March Madness is a thrilling time for college basketball fans as teams come together to see who deserves to be called the national champion. Few sports events cause as much fervor as the annual NCAA Basketball tournament.
In recent years, it has been fascinating to observe how blockchain technology and digital currencies have revolutionized betting, ticket sales, and even player compensation. From wagering on underdogs in the March Madness bets to buying tickets with Bitcoin, cryptocurrency is bringing another element to the game.
Introduction to March Madness
The NCAA’s March Madness is an annual college basketball tournament that takes place in the U.S. It’s a single-elimination tournament that features 68 teams from all over the country, with 32 of those receiving an automatic bid to participate. The remaining 36 teams have to compete in a series of play-in games to determine who will fill the remaining spots in the bracket.
The tournament always takes place in the month of March, hence the name. In addition, it culminates in the Final Four, the semifinals and championship game that take place on the first weekend of April.
From betting on games to buying tickets, crypto is being used in several ways during March Madness. Here’s a look at some of the most popular:
Betting On Games
There are a number of sportsbooks that are now accepting cryptocurrency for bets on March Madness games. While some still keep it at arm’s length, it has become apparent that sports bettors like to bet with crypto.
Paying For Tickets
It’s possible to use crypto to buy tickets to March Madness games. Sites like StubHub and SeatGeek don’t accept Bitcoin and Ethereum directly, but there are workarounds. For example, they offer gift cards, which can be purchased on sites like Bitrefill. Some of these do accept crypto payments.
Many online stores are now beginning to accept cryptocurrency as a form of payment. This means that you can use your crypto to buy jerseys, hats, and other merchandise from your favorite team or player.
Making Ticket Purchases With Crypto
When it comes to purchasing tickets for the NCAA tournament, there are a few different ways that you can do so. The first option is to go through a traditional ticket broker. However, there are a few things to remember if you go this route. First of all, ticket brokers typically charge service fees that can add up. Secondly, it can be difficult to find tickets for popular games through a broker since they tend to sell out quickly.
Another option for purchasing tickets is to use a cryptocurrency exchange. A few different exchanges allow you to buy and sell cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
While the fees on these exchanges are usually lower than those of ticket brokers, it’s important to remember that the prices of cryptocurrencies can be volatile. As such, you’ll want to ensure you’re comfortable with the risks before investing any money in this way.
Benefits Of Using Crypto
Purchasing items of any kind using cryptocurrency has a number of advantages. Among these, the foremost is that it is a completely secure payment method. Transactions using cryptocurrency are encrypted, making it next to impossible to hack.
This provides unparalleled safety compared to traditional payment options, including bank transfers or credit cards. Additionally, cryptocurrencies offer anonymity, making transactions untraceable – ensuring the user’s privacy and confidentiality.
Whenever you engage in a transaction through cryptocurrency, the digital transactional record is devoid of any personal information, thereby mitigating concerns related to identity theft or fraud. The advantage of not associating personal identifiers with transactions executed through cryptocurrency cannot be overstated.
When it comes to currency transactions, cryptocurrency outperforms traditional payment methods in terms of speed. The transaction doesn’t involve intermediaries, eliminating the need for organizational approvals or intervention of any third party.
With a credit card purchase, for example, the credit card company must approve the transaction before it can be completed. However, with a cryptocurrency transaction, the buyer directly transacts with the seller, ensuring speedy and hassle-free processing.