During the last years with the massive expansion of cryptocurrencies, Bitcoin and gambling where working hand by hand to improve both industries. Bitcoin sportsbooks work in the same way as with traditional money, the difference is that the most important virtual currency is now used to bet.
There are some sports betting sites that allow the user to hold balances in Bitcoin, while others, once the deposit is done, they transform the Bitcoins into fiat currencies