Bitcoin in Esports Betting - A Viable Payment Method?
Our fast-paced civilization is constantly giving birth to amazing things all thanks to massive technological advancements. Just think about it-a decade ago, esports betting was a nothing and a nobody. Now, it's one of the biggest and fastest growing industries in the world! Credit cards also made a proper boom in the economic and commercial markets, along with smartphones and, of course, the internet.
Today, there is a possibility we are witnessing another great step in our evolution. Just like credit cards and online/mobile banking changed our lives a while ago, a new payment method is emerging, and it seems as though it could do just that!
As the title of this article suggests, our topic for the day is going to be Bitcoin. Well, technically not just general Bitcoin information, but Bitcoin's viability as the go-to payment method for esports betting. So, with that being said, why don't we start off by explaining what Bitcoin is since there's probably a whole bunch of you who might not know a great deal about it.
What is Bitcoin?
There is a lot of confusion surrounding not just Bitcoin but the entire world of cryptocurrencies. However, if we are to talk about cryptocurrencies in general, it would take up too much of the valuable space we got here. So, instead, we will be focusing on the biggest player: Bitcoin. Afterward, we'll say a couple of brief lines about its sudden popularity in the digital world.
For starters, Bitcoin is the biggest and most valuable cryptocurrency. For those of you who don't know what a cryptocurrency is, it's basically a digital concept that enables payment to be sent between users without using the banking system. We are talking about a virtual, digital currency that is not printed to represent a physical value. Instead, it remains on our devices and can be used to pay for various goods online.
The biggest virtue of Bitcoin (and most other cryptocurrencies out there) is the fact that it's decentralized. In layman's terms, this means that no single institution in the world has direct control over the flow of the currency. Instead, Bitcoin and other cryptocurrencies work over the so-called "blockchain technology." This is basically a widespread network of computing power that manages, validates, and controls all cryptocurrency transactions.
Why is Bitcoin so Popular?
There's no denying the sheer popularity of cryptocurrencies, including Bitcoin. In late 2017 and early 2018, the cryptocurrency market was booming, with Bitcoin teasing the $20K mark. Back then, everyone was buying and selling all sorts of cryptocurrencies, so such huge numbers aren't really that surprising.
Nowadays, the value of Bitcoin, as well as the total market cap of all cryptocurrencies, has fallen to reasonable numbers. Even though the popularity of cryptocurrencies is experiencing a downward trend, Bitcoin is still looking strong. But how? Why is Bitcoin so popular? Why is it the most popular cryptocurrency at the moment?
There are several reasons behind Bitcoin's popularity. You can check out the most notable ones right down below!
The Popularity of Bitcoin in Esports Betting
Even though real currencies (such as euros, dollars, pounds, and whatnot) seem more stable than Bitcoin due to its constant fluctuations, Bitcoin is still a much more stable currency than most of them. How come? Well, for starters, other fiat currencies often experience hyperinflation and, relatively speaking, that's not an issue for cryptocurrencies, or Bitcoin, if we are to be more precise.
Bitcoin is a cryptocurrency that allows users to send and receive funds to virtually anyone in the world. The only prerequisite is to have a Bitcoin wallet, and there are lots of online services that offer exactly that. Best of all, Bitcoin transactions don't require names, addresses, and other personal information. Anonymity is a big part of all cryptocurrencies, so it's no wonder Bitcoin has it too.
Due to the fact cryptocurrencies don't rely on banks as middlemen and are operated via the blockchain technology, security is on a whole other level. Now, now, we are not saying bank security is faulty, we are just saying that Bitcoin heists are much more difficult to accomplish. It takes much more than a couple of knuckleheads with guns to penetrate encryption and vast other security measures put in place by expert blockchain coders.
Bitcoin (and cryptocurrencies in general) seems really complicated and complex. However, for a casual end user who just wants to send and receive money via blockchain technology, the process is as simple as it gets. Bitcoin in esports betting doesn't stray too much from that, at least as far as simplicity is concerned. All you need to do if you want to send and receive Bitcoin is to set up your own Bitcoin wallet. And that's pretty much it!
Are There Any Alternatives to Bitcoin in Esports Betting?
Believe it or not, there are several notable alternatives to esports betting with bitcoin. However, they are not the ideal solutions and should only be explored if Bitcoin is not really an option on your end. The most notable example of a good Bitcoin alternative would be Gimli. It's an interesting new concept that is trying to bring esports betting and cryptocurrencies closer to each other.
In addition to Gimli, Unikrn is another great example of how cryptocurrencies and esports industries can work together. For those of you who don't know, Unikrn is a top-tier esports betting company based in Las Vegas, Nevada. They are the most popular because they have their own cryptocurrency called Unikoin Gold. There are ways their users can obtain UKG by playing esports titles, exchanging in-game skins and, most importantly, betting.
Esports Betting Sites That Accept Bitcoin
As far as esports bookies that offer Bitcoin (or other cryptocurrencies) as payment methods, you will be happy to hear there are several top-tier ones out there. It is quite a popular niche nowadays since esports bettors have finally figured out all pros to Bitcoin betting.
With that being said, we would like to tell you the basics of the most popular sites that accept Bitcoin in esports betting.
The most popular esports bookie that works with Bitcoin is Nitrogen. We are talking about a giant in the esports betting industry which, through innovation, young industry experts and great UX, manages to be at the top of the food chain. Nitrogen specializes in Bitcoin betting and offers a wide variety of sports and esports for all its clients. Its on-site user experience is next to nothing with betting odds (and several available markets to bet on) extremely high.
With all that being said, there is no doubt Nitrogen is the best option for everyone looking to bet on esports with Bitcoin. With a highly polished website, great betting odds, and responsive customer support, we are talking about the highest quality Bitcoin esports bookie currently available!
This is another great example of what innovative esports betting sites need to look like. In comparison to Nitrogen, OneHash has several key differences that, at least in our opinion, put it as the second-best Bitcoin bookie out there. First of all, OneHash is a mutual betting site, which means its bet multipliers can drastically change at any given time. This basically means that OneHash betting odds aren't fixed and change with other bettors' wagers. That's basically what mutual betting is all about.
One last thing to note, OneHash doesn't require you to create an account. All you need is your Bitcoin wallet and you're good to go. This is not necessarily a bad thing, but some people love having their account and info set up properly like with every other online bookie they use.
Esports Betting with Bitcoin Summary
If the esports betting industry continues with its exponential growth, we don't see any reason why Bitcoin can't become the next big thing in it. After all, the majority of esports bettors are millennials, and let's face it, most millennials already know a thing or two about cryptocurrencies. It's a winning combination, don't you agree?
If not Bitcoin, then perhaps one of these esports-related cryptocurrencies such as Unikrn. There are lots of possibilities as far as Bitcoin and other cryptocurrencies are concerned. And considering the fact that esports betting is a strictly digital industry, blockchain technology isn't far off from it.
What are your thoughts on this topic? Do you think Bitcoin has a future in esports betting? If yes, do you think you will be making the switch from your current betting method to Bitcoin? Maybe try out some Bitcoin esports betting sites? Thanks for joining us in our comprehensive guide to Bitcoin and esports betting!