Betting with 1xBet, food, shopping: industries with crypto as payment

Even after a very suspicious start, cryptocurrencies have established themselves as a secure and private payment method, going far beyond a form of investment. Previously intended only for digital payments, they are now accepted in various segments of the economy, which is a benefit for many who prefer total privacy and decentralization when making purchases or subscribing to services.

One of the segments that has made a strong entry into the world of cryptocurrencies is iGaming platforms, with a focus on sports betting and online casinos. 1xBet, for example, accepts more than 40 varieties of cryptos, which brings many opportunities to customers by expanding the list of accepted systems to one that works globally and, therefore, adapts to any location where the company operates.

In this article, you will understand the arrival of cryptocurrencies on online betting and gaming platforms. Then, you will see other segments that already accept crypto payments, which helps to understand how this system is already implemented in the daily lives of many people.

Cryptocurrencies on online betting and gaming sites such as 1xBet - The payment system has arrived in the iGaming sector

It is possible to say that there are some similarities between the cryptocurrency market and the sports betting market. Both are extremely volatile activities, and a few seconds can completely change the values of both cryptos and betting odds. This is even more true for live betting, a modality in which the odds are extremely dynamic and change according to the events of the matches.

For this reason, betting platforms have realized that combining these two worlds is a great idea. This way, users can profit in two ways: from the volatility of cryptocurrencies and from winning bets. It is common for users to deposit cryptocurrencies on iGaming sites, place bets, win, and leave the money on the platform itself. Then, when the crypto price rises, they make a withdrawal. Everyone wins.

In addition to accepting payments directly in cryptocurrencies, bookmakers also accept deposits and withdrawals through crypto exchanges. This further increases the reliability of the platforms, as secure companies partnering with secure companies bring advantages to all customers. The most widely used payment intermediary is Binance, an exchange that is a benchmark in the global cryptocurrency market.

At 1xBet, the process of betting with cryptocurrencies is even better, as the site offers a great live betting platform that has all the speed necessary to take advantage of the odds at the exact moment when they are at satisfactory values. In addition, the interface provides many statistics, and you can even 1xBet canlı maç izle, allowing for a much broader understanding of what is happening in the sporting event and increasing the basis for betting. The platform currently accepts all major cryptocurrencies in the world:

• Bitcoin
• Litecoin
• Ethereum
• Tether
• Ripple
• Dogecoin
• USD Coin

In total, there are more than 40 varieties of cryptocurrencies accepted by the site. So, if you are tuned into this world and believe that a cryptocurrency will undergo a process of future appreciation, you can deposit amounts on the betting platform, profit from your games, and even withdraw the amount when the cryptocurrency is on the rise. As we said, the possibilities for financial gains increase significantly.

There is an important factor to consider when using cryptocurrencies on iGaming platforms. Usually, there is a standard minimum deposit amount for Bitcoin and another amount for other cryptocurrencies. The minimum amount for Bitcoin is slightly higher, but nothing that makes reasonable deposits impossible.

At some bookmakers, the use of cryptocurrencies also significantly increases withdrawal limits, as a way to encourage users to use these payment systems. So, if you are a player who bets or plays high amounts, this can be a great alternative.

How cryptocurrencies work today

As the subject of cryptocurrencies is relatively difficult to understand, it is worth explaining how they work today. The first factor to consider is the regulations that various countries are applying to payment systems. While this detracts from the independent nature of cryptocurrencies brought about by decentralization, it also greatly increases security for everyone who uses cryptocurrency payments.

The regulations are based on several key factors to improve the quality of services related to the segment. The main ones are the operational and technical risks of the structure that makes cryptocurrencies work, the protection of customer rights, possible market manipulation based on insider information and fraud, and issues involving conflicts of interest.

These regulations also audit crypto exchanges. In the early days of cryptocurrency technology, unfortunately, there were many scams involving fake companies that stole customers' investments. For this reason, legislation involving cryptocurrencies tends to significantly increase the security of all transactions, making the method even more convenient for users of iGaming sites. Check out some measures being adopted around the world to improve the reliability of cryptocurrencies:

These government procedures indicate that cryptocurrencies are going through a period similar to that of iGaming platforms. That is, moving from an area that involved finance but did not have very well-defined rules, to something more organized that protects all users through regulations granted by government agencies.

In addition to being technically safer, this also makes investing in cryptocurrencies more secure. After all, when a market is regulated, it tends to grow. However, it is necessary to know the subject: it is not recommended to gamble online with cryptocurrencies if you do not understand the scenario of each crypto, as this can lead to financial losses due to a lack of information.

It is also necessary to understand the difference between stablecoins and normal cryptocurrencies. While the latter type has prices that depend on a particular market that feeds on user actions, the former is completely related to what happens in the global economy. This is because stablecoins always have their prices linked to traditional currencies, especially the US dollar. So, this can also be a safer alternative.

See other segments of the economy that already accept cryptocurrencies

In addition to online bookmakers and casinos, several other segments have already been conquered by the advent of cryptocurrencies. After all, the numbers in this market are impressive: the sector's revenue is over $85 billion, and the expected growth for next year is just over 11%, indicating that the acceleration of cryptocurrencies is well above the global economic average.

The capitalization value of cryptocurrencies is also impressive. Currently, it is around $3.6 trillion. Bitcoin, the pioneer of the segment and the leading cryptocurrency of all time, has a capitalization of $2.2 trillion. Recently, it reached its historic record, reaching a price of over $124,000.

Therefore, it is not uncommon for many companies to adopt cryptocurrencies as another convenience for customers when making payments. This is even more true for the largest cryptocurrencies, especially Bitcoin.

This even comes from technology giants. One example is Microsoft, which began accepting Bitcoin payments in December 2014, long before the cryptocurrency boom that occurred around 2017 when Bitcoin reached values that, at the time, impressed everyone and popularized the technology. They are valid for subscribing to company services and even for purchasing Xbox games. When a company of this caliber starts accepting crypto payments, several others understand that it is time to follow the trend.

This goes far beyond digital purchases. One example is AMC Theatres, a cinema chain operating in the United States and Europe. Customers can pay for tickets using Bitcoin.

The technology is also present in the food sector. In some locations, large restaurant chains also accept Bitcoin payments. Some examples are Subway and Starbucks.

Cryptocurrencies are even used for donations. Wikipedia, which is supported by spontaneous user contributions, has accepted donations in Bitcoin and Bitcoin Cash. However, the company reversed its decision and stopped accepting crypto payments in 2022, even though it had raised more than $130,000 in donations of this type the previous year. The initiative came from the Wikipedia user community, as a small percentage of the site's revenue came from this type of payment, and the environmental impact of cryptocurrency mining did not offset this amount.

On many platforms, it is also possible to purchase gift cards using cryptocurrencies. This way, users can subscribe to streaming services, recharge their balance in food delivery apps or ride-hailing apps, and join subscription clubs with payments made in crypto.