The Udayavani team, August 25, 2022, 5:43 PM IST
Cryptocurrencies are digital currencies that can be used to purchase goods and services similar to other currencies. The introduction of cryptocurrencies started with Bitcoin in 2009. Since its introduction in the financial sector, it started to gain popularity. In just a few years, crypto has become a popular payment choice at online betting sites and casinos.
To date, more than 1,500 virtual currencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Matic, are traded around the world. Since COVID India has seen a tremendous increase in the amount of money invested and traded in cryptocurrencies. According to industry estimates, “India has 15-20 million crypto investors with $6 billion in assets.”
However, since its introduction, cryptocurrencies have always been in the gray area as they operate without the need for intermediaries such as banks, financial organizations or central agencies.
However, in its 2022 budget, the Indian government announced a flat tax of 30% on revenue derived from the transfer of virtual digital assets (VDAs), including cryptocurrencies. However, this does not give the industry direct legitimacy, but the move was still seen as a relief to the Indian crypto community.
Advent of crypto in World of Betting
Crypto payment was introduced to online casinos in 2012 and the trend has only increased since then. Many betting sites allow people to make payments and bet with their crypto assets.
There is no difference between regular and crypto sports betting except the transaction type. So, when you make a deposit at free sign up bonus betting sites in India, all you have to do is register and transfer funds directly from your crypto wallet.
This not only improves the user experience but also makes things easier for the user. Cryptocurrencies make the betting experience easier, simpler, faster and better.
The fact that there is no interference from an intermediary body acts as a great advantage. This directly shortens the transaction processing time, which is a win-win for the user and the online crypto sports betting and esports sites.
Benefits of Using Crypto on Betting Sites
The fact that the use of cryptocurrencies makes transaction processing times very fast compared to traditional payment methods has taken users on their toes. The use of Bitcoin and other notable cryptocurrencies gives bettors a good edge with transaction processing speed.
You can transact from anywhere in the world. Cryptocurrencies are not limited by geographical location, which makes it easier for the user to transact at any time.
Another big concern for any bettor can be exposing their financial and personal information. But with cryptocurrencies, no financial details are exposed to hackers. You can therefore carry out your transactions without worrying about anything.
Cryptocurrencies do not levy any transaction fees on the bettor, which makes it the cheapest and most profitable means of payment. The use of traditional means such as cards may incur additional charges for transactions.
Security is a major concern for any user on the Internet these days. Security is a highly secure built-in feature, with most crypto platforms making it a great choice for processing transactions on betting sites.
The future of crypto payments on betting sites
The future of crypto payouts on betting sites looks really bright as the use of crypto has grown in popularity. Considering all the benefits it offers, GenZ and millennials are already turning to the option of crypto. Punters can enjoy more transparency, anonymity and security by using crypto platforms.
However, legal and regulatory concerns regarding cryptocurrencies may be a hindrance, but the growing traction towards crypto will sooner or later attract the attention of the government. And that might help intensify the fact that there is a need for change.
Disclaimer: Online games carry an element of financial risk and can be addictive. Please gamble responsibly and at your own risk.