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Written By: admin
April 29, 2019

Using Bitcoin for Sports Betting

Everywhere you turn, Bitcoin is all everyone seems to be talking about and if you haven’t already joined the bang wagon, now’s your chance unless you want to be out casted. Bitcoin has climbed all the heights of success and taken the world by a storm from politicians to Hollywood celebrities, everyone’s got an opinion on this mysterious innovation.  Its stubborn ability to bounce back is what leaves the world spinning and you just know that this phenomenon is here to stick around and surge to new altitudes.

Are Bitcoin Sportsbooks on the Rise?

One area where bitcoin is notably thriving is online sportsbooks. The advantage of online sportsbooks is that they tend to offer a variety of deposit methods for customers.Debit and credit cards, cheques, wire transfers and a wide range of electronic cards are broadly accepted. This naturally prompted sportsbooks to enlist Bitcoin as a new form of payment. Due to bitcoin’s advantageous properties, there are many sportsbooks that function entirely in bitcoin.

Bitcoin gives you security, anonymity, financial flexibility and most importantly, allows you to bet with much lower fees unlike when betting with traditional paper money. 

The current most popular Bitcoin sportsbooks are:

  • Soccer
  • Football
  • E-sports
  • Basketball

Using bitcoin to bet on your favorite sports is almost the same as standard online sportsbooks, so there are high chances that the sports you enjoy placing bets on currently are all available at a bitcoin sportsbook as well.

Advantages of Betting With a Bitcoin Sportsbook

There are several advantages to betting with Bitcoin, particularly for punters.

Instant Cashouts

An important factor that comes into play when searching for new online sportsbooks is the speed and efficiency of withdrawals. While some platforms place high restrictions regarding smaller withdrawals resulting in a lengthy procedure, Bitcoin does it almost instantly. Since it’s an electronic currency, there is no need to wait for an approval from a bank or a higher authority. Instead, players can instantly withdraw their winnings to a bitcoin wallet, ready to spend any time in the future. Moreover, punters who hold access to a Bitcoin ATM have the choice to withdraw their online rewards and print them as physical cash on the same day.

Anonymity

When dealing with online gambling, we’d all prefer our privacy over everything. The perk of using bitcoin as a form of payment is that acts as a veil over your identity and makes it impossible to trace your transaction without announcing your bitcoin address publicly. Players can enjoy gambling in complete anonymity and ensures security since no personal information is required.

High Security

There are many who claim to believe that bitcoin is an unsafe entity due to its inability to exist physically but we’re here to tell you otherwise. Bitcoin was invented to solely operate online which is why the ability to transfer it digitally should be considered a pro rather than a con. While dealing with credit and debit cards requires you to enter your bank credentials which can be misused if fallen in the wrong hands, it’s almost impossible to crack a cryptographic sequence like bitcoin’s private key. No personal details are required besides your bitcoin address, private and public keys which makes it an extremely safe method of payment.

Every bitcoin owner is advised to use a high-security bitcoin wallet and activate two-factor authentication in order to protect their funds. So as long as you follow these two crucial tips religiously, it will be next to impossible for any hacker to gain access to your assets.