Cryptocurrency and football
5 min readA debate has been raging over the relationship between cryptocurrency and football. Some have argued that the marriage between the two is the best thing to have happened. On the other side, some have vehemently criticized the union terming it reckless given the volatility and the unregulated nature of the cryptocurrency.
This is a debate that is set to continue for the unforeseeable future. It is hard telling which side may win, however, what has been started is likely to shape the football and betting scenes in a way that many have not imagined. Looking at the best site for football betting, you will notice that any that you land in, cryptocurrency is one of the accepted payment ethods. Cryptocurrency sports betting ushers a new era where transparency, low transaction fees, and anonymity will become the rules of the game.
Up and downs
In examining the popularity of football cryptocurrency, experts point out that there has been an immediate impact. Not just in the betting scene but at the federation and club levels. There has been development in the various quarters where crypto assets have been used igniting an unprecedented level of excitement. A case in point is where a player transfer in Spain was paid through bitcoin. There is also the case of UEFA agreeing with a crypto business, something that received mixed feelings, with some saying it has come of age while critics called the move reckless.
Despite these reactions, it seems that the world is coming to terms with cryptocurrency, with a growing number of people in the sports fraternity embracing it. When compared with the situation a few years ago, when very few people wanted to be associated with crypto assets due to the negative label that they attracted, one can say we have come a long way. Still acceptance level has not peaked; this is due to the ban of cryptos in some jurisdictions.
The United States of America and so many other countries are yet to allow the use of cryptos in sports betting although the anonymous nature of the currency allows players to circumnavigate around the law. Another factor that may have slowed the adaption of the cryptos is the volatility of the assets. Currently the market all crypto assets have seen serious fluctuation and collapse of markets leading to heavy losses.
Critics seem to be having a field day, looking to remind anyone who cares to listen that they warned against the marriage between cryptocurrencies and football. Analysts are quick to point out that the scenario that we are witnessing today is a replication of events that have happened in the past. Cryptocurrencies have lost value in the past but they have risen and beaten the odds to emerge as the darling of investors.
Increased security
Besides the lucrative nature of cryptocurrencies, there are other reasons why they have been so popular in sports betting. Sports betting pundits are in agreement that the level of security provided by blockchain technology-related assets may have given many players confidence. The lucrative nature of sports betting, in general, has led to the influx of all manner of sportsbooks some with ill intentions.
With incidences where players have lost their money as well as personal privacy violated due to data breaches, a payment option that promises a high level of security has been well received. Looking at the sports betting stats, platforms that allow the use of bitcoin and other cryptocurrencies as payment options have seen a huge rise in the number of players patronizing the sites.
Wagering limits
Listening to several players especially those that would like to wager huge amounts, the common complaint has been the restrictions around this area. Traditional bookmakers have put limits on the amount that one can deposit into their account. While some of these limitations are due to chosen payment methods, some limit the deposits to low amounts discouraging those who would like to bet big.
Pundits point out that this limitation has been a way of hedging the bets so that they do not end up losing huge amounts on one wager. Cryptocurrency bookmakers usually have no such limits, players enjoy freedom not just in football cryptocurrency betting but in other sports too.
Anonymity
For those who mind about their privacy and the exposure that they may get out of giving personal information, cryptocurrency came as a savior. The anonymity aspect of cryptocurrencies allows the player to make payments without giving out their home or office address, phone number, or even their real names.
With this feature, players in jurisdictions where online sports betting is prohibited can wager on their favorite games and teams without attracting the attention of the authorities. Moreover, the security and encryption around crypto-assets mean that personal data is protected.
Low transaction costs
Wagers are always looking to save money. When presented with a payment option that attracts low transaction fees, they not only save money but also have at their disposal an additional amount that they can use to place their bets. Cryptocurrencies are known for their low transaction costs and this according to betting experts has made them very popular.
Acceptance of players in highly regulated countries
Some countries do not allow the use of bitcoin and other cryptocurrencies in online sports betting. They include:
- The USA
- China
- Lithuania
- Iceland
- Kazakhstan
- Colombia
- Estonia
- Ukraine,
- Russia Federation among others
If you are a player in any of these countries and would like to engage in sports betting and use cryptocurrencies, it is out rightly possible. All you have to do is identify an online football betting site that allows the use of cryptocurrency. The fact that cryptocurrency betting is not available in your country does not mean you should miss out on the fun, there are grey areas in the law that players can utilize coupled with the anonymity that cryptocurrencies provide.
The union between cryptocurrency and football as held by betting enthusiasts is the best thing that happened. Cryptocurrency betting has become popular due to the experience it gives. Bettors are now enjoying improved security, low transaction fees, anonymity, and other benefits that are presented by cryptocurrencies.
