The Time has Come to Jump on the Cryptocurrency Train
You’ve likely been hearing about cryptocurrency for several years now. We’ve been recommending bookies switch to cryptocurrencies for a while due to the benefits. If you still haven’t made the change, we’re going to outline why the time to switch is now.
The price of Bitcoin (BTC) has exploded and a single BTC is now worth $56,500 roughly.
More financial institutions have been buying up Bitcoin as well. PayPal now allows users to purchase Bitcoin. There’s a good chance we’ll all be using digital currencies in the future.
Benefits of Using Cryptocurrencies as a Bookie
First, let’s look at the biggest benefits and why you’re currently missing out.
- Fees: The #1 reason to switch is to lower transaction fees. The biggest e-wallet, PayPal, has a 2.9% + $0.30 fee on every payment you receive into your account.
Fees will vary depending upon the banking method used, but they can be costly for a bookie.
Cryptocurrencies allow you to essentially eliminate fees potentially.
Sending Bitcoin and Ethereum has become costly in 2021. These are the two most popular cryptos, but you’ll end up paying a fortune if you need to complete transactions using either crypto.
Litecoin is growing in popularity among users that frequently use cryptocurrencies. The fees are tiny. We’re talking about pennies per transaction and you can send huge amounts as well.
- Anonymity: While you likely won’t be 100% anonymous using cryptocurrencies, especially if you start using exchanges, cryptocurrencies provide a level of anonymity.
When operating as a bookie, the less information there is about you online, the better.
Open some blockchain wallets with the cryptocurrencies you plan on using. Avoid exchanges, as they request KYC (Know Your Customer) documents and that defeats the purpose of anonymity.
- Global Scale: No more dealing with currency conversions, which are costly and only add to the fees you end up paying. Cryptocurrencies are unrestricted and available to anyone.
This means you’ll be able to easily process global payments with low fees anywhere in the world.
Have an old friend across the world that bets with you? You can send/receive cryptocurrencies quickly without drawing any attention to either party. There’s no better way to transact.
Pay for Your PPH Service With Cryptocurrencies
We also recommend paying for your pay per head (PPH) using a cryptocurrency like Litecoin. Not only are the fees small, but there’s no way to tie the PPH account to you.
Simply use a new secure email when signing up for the PPH account.
Some PPH services will even offer you a cryptocurrency deposit bonus. Fund your account using one of the accepted cryptos and they’ll add a bonus, so you get more bang for your buck.
When you switch to cryptocurrencies make sure you research how much it costs to send (fees), as some cryptos are way too costly and you don’t want to have any surprises that cost you money.
The average transaction fee to send Bitcoin is over $20 and while there are ways to lower that fee, it’s still too costly to use for sending payments to your players, unless they pay some of the fee.