Blockchain technology has so far made its way into many industries, and it looks like it is currently about to take over the betting industry following 1xBit’s decision to use cryptocurrency instead of fiat currency.
1xBit recently switched to Bitcoin payments rather than the previous system which relied on fiat currencies. The betting platform has a wide range of events and sports that users can now bet on using cryptocurrencies. 1xBit has also introduced support for other cryptocurrencies other than Bitcoin so that users can select their preferred digital currency when making withdrawals and deposits.
So far the betting platform supports deposits and withdrawals using more than 20 cryptocurrencies. This includes popular digital coins such as Monero (XMR), Ethereum (ETH) and Litecoin (LTC). The company’s goal is to feature crypto variety on its platform so that it can attract more users especially those that are cryptocurrency and blockchain enthusiasts.
1xBit’s range of services includes a lottery, virtual games, sports betting, various events, and an online casino. This means it is an ideal platform for any person looking for a betting service that has a wide range of offerings.
1xBit adds a UFC section to its platform
The variety that 1xBit offers on its platform is divided into sections that allow the user to place several bets. Its switch to blockchain and crypto has also come with the addition of a UFC section. This new section allows users to review information such as odds, handicap and other martial arts fighter statistics before they place their bets. This new section is also expected to increase the platform’s appeal to sports fans.
1xBit’s decision to pursue blockchain and cryptocurrency highlights a potential trend where betting companies might embrace blockchain to improve their services. This is because the decentralized ledger technology minimizes some of the concerns about fairness and security on betting platforms. Transactions will be recorded on the blockchain, and this will facilitate transparency since the records are immutable and can be accessed by anyone. 1xBit is thus incorporating measures that will build trust, making it more attractive to potential customers while retaining the existing customers.