ESPORTS CRYPTO BETTING 2023

CRYPTO BETTING HISTORY

Only a few hardcore crypto experts backed crypto early on when the first cryptocurrency when was introduced, overall there was little enthusiasm around crypto coins and few could see its potential. Yet within a few years, the first crypto boom arrived, sparking a modern-day gold rush akin to that of the 1800s. As the years passed, crypto experienced ups and downs, with people’s interest waxing and waning.

Despite being volatile both in terms of value and popularity, crypto eventually became intertwined with numerous industries, including gaming. In particular, Esports crypto has attracted attention from organizations and developers, especially with the advent of NFTs. As a result, crypto’s importance in the gaming world continues to grow with crypto becoming a solid asset in the wallets of online gamers.

INTRODUCTION TO CRYPTO BETTING

Before delving into specifics, it’s essential to understand the essence of cryptocurrency and how it has the potential to evolve into something more significant. So, what can cryptocurrency or crypto offer esports? The answer is quite straightforward.

Unlike traditional payments that require government or bank authorization, cryptocurrency transactions can occur without such restrictions. This feature enables gaming organizations and players to engage with each other internationally without the need for regulatory approval while providing a secure method for finalizing their transactions. Additionally, gamers can use cryptocurrencies to withdraw their funds from anywhere globally without the need to share their identity.

WHAT IS CRYPO BETTING?

Betting on crypto is a way to make your predictions using digital currencies such as Bitcoin, Ethereum, Litecoin, among others, as a form of payment and receipt of winnings.

Most of the major online betting sites offer the option to bet using cryptocurrencies. Gamblers and esports fans who use cryptocurrencies can choose a platform based on their preferred currency and make esports bets easily and securely.

WHAT ARE CRYPTOCURRENCIES?

Cryptocurrencies are digital assets designed to rival money. Cryptographic technology protects the security of transactions and controls the creation of new units.

Cryptocurrency operates on a decentralised network, which means that no government or financial institution controls crypto in any way, shape or form. A network of users collaborates to protect the network’s security and validate cryptocurrency transactions.

The most famous cryptocurrency globally is Bitcoin which launched in 2009. Since then, many other cryptocurrencies have emerged, such as Ethereum, Litecoin, Dogecoin and Mooncoin among other coins which are often dubbed altcoins. Each cryptocurrency coin has its own characteristics and is traded on various exchange and financial transaction platforms such as Coinbase, Binance and Kraken.

BETTING ON ESPORTS WITH CRYPTO

Crypto has revolutionized the esports betting industry, making it more accessible and secure than ever before. Traditional betting processes can be challenging to organize in various countries, and some people may not have the option to bet with their local currency or may feel insecure about validating their identity, particularly if they win big.

Crypto offers a safe solution to these issues, allowing anyone to create a secure betting platform through a crypto wallet, and enabling anyone with cryptocurrency to participate in crypto esports betting. Even if an individual doesn’t have the required cryptocurrency, the system can automatically exchange it, making it incredibly convenient.

For those familiar with the esports scene, betting on esports with crypto can be a lucrative endeavor, especially in high-stakes Bitcoin esports betting. While not all games have established esports betting organizations, it’s likely that, with time, the option for crypto esports betting will become a norm for most games upon release.

CRYPTO EXCHANGE OPTIONS

You can use cryptocurrency for various purposes, and one of the most significant uses is exchanging it for different assets. Initially, cryptocurrencies could be exchanged for other cryptocurrencies or real-world currencies like USD, Euros, or the local currency.

Today cryptocurrency exchange options are plenty and swapping crypto for other cryptocurrencies or traditional currencies is popular. Numerous merchants, including Tesla, accept cryptocurrency payments for physical items.

But for esports enthusiasts, the focus is on exchanging crypto for esports-related goods and services.

HOW TO BET WITH CRYPTO ON ESPORTS?

Betting with crypto works like real money betting and starting your gambling journey with a cryptocurrency betting site is easier than you think.

By following these steps, you will be ready to start your cryptocurrency betting:

• Create a cryptocurrency wallet: To store and retrieve your digital assets, users must use a cryptocurrency wallet, which offers security and protection.
• Buy cryptocurrency: When you own your own cryptocurrency wallet, simply log in and buy your preferred crypto using a traditional payment method.
• Choose a site that accepts cryptocurrencies: The platform you choose will depend on which cryptocurrency you have decided to buy or vice versa. Betting with Bitcoins and other cryptocurrencies has many advantages, which we will cover later.
• Deposit funds: Check the available cryptocurrency options. After choosing a cryptocurrency, enter your wallet address and select the number of funds you want to transfer.
• Place your bet: Choose your favorite esports title, compare the odds, and make your prediction!

