This has been an exciting year for Bitcoin, the most popular cryptocurrency. In early 2021, the top cryptocurrency broke its all-time high of $63,000. This left all cryptocurrency enthusiasts with the possibility of hitting the $100,000 mark by the end of the year. Unfortunately, this was not destined to happen..
After hitting the 2021 midpoint, Bitcoin had hit one of its lowest points in a long time. The price below $30,000 has been worrying everyone interested in the cryptocurrency space for some time. But it didn't last long. Because after just a few months, Bitcoin has gained tremendous support due to the multitude of companies and services that have started the movement towards mass adoption of this cryptocurrency.
At the end of October 2021, Bitcoin hit a record high of almost $66,000. This clearly demonstrates that cryptocurrencies can take some serious blows. Considering the massive adoption around the world, this makes it a reliable asset for many cryptocurrency enthusiasts and even investors..
Considering all the different features and benefits Bitcoin offers, it couldn't be any other way. With low transaction fees, strong security, and lightning-fast payments, it's only a matter of time before cryptocurrency becomes one of the world's leading means of payment. We are entering a phase where Bitcoin is starting to be accepted en masse. It won't be long before a lot of people are using it as freely as fiat money is right now.
Also, Bitcoin is not just a means of payment. With all its benefits and features, people can also use it for more fun and profitable activities. One of them is cryptocurrency betting, which is starting to become a new trend in the online gambling scene. To understand why cryptocurrency betting is going to take over the online gambling industry, we need to compare it to traditional betting..
What are the main disadvantages of traditional bets?
Traditional betting has been around for decades. It always gives players an exciting experience. However, traditional betting is far from perfect. There are a few things that have been bugging players for a while. Given the nature of these bets, these drawbacks cannot be eliminated.
relatively slow payments
There are two main reasons that can make withdrawing from a traditional sports betting platform a nightmare. The first is that standard fiat currency transactions can take a long time due to different regulations, issues with banking institutions, etc. You usually withdraw your earnings within 2-3 days. But sometimes it's just not fast enough because we all have different responsibilities.
Long verification process
Without a doubt, verification is one of the basic processes that you must go through before taking any action on your account. It's very important. Because the betting site needs to know that it is sending money to the right person. The verification process usually takes no more than 24 hours. But in cases where it takes longer, we can say that it is very annoying.
Security could be better
The best online betting platforms generally offer their players a very secure environment for betting online. But when it comes to payments, these companies can't do much. They always apply the most advanced security measures. But due to the nature of fiat payments, they can sometimes be abused.
Full list of features you can take advantage of when betting on cryptocurrencies
On the other hand, when we look at the world of cryptocurrencies, we see that there are great features and benefits that solve all the problems of the online sports betting industry.
If you want to understand this better, you can check out a list of the best benefits that cryptocurrency betting platforms offer to their players.
100% decentralized system
Some of you may be wondering what this means. But it is one of the most important components of cryptocurrency betting. Due to the unique nature of cryptocurrencies, they operate on a completely decentralized system. This means that every transaction you create or process with cryptocurrency will take place on a single network beyond the regulation or control of any third-party organization or bank.
complete anonymity
One of the main advantages of these types of games is that players don't even share their contact details with anyone. All you need to start your cryptocurrency gambling adventure is an email and a cryptocurrency wallet.
Low transaction fees
Players often lose part of their winnings when trading with different banks or institutions. But why do that when you can use cryptocurrency betting platforms and pay incredibly low taxes on your winnings?
Powering On – Quick Actions
You know that you can withdraw your money in 2-3 days at many sports betting sites. However, at bookmakers that place bets in cryptocurrency, your withdrawal will take less than 10-15 minutes, depending on the cryptocurrency you choose. How convenient can this be?
advanced security
For one, cryptocurrency bets are anonymous. That's why it offers enhanced security. Also, since every cryptocurrency transaction is recorded on the blockchain, even a small cryptocurrency cannot be lost on the chain.
1xBit – One of the most reputable cryptocurrency betting platforms.
One of the places where you can combine all these benefits and give yourself one of the best betting experiences is 1xBit. With 1xBit we are talking about one of the most reputable online betting platforms. By registering as a new player, you can enjoy a “welcome bonus” of up to 7 BTC . And you can enjoy one of the most complete sports betting in the world of cryptocurrency betting. On top of that, you will have the privilege to use the cashback feature of the platform and recover up to 11% of your losses. Also, you will enjoy regular sports promotions with nice cryptocurrency rewards.
Disclaimer: The content and links provided in this article are for informational purposes only. islaBit does not offer legal, financial or investment recommendations or advice, nor is it a substitute for the due diligence of each interested party. islaBit does not endorse any investment or similar offer promoted here.