How Esports is Pushing Cryptocurrency into the Mainstream
Cryptocurrency has always been a bit of a strange topic outside of its own niches. It is still used on a large scale. Yet, if you relied on normal media for your understanding of Cryptocurrency you would have been lead to believe it was only useful for illicit purchases. However, outside of this mainstream misunderstanding, it has seen a big boom in use for Esports.
What is Cryptocurrency?
Cryptocurrency typically makes the news because of its involvement in illicit activities or as some kind of scam. It was difficult to see anything relating to the takedown of the Silk Road without hearing about the use of Bitcoin. Equally, the brief Bitcoin boom leads to a number of scams. These preyed on those without a proper understanding of the currency.
This all gave cryptocurrency something of a weird reputation. However, most people use cryptocurrencies in a legitimate way. For example, as an actual currency. Many outlets now accept Bitcoin, if you’re willing to go through a few more steps. Esports is one of the biggest industries which has accepted it in a widespread fashion.
Cryptocurrency at its core is a currency and nothing more. However, it does differ quite greatly from traditional currency. Rather than being backed by large scale finical institutions, it is backed by strong cryptography, being generated through crowdsourced mining. Its value doesn’t come from backing. Instead, it comes from the actual value of the currency itself. This has lead to some commentators regarding the currency as a speculative bubble. Although this isn’t the case if you use the currency as a currency rather than a commodity.
Esports Betting and Cryptocurrencies
It has previously made the news for being relatively volatile in its worth. Although, as time has passed this has stabilized. Since the initial wave of scaremongering about cryptocurrency, political events have demonstrated pretty well why no currency is all that stable. This currency gets its value from its actual scarcity rather than national or international backing, it is actually proving to be considerably more recession-proof than many longstanding currencies.
As well as its benefits over using local currency, what has linked it to Esports is its target demographic. Cryptocurrency users have been found to be a very similar demographic to use responsible for the huge growth of Esports in recent years.
Cryptocurrency has seen big growth as a currency for betting on Esports. The principle of using Crypto instead of the Dollar for these purchases is quite simple, cryptocurrency lacks the regulation of regular currency. Betting with regular currency often involves fees. You can be subject to all sorts of stops and fees before you can withdraw. Betting with Bitcoin and Cryptocurrency offers a way to place a bet and collect winnings anonymously, without minimal or no fees, and the withdrawal of winnings is instantaneous.
Many bet on Esports using Cryptocurrency to take advantage of the greater possibility for gains through the use of Cryptocurrency. Any potential gains from betting are in cryptocurrency. if you use it as an investment this is quite helpful. The initial craze for Cryptocurrency has definitely died down. However, now that speculators looking to short a fad are gone, crypto is quite useful for actually being a fee-less and quick online currency. This made it a perfect match for Esports.