The latest trend in the sports betting industry is revolutionizing the betting process and user experience. Many notable online Sportsbooks, including 22Bet, have incorporated this change into their systems to accommodate crypto-users, optimizing the user’s privacy and security. Blockchain technology is one of the most brilliant innovations of the century. And it is no new game anymore as it has gained traction in recent years, and its role in betting has induced more players into the game. This article exposes the building bridge between cryptocurrency and how it benefits users.
The Link between Blockchain/Cryptocurrency in Betting
Cryptocurrency is a digital currency using a decentralized system to verify and record transactions. The unit of this currency is “coin” and is primarily known to be a protected system which allows transactions to be immutable and prevents counterfeiting and duplications. Thus, blockchain technology prevents transactions from being blocked, cancelled, changed, or duplicated. Therefore, this doesn’t allow cheating as in the standard banking system.
These blockchain protocols allow the creation of features to change the system in the betting industry. It also allows people to perform seamless, transparent and secure transactions, encouraging anonymity as third parties cannot access or authenticate transactions. Also, this transparency extends to the betting platform as it ensures a fair system and disallows manipulation in outcomes and payments.
The benefits of Blockchain in Betting
- Transparency: As stated earlier, blockchain technology has improved transparency in the sports betting industry. Users have often encountered problems with traditional banking and betting systems because of the known manipulation that occurs with the outcome of games and financial scams. However, cryptocurrency uses a transparency record which lays out payouts, wins and losses and is unchangeable. This is iconic as it permits fraud reduction and increases the user’s trust in the system.
- Privacy and anonymity: Access to digitalization has changed our world in different ways but also exposes people’s data, raising the concern about data privacy. This is one of the reasons people are sceptical about signing up for any online casino due to the uncertainty of how their data is managed. On the other hand, cryptocurrencies have reduced the need to risk people’s personal information to betting websites. This is because blockchain technology authenticates transactions instantly. Hence, the reduced necessity to give personal details increases privacy protection and anonymity, especially for bettors.
- Security and authentication: The safety associated with the use of cryptocurrency in betting is already established as it is controlled by a decentralized system that confirms and authenticates transactions. Therefore using the blockchain feature allows users to maintain their security without fearing failed transactions or stolen funds.
- Ease in transactions and low transaction fees: Withdrawal and deposit are faster with crypto payments. Users do not have to wait long before their transaction is approved. Also, payments come with low fees, unlike bank and credit card payments with recurring charges.
Generally, cryptocurrency is a safe choice in betting and is often used by bettors to ensure transparency in the betting process and affirm an optimized user experience.