The sports betting industry in the United States continues to grow and evolve, and many factors have contributed to the growth. The use of cryptocurrency in the sports betting industry has improved sports betting, and this is a change that will be permanent.
Crypto gambling has become extremely popular, especially with those customers that have a cryptocurrency wallet. Sportsbooks prefer crypto as a payment method, which has enticed users to use this form of payment.
Two of the most popular cryptocurrencies are Bitcoin and Ethereum, and there is an intense debate as to which is the better option. Bitcoin is the most popular option to use at sportsbooks, but Ethereum is a solid choice.
Bitcoin is the most popular form of cryptocurrency, and it is also the most valuable. Bitcoin’s price tends to fluctuate quite a bit, but it also grows in value over time. Here are some of the pros of bitcoin, especially as it pertains to the sports betting industry:
No Banking Fees: One of the most significant advantages of using Bitcoin as a payment method is that there are no banking fees involved. Bitcoin payments don’t require a third party, and therefore, you won’t get charged any additional fees when using Bitcoin.
Quick Transactions: Another advantage of using Bitcoin is those payment transactions are extremely quick. You won’t have to wait for another party to approve the transactions before they are processed.
Value Increases: Bitcoin continues to go up in value, and that means that you are in the right place if you have Bitcoin in your cryptocurrency wallet. The value has dropped at times, but it always seems to rebound in a big way.
Accepted at Sportsbooks: Another value of Bitcoin is that it is received at most of the biggest sports betting sites. Online sportsbooks are using Bitcoin as a preferred payment method, and they are rewarding customers that use it.
Secure: Using Bitcoin as a payment option is extremely safe, and your personal information is never shared. This is a big deal for some bettors in the online sports betting industry.
Mobile Access: Another advantage of using Bitcoin as a payment option is that it is available on a mobile device. You can access your cryptocurrency wallet from anywhere, and you won’t have to jump through a ton of hoops to do so.
When trying to come up with some negatives of Bitcoin, it can be a rather tricky task. Having Bitcoin in your cryptocurrency wallet is a huge deal, but some negatives are associated with this payment option.
One of the biggest cons is that there is no governing body over Bitcoin. This means that your payment is strictly between you and a sportsbook, and you aren’t guaranteed a ton of protection.
Another negative is that Bitcoin prices fluctuate from time to time, which could lower your Bitcoin value. If you are looking to use Bitcoin as a payment method, you need to do so when it is high.
Prices Don’t Jump: Bitcoin prices continue to jump around all of the time, but that isn’t the case with Ethereum. Sure, the value of Ethereum will change at times, but it’s not going to be as severe as Bitcoin.
More People With Ethereum: Another benefit is that more people have Ethereum in their cryptocurrency wallets than Bitcoin. Bitcoin is extremely limited while Ethereum is not.
Security: Just like with Bitcoin, using Ethereum as a payment method is very secure, and you don’t have to worry about any of your personal information being stolen or compromised.
Quick Transactions: The use of Ethereum allows for fast transactions to take place, especially in the online gambling industry.
Standard Exchange Rate: This has already been mentioned above, but the exchange rate for Ethereum is more standard than it is for Bitcoin. You will know what you are getting into when using Ethereum as a payment option.
One of the biggest cons facing Ethereum is that it is not yet accepted at a majority of online gambling sites. Bitcoin is one payment option that you will see, but Ethereum is not there, however.
Another negative of Ethereum is that the value continues to stay the same or grow just slightly. It’s hard to know precisely what you have when Ethereum is in your cryptocurrency wallet.
Having either Bitcoin or Ethereum in your cryptocurrency wallet is a good thing, and it can make your life in the sports betting industry much easier. Online sportsbooks are beginning to prefer cryptocurrency as a payment option, and having either Bitcoin or Ethereum is a huge advantage.
Bitcoin is a much more popular option in the sports betting industry, and most online sportsbooks will accept this form of cryptocurrency. Ethereum will likely get there at some point, but it’s not accepted at all major sportsbooks at this time.