Cryptocurrencies and esports are two things that have become incredibly popular in recent years. While crypto coins like Bitcoin and pro gaming such as League of Legends have only been with us for over a decade, they have become part of mainstream society. So, crypto betting is the natural result of this process, which merges the esports world with betting websites. But why should bettors choose cryptocurrencies to bet on esports? Here are the key reasons:
No currency conversion issues
Cryptocurrencies are digital currencies entirely independent of regular fiat currencies such as US dollars and euros. This means that all crypto transactions can be carried out without any oversight from governments or financial institutions. As a result, gamers can use cryptocurrencies like Bitcoin or Ethereum to play at betting sites even if the online bookmaker isn’t based in their country. This dramatically opens up the range of betting options available to the bettor.
Plus, the fact that cryptocurrencies aren’t tied to any regular currency means that there aren’t any of currency conversion fees that can be an issue for anyone seeking to bet with standard currencies. While there are some network fees to factor in and the natural volatility of cryptocurrencies, such issues haven’t been enough to stop many gamers from using crypto coins for online betting.
Fast and safe transactions
Although there have been numerous scare stories about crypto hacks over the past few years, the basic technology underlying each major crypto coin is safe and completely transparent. This is because each transaction will be registered on a publicly viewable blockchain, meaning there will be a verified record for all to see.
While the safety of cryptocurrencies is given, the sheer speed of the crypto technologies has made them hugely attractive for online betting fans. Most crypto coin transactions will be processed in under 10 minutes.
What’s particularly impressive is that these quick processing times also apply to making crypto withdrawals from an online betting site. Compared with the many days required to withdraw via cards and bank transfers, it’s easy to see why more and more people are using cryptocurrencies for online betting.
Cryptocurrency processing times are still at the mercy of how each betting site verifies each transaction, and there could be slower speeds at times of increasing network activity. But on the whole, most would agree that cryptos tend to offer faster payments to and from online betting sites.
Good demographic fit
New generations will seek new payment methods that suit their needs better. Previous generations have adopted credit cards, e-wallets, and prepaid cards, and now it looks like cryptocurrencies are the way forward.
Interestingly, this shift is mirrored in the demographic range of people who like to watch and bet on esports. Most esports fans are between the ages of 18 and 35, which coincides with those who use cryptocurrencies, and these trends are developing in popularity alongside each other.
Cryptocurrencies have a clear advantage for many young people in that they don’t require any regular bank account to be used. Plus, cryptocurrencies can also be used to make anonymous payments without lengthy credit checks or KYC procedures.
It remains to be seen how cryptocurrencies and esports will continue to grow together, but for now, it looks like there is no slowing down the dramatic appeal of crypto coins and pro gaming.
