Online gambling was one of the first markets in the world that allowed cryptocurrencies. Online Bitcoin sports betting quickly followed which made total sense. Removing the need for needless transactions and transaction fees is where crypto got it’s biggest appeal. Many online casinos were built on the premise of cryptocurrencies as their primary medium for financial transactions. However, it’s important to note that not all betting sites accept cryptocurrencies. On the other hand, there are several online casinos and sports books that exclusively accept Bitcoins for all their deposits and withdrawals. For more info on Bitcoins check out this Bitcoin History & Cryptocurrencies blog post.
What is Bitcoin Betting? – The Best Cryptocurrencies for Sports Betting
As the oldest cryptocurrency, it’s normal that Bitcoin has made the biggest progress in this market. Bitcoin sports betting has been around for some time now and it’s only rising bigger with time. It has the most brand recognition which made it easy for online casinos and sportsbooks to accept it as a payment method. Today, a lot of real money online gambling parlour’s prefer Bitcoin betting to other methods. On top of that, many Bitcoin exclusive betting parlour’s were created.
However online Bitcoin sports betting was just the beginning. Ethereum is now right behind Bitcoin in popularity. It is no coincidence that Ethereum is also the second largest market cap crypto coin on the market. This means that the strongest cryptocurrencies will be the first ones to be added to the online gambling world. It’s clear that in the future even more crypto coins will join these two. With time gambling operators will become more comfortable with using cryptocurrency. When that happens, they will open the doors to other popular and widely held coins.
Sports betting with Bitcoin and other cryptocurrencies works exactly like the rest of the usual methods. All the regular currencies are known as “fiat money”. So, all you need to do is make a deposit with a bookmaker of your choice and then place your desired bet on based on the offer of the bookmaker.
Advantages & Disadvantages of Cryptocurrency Betting
This is the number one advantage when it comes to Bitcoin sports betting. Regular bank transactions have fees, regardless of the bank. You will either pay a fee when you deposit or when you withdraw. As a matter of fact, sometimes you pay fees for both. Additionally, your bank will also charge you on your winnings. However, there is a better way!
A lot of bettors still prefer the old methods of deposits/withdrawals. In fact, withdrawing with a check is still the most popular method. Depending on the amount, check fees can be up to $50. For bettors who are not into high stakes betting, that’s way too much. So, to avoid all of this, start betting with crypto coins. Most crypto transactions have zero or very low transaction fees.
Another problem with bank transactions is the speed of the transfer. At the moment, most of the guarantee an instant deposit. However, the withdrawals sometimes last forever. Online Bitcoin sports betting fixes this problem. Imagine you make a huge win on any online casino or sportsbook. Trying to withdraw the money through a regular method takes a long time. For instance, bank transfers usually take 5 to 7 working days. Even online wallets like Paypal or Skrill take 3 to 5 days. Not to mention checks, which can take up to two weeks.
With crypto transactions all of this is avoided. Bitcoin withdrawals will take a maximum of 48 hours. Keep in mind that’s not business hours but regular ones. Additionally, you need to remember that cryptocurrencies are not connected to any bank. This makes Bitcoin betting an absolute front runner in the gambling world.
As we mentioned above, this is the main cryptocurrency advantage. Keep in mind that most operators will need your personal information. That’s to protect themselves from fraudulent transactions. However, with Bitcoin transactions you can share as little as possible. It’s clear that no one wants to share sensitive information with strangers. That’s where Bitcoin sports betting comes into place. By using cryptocurrencies, your money is protected at a higher level, and there is a lower risk of fraudulent activity.
This is pretty much the only disadvantage that comes with cryptocurrency. People are still not sure about Bitcoin sports betting because of volatile value. You can never predict the value of Bitcoin or any other crypto coin. They fluctuate daily and sometimes with large margins. For people that require constant stability it can be a problem. However, it’s not as serious as it seems. After all, we are talking about online betting which is a thing that has no stability whatsoever.
Honestly, cryptocurrency holds no real problems. The only ones that appear are just the doubts and concerns of customers. If you are unsure, whenever you get a win, you can change your crypto value into real money. There are fees to do this although they are very low. For instance changing your crypto win for real money will cost you like 0.25%. This is for Bitcoin sports betting. On the other hand, banks can charge you 5%, 10%, or even 20%.
For instance, a lot of operators require you to verify your identity. This is done for fraud protection. Even though crypto transactions are anonymous, confirming your identity is important. Nevertheless, if you are not trying to game the system, you won’t have any problems. Keep in mind to always create just one account per operator. Regardless if you are using real money or cryptocurrency.