Now that you know how to place bets with cryptocurrencies, you may be wondering how to withdraw your potential winnings. Similar to deposits, go to your account and click on ‘Withdraw’.

When you withdraw crypto betting sites will ask you to enter the amount you want to withdraw and the cryptocurrency you want to use for the transaction. Again, enter your wallet address and your withdrawal request will begin to be processed by the crypto betting operator.

ADVANTAGES OF BETTING WITH CRYPTO

When placing bets with crypto, you get some advantages compared to traditional payment methods, such as credit cards, debit cards or bank transfers. Here are some of the main advantages:

ZERO CURRENCY CONVERSION ISSUES

Cryptocurrencies are decentralized digital currencies that operate independently of traditional fiat currencies like US dollars and euros. As a result, gamers can use cryptocurrencies, such as Bitcoin or Ethereum, to place bets on esports at online bookmakers located in other countries without any government or financial institution oversight. This offers bettors an expanded range of betting options.

Furthermore, since cryptocurrencies aren’t linked to any standard currency, there are no currency conversion fees that may impede those who want to bet with traditional currencies. Although there are some network fees and the volatility of cryptocurrencies to consider, these factors haven’t deterred many gamers from using crypto coins for online betting.

SMART DEMOGRAPHIC FIT

As newer generations enter the fray, they tend to seek out payment methods that are better suited to their needs in order to distinguish themselves and in a bid to seek out more freedom and security. Previous generations have already adopted various methods, such as credit cards, e-wallets, and prepaid cards, but it appears that cryptocurrencies are the next logical step.

This shift is reflected in the age range of esports fans, which mostly falls between 18 and 35, the same demographic that commonly uses cryptocurrencies. These trends are rapidly gaining popularity together.

Cryptocurrencies offer a clear advantage to younger generations, as they do not require a traditional bank account and can be used for anonymous payments without going through lengthy credit checks or KYC procedures.

The future of the relationship between cryptocurrencies and esports remains uncertain, but it is clear that the appeal of crypto coins and professional gaming is not slowing down anytime soon.

FAST SECURE TRANSACTIONS

Despite several reports of crypto hacks in recent years, the fundamental technology of major crypto coins is secure and fully transparent. This is because every transaction is recorded on a publicly accessible blockchain, providing a verified record for all to review.

In addition to their security, the rapid speed of crypto technology has made them very appealing to online betting enthusiasts. Most crypto coin transactions are completed within ten minutes or less, making them a popular choice for online betting.

It’s worth noting that crypto withdrawals from online betting sites are processed at an impressive speed, similar to crypto deposits. This is a major advantage over traditional payment methods such as bank transfers or credit cards, which can take several days to process withdrawals.

It’s no wonder that gamblers are opting to use cryptocurrencies for online betting. However, it’s important to keep in mind that the processing times for crypto transactions can vary depending on the betting site’s verification process and network activity. Despite this, cryptocurrencies generally offer faster payment options for online esports betting.

The benefits of betting with crypto are increasingly well documented, and it is likely that this type of betting increase in the future, as more sites offer crypto payments and gamblers start using this crypto technology to gamble on CSGO, Overwatch, and more hit games regularly.

What to consider when betting with Crypto?

Although there are many advantages to betting with cryptocurrencies, there are also some negative points to consider:

Volatility: Cryptocurrencies are known for their high price variation. The value of cryptocurrencies can fluctuate significantly in a short period of time, which can lead to significant gains or losses in your bets.

Regulation: Most cryptocurrencies are not regulated by governments or financial institutions, which means there are fewer protections for bettors in cases of fraud.

Complexity: The underlying technology of cryptocurrencies can be complex and intimidating for some people. This can lead to user errors and confusion in some processes.

Even though there are many benefits to betting with cryptocurrencies, it’s important to remember that there are also risks and challenges associated. It’s important to do your research and fully understand the risks before making investment decisions.

CRYPTO SUMMARY

Placing bets with crypto is the new way for gamblers to bet on esports matches and tournaments. The best bookmakers that accept Cryptocurrencies offer a safe and transparent experience, in addition to offering several bonuses and exclusive promotions tied to crypto deposits and wagers.

While there are some challenges associated with the adoption of Cryptocurrencies, their acceptance as a form of payment continues to grow and rightfully so.