto, you pay a fraction of what conventional payment methods charge, as you would only have to cover the network fees of the blockchain.
The market is now more competitive than ever, especially with the upcoming major football event. Crypto betting platforms such as 1xBit are competing with each other to provide better odds and promotions for their users. Moreso, they accept several cryptocurrencies, increasing the accessibility for crypto enthusiasts.
Last but not least, players can bet on various matches and sports events with better odds than on regular betting websites.
When you bet with crypto you also benefit from the higher level of security offered by the underlying blockchain technology. Through layers of authentication, the identity of the punter is protected against hacks and attacks that might target personal or financial information.
Not to mention that crypto transactions are ideal for those who do not want to have their betting expenditures tied to their bank account.
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