Bitcoin Sportsbook: What to Know about Bitcoin Sports Betting
Posted by: Hilbert Mayer
Online sports betting is opening more sportsbooks to adapting into new technology including the blockchain technology. Nearly every sportsbook is now using Bitcoin as a payment option during sports betting. For those who do not know much about bitcoin may be skeptical on how convenient and safe it is. Furthermore, there are rumors that cryptocurrencies are also part of a pyramid scheme. These may put some punters off when it comes to using them. We are going settle some of the common qualms surrounding Bitcoin sportsbook security in this article.
Most of you have come across the term Bitcoin in your searches at some point. Bitcoin, unlike tangible currencies, is a digital currency found in the internet. With it being the first cryptocurrency to have an introduction to the world, it is continuing to gain popularity. In addition, you can be sure that the value of this type of currencies is increasing every day. It is going to be the new thing in the market with more and more people valuing anonymity. It is a decentralized form of dealing with money. No bank that controls this currency. This is because every user of the digital coin has a say on any changes the currency may need to undergo. The majority votes will allow this to happen.
Bitcoin betting simply means using Bitcoin as your payment option once you sign up to a sportsbook. It is now the fastest way to deposit your money on sportsbooks to fund you online betting. Most may think that the betting options will alter due to this choice. However, you can still place your favorite wagers same as when you use mobile banking or credit cards.
Why to Consider Bitcoin Betting in Your Sportsbook of Choice
There a few advantages of using Bitcoin over your traditional payment methods in sportsbooks. We are going to list some of the reasons why you should consider it.
Faster and Easier Deposits
You are the one in control of your own funds. With a central base of action, how you wish to spend your currency is up to you. Most traditional methods require confirmation of most transactions. This is not the case with Bitcoin betting. It will take you roughly 15 minutes to get over with transactions and start your betting. Normal transactions can take up to 5 days for completion.
All you require to do is copy the digital wallet address of the site and transfer whatever amount you wish to use. The sportsbook will convert it to US dollars for use on the site. There are no chances of blocking of your transactions unlike in other payment options.
Cushioning from Price Fluctuations
It is common for the rice and fall in the value of Bitcoin on a daily basis. However, upon transferring, these fluctuations no longer apply. This is simply because it changes to US dollars. Therefore, there is no worry about the value of the Bitcoin after this.
Bitcoin is termed as the fastest way to withdraw cash from your sportsbook now. It takes a little longer than the depositing process due to logistics. There is need to ensure it is a legit withdrawal to curb money laundering. The process is the vice versa of the depositing process. You enter the amount you wish to withdraw from your sportsbook and copy you digital wallet address and transfer. The conversion and sending process is what makes it longer than the depositing.
Low or No Transaction Fees
You are probably worried about the conversion and transaction fees. Well, here is the good news. With Bitcoin and every other digital currency for that matter, there is little to no fees. The little deductions are to pay the miners who approve the transactions. You can owe this to the lack of a third party waiting to pry on your hard-earned money.
The only information available to a sportsbook when using Bitcoin is the transaction code. That makes it impossible for incidences such as identity theft to happen. Moreover, your IP address is unavailable. The government is blind to any transactions you make using the digital coin.
Bonuses and Rewards
Traditional methods of transactions cost sportsbooks many funds. To encourage more people to join the digital coin trend, there are better bonuses and rewards for Bitcoin users. It would be better to go through offers every sportsbook provides. This is usual under the terms and conditions. This way you can choose what is best for you.
For everything that has an advantage, it is only logical to state the cons. Unlike fiat currencies, Bitcoin and other cryptocurrencies are not yet stable. They face constant change in their value, which makes most punters unsure on whether or not it is a good idea to use in betting. The result can make you lose your profits.
With the introduction of Bitcoin and other cryptocurrencies in sportsbooks is slowly changing the dynamics. Betnow allows for the use of Bitcoin for your betting experience. For ways on how to get Bitcoin and more, visit us today.