Cryptocurrency as a New Method of Payment
A few years ago, there was little that owners of cryptocurrencies could do with their coins other than wait for their value to grow or cash them out. If they wanted to use their digital assets to buy something, they had little choice but to exchange their coins for fiat currency in order to make the purchase. However, much has changed since then. Many major businesses have begun accepting cryptocurrencies as payment for goods and services, and the list continues to grow virtually every day. To cite a few of the most prominent examples:
- Major companies, including Microsoft’s Xbox store, Starbucks, Home Depot, and Whole Foods, have begun accepting Bitcoin as payment.
- Sotheby’s recorded their first sale for cryptocurrency in mid-May of this year, auctioning off Banksy’s iconic protest image ‘Love is in the Air’ for an equivalent of $12.9 million.
- AirBaltic began accepting payment for airline tickets in cryptocurrency in 2014.
- SpaceX agreed to accept Doge as payment for putting a lunar satellite into orbit in early May if 2021.
Cryptocurrency in Sports
One area that may not immediately spring to mind when considering uses for cryptocurrencies is sports, but in fact, this is no exception. And why should it be?
For example, the Dallas Mavericks, an NBA Basketball team, has been accepting Bitcoin (BTC) payments for nearly two years. Mavericks fans can now purchase tickets and merchandise with all top cryptocurrencies, including BTC, BCH, ETH, USDC, GUSD, PAX and BUSD and now DOGE.
The Mavericks’ owner, a billionaire entrepreneur and investor Mark Cuban, who is also one of the ‘sharks’ on the highly popular Shark Tank reality show, had this to say:
“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth-shattering reason, because we can! Because we can, we have chosen to do so. We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR.”
Stephen Pair, the CEO of the company that processes crypto payments for the Mavericks, stated:
“The Dallas Mavericks are a long-time enthusiast of cryptocurrency, opening up new opportunities for the team to sell tickets and merchandise to its global MFFL (Mavericks Fans For Live) fan base. BitPay believes that with continued cryptocurrency adoption, the industry is reaching an inflection point that will forever change consumer confidence, trust and pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Advantages of Cryptocurrency in Sports Betting
Besides becoming accepted as a method of payment for tickets and merchandise, cryptocurrency has made huge inroads in another aspect of sports: sports betting.
Online betting and gambling platforms have been processing payments electronically for decades now, as it is crucial for them to offer the most convenient and technologically advanced payment methods. At first, many online casinos didn’t view digital assets as reliable, but demand soon grew to the point that they had to address the pressure from customers. Sports betting and eSports betting were first introduced in 2013 and have experienced explosive growth ever since. The reasons for this should be obvious, as it affords great benefits to both betters and bookies.
For many gamblers, the most important advantage of using cryptocurrencies is anonymity. Many punters would prefer that their identity wasn’t exposed when placing bets or topping up their gambling accounts online. Such activities can not only lead to disapproval from family members and associates, but also problems with banks, which may see these transactions as ‘suspicious’ and use them as a reason to refuse loans.
In addition, cryptocurrency transactions are generally much faster than traditional bank transfers. Bank transfers usually process instantly or take just a couple of minutes when depositing to a betting website, but withdrawing money can take up to an entire week. Furthermore, banks may deem a transfer of funds from a gambling website to your account ‘untrustworthy’. Bitcoin transactions, on the other hand, are famous for being blinding fast, and the banks never see them.
Another factor gamblers may consider are transaction fees. PayPal helps itself to around 3%, while Skrill takes 2%. With Bitcoin, the payment issuer themselves can choose the fee, which can be reduced to zero if they are willing to wait a week.
By now, the advantages for sports gambling platforms should also be obvious. By accepting cryptocurrencies, betting websites can greatly expand their user base by offering customers the anonymity they demand with faster transaction speeds and lower fees.
The global transaction system for cryptocurrencies is another important feature. In addition, most casinos and eSports betting websites find bitcoin transactions much easier to process than those from providers like PayPal, as crypto transactions are virtually guaranteed – the only thing that can prevent them from going through is a bug in the blockchain, which is a rarity.
Of course, to attract and retain new customers, it’s essential for online gambling platforms to provide the most effortless and convenient transaction experience possible. Customers should be able to top up their accounts and place bets using cryptocurrency seamlessly, with just a few clicks, with fast and reliable results.
ALFAcoins is a modern, multi-functional, and secure electronic payment system that makes it possible for all kinds of businesses, including sports gambling platforms, to integrate cryptocurrency payments on their websites without complications.
ALFAcoins users can create an online multi-cryptocurrency wallet with double authentication and use it to anonymously exchange, store, and spend cryptocurrencies while incurring minimal fees.
Merchants can integrate Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, and XRP as payment options on their websites and receive borderless payments in any amount from virtually anywhere in the world. The transaction fee is just 0.99%, and this can optionally be passed on to the customer.
With ALFAcoins, business owners can also view stats for income, revenue, and sales dynamics all in one place, automatically pay their clients or employees in cryptocurrency, and transfer cryptocurrency to their own wallets without additional fees. Daily, monthly, quarterly, or annual auto-withdrawals in any amount required can also be scheduled.
Merchants also have a number of integration options, including API & IPNs, embedded payment buttons, and WordPress shopping cart plugins.
All these factors make ALFAcoins a serious option to consider for gambling sites looking to integrate hassle-free cryptocurrency payment methods that will attract new customers and revenue flows, while taking advantage of powerful tools for managing their digital assets.