Why is Ethereum so popular with sports betting?

Are you thinking about betting on the NFL? In the height of the season, there are plenty of events each week for punters across America. However, choosing the right place to bet on sports or casinos is a difficult choice.
bitcoin gambling app

You have so many options online that it's hard to choose the best casino. One of the best ways to make a list of potential online casinos is to visit the website and check the payment methods.

The best casinos offer a wide range of payment methods, including cryptocurrency deposit and withdrawal . If you're a crypto-enthusiast, we recommend looking for the best Ethereum casinos in 2020 . ETH casinos accept deposits and process withdrawals in Ethereum which is why the bitcoin gambling app finally appeared.  

What makes Ethereum unique?

Ethereum is one of the oldest and most successful cryptocurrencies. Created and launched by Vitalik Buterin in 2014, Ethereum (ETH) is second only to Bitcoin in terms of market capitalisation and trading volume. What makes ETH so unique is its approach to digital currencies.

ETH is a 'smart contract', which means that no third party is required to process transactions. This additional functionality in the asset makes it suitable for a wide range of economic activities, including gaming.

Ethereum remains one of the most popular cryptocurrencies with excellent transaction times and a stable price curve. In July 2020, ETH doubled its price from $2,000 to $200 per smart contract. Playing with ETH at an online casino allows you to be part of the crypto-revolution.

What are the benefits of betting in ETH?

There are many benefits to using ETH for your deposits and withdrawals.

Privacy - ETH is cryptocurrency and it is impossible to trace the ownership of ETH smart contracts back to your identity. All transactions take place on the blockchain, and the only record of the transaction is the movement of ETH between wallet addresses. As a result, you get complete anonymity online.

Fast transaction times. The ETH network provides fast and efficient payments with low transaction fees. Transactions take seconds, unlike days with bank transfers. This is important when making deposits and processing withdrawals at your casino.

No government interference. Neither the government nor the central authority issuing the coins has any say in the price of ETH. It is a free market currency, set by market demand. As such, it is truly a free market currency, allowing for organic price discovery.

Global currency - ETH is a global cryptocurrency and people from all over the world use it for online transactions.

Decentralised asset. No government controls ETH, making it a decentralised asset, free from central bank manipulation.

How is Ethereum used for sports betting? Is it safe?

Yes, ETH is safe to use for sports betting. There is no law against using the cryptocurrency for online payments. China is the only country in the world that bans the use of cryptocurrency.

ETH provides a safe and secure network for online payments. It is impossible to hack into the system and steal your funds. All the hacks you've heard of in the past have happened on exchanges, not private wallet addresses.

To use ETH for sports betting, you will need to buy some cryptocurrencies from a reputable cryptocurrency exchange. Register with an exchange such as Coinbase or Kraken and purchase ETH with a credit card.

Do I need to prove my identity when withdrawing money from ETH casino?

Tax benefits are one of the best reasons to use ETH as a payment method in online gaming. As mentioned, ETH is a decentralised asset, outside the control of any government or central issuing authority.

This means that as long as you keep your profits in cryptocurrency, Uncle Sam and the IRS have no interest in your winnings or your money. You can continue to make transactions in ETH without the threat of the IRS coming after you.

However, if you want to withdraw your ETH into fiat currency, such as dollars or euros, it's a different story. Since dollars and euros are controlled by the Federal Reserve and the ECB, you will have to report the income on your tax return.

If you do not report your earnings, you could be in serious trouble for tax evasion. However, as long as you keep your earnings in ETH, there is nothing the tax office can do to affect your account.
Read also How does spread betting work?

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