A few years ago, cryptocurrency owners couldn't do much with their coins other than wait for them to increase in value or cash them in. They had no choice but to convert their digital assets into fiat currency if they wanted to buy something.
But things have changed a lot since then. Numerous large companies have begun accepting cryptocurrency payments for goods and services. The list grows every day.
Here are some of the best known examples
Large companies like Microsoft, Starbucks, Home Depot, and Whole Foods have started accepting Bitcoin payments.
Sotheby's made its first cryptocurrency sale in May, when it auctioned off Banksy's famous “Love is in the Air” protest image for $ 12,9 million.
AirBaltic began accepting cryptocurrency payments for airline tickets in 2014.
SpaceX accepted Doge in exchange for putting a lunar satellite into orbit in May 2021.
Sport offers a potential use of cryptocurrency, although it may not be immediately obvious. Why should it?
The Dallas Mavericks, an NBA basketball team, have been accepting payments in Bitcoin (BTC) for nearly two years. Mavericks fans can now purchase tickets and merchandise using all major cryptocurrencies, including BTC and BCH, as well as USDC, GUSD and PAX, and now DOGE.
The advantages of cryptocurrency when it comes to sports betting
In addition to being accepted as a payment method for goods and tickets, cryptocurrency has also made its way into another aspect of sport: betting.
Since it is essential that online gambling and betting platforms offer the most technologically advanced and convenient payment methods, they have been processing payments electronically for decades.
Although many online casinos did not initially trust digital assets, they quickly realized that customers were demanding more. Since 2013, esports betting and sports betting have seen explosive growth. This is because it offers many advantages to both bookmakers and the best.
Anonymity is a big plus for many gamblers when using cryptocurrency. Many players would prefer anonymity when placing bets online or reloading their accounts.
Not only can these activities lead to disapproval among family and friends, but they can also cause problems with banks that may consider them suspicious and refuse loans.
Additionally, cryptocurrency transactions can be processed much faster than traditional bank transfers. While bank transfers are usually instant or take a few minutes to deposit on a gambling website, withdrawing money could take up to a week.
Banks may consider a transfer of funds to your account from a gambling site to be unreliable. Bitcoin transactions are, however, notorious for their blinding speed, and banks don't even see them.
Transaction fees are another factor that players might consider. PayPal (find out how to buy PayPal shares) pays around 3% and Skrill takes 2%. Bitcoin allows the payment issuer to choose the fee. If they wait a week, they can reduce it to zero.