Crypto is still a vastly unknown field, but cryptocurrencies already have several advantages in many fields. First of all, let’s take a quick look at the basics, then let’s talk about why betting with crypto is a great solution. Over ten years ago, the still unknown and mysterious Satoshi Nakamoto started Bitcoin, as he called it, a “peer-to-peer” electronic cash system.
He wanted cash, a new cash system, although bitcoin is hugely successful since, it still does not function, at least not on a wide scale as cash. Instead bitcoin became a form of store of value, many people think it’s already competing with gold.
But let’s slow down a bit and take a look at the basics of what Satoshi wanted. Peer-to-peer is extremely important, the whole idea of Bitcoin is built on the concept that it is possible to create a money system that does not have a central authority, government, company, anything else, something, that runs with a so called decentralised model.
In order to reach this, the creators of Bitcoin had to solve the issue of double spending, a problem that every electronic money system faces, even fiat money. But in the case of fiat, banks and governments have centralised authority, they can check each and every transaction to make sure that nobody tries to spend the same amount of money twice.
But if you don’t have central authority, then double spending becomes a big issue, anyone with the knowledge can try to duplicate, triple, quadruple and so forth the same amount of many to spend it again and again, keep buying things, thus tricking, corrupting the system.
Satoshi came up with a brilliant solution for this problem, the so called blockchain, which is the backbone of every cryptocurrency. Blockchain is based on a decentralised network of computers, so called nodes that are responsible for maintaining, storing the distributed ledger, the blockchain.
The blockchain contains each and every transaction ever made in the system, who transferred how much, and to whom exactly, and of course when. There is another player in the system in most blockchains, the miners, who check the validity of every transaction, they make sure that double spending does not happen in the system.
They take a look at your cryptocurrency wallet, they have to be sure that you are not trying to spend the same amount of money twice. The result? A fast, extremely secure, easy to use system that can be used for many purposes, including betting.
In betting, speed of transactions is crucial, since nobody wants to miss a great opportunity because of slow payment. Crypto is an ideal tool for betting, since you can move your funds quickly, not to mention that the system is transparent, both parties are well protected for any wrong doing.
A lot of cryptocurrency wallets are available for free on the market, you can use these to transfer, deposit your cryptocurrency after or before a bet. To swap your fiat to crypto, you can use one of numerous cryptocurrency exchanges, all are user friendly, easy to use.
When you make a bet in sports or in anything else, you have to be quick, sometimes there is not much time to act. This is one of the main reasons why betting with crypto is a great solution, since it provides fast transactions, at least most of cryptos do.
Crypto is also highly international, it does not know any borders, this is another reason why this is a great solution for betting from anywhere around the world, on anything in the world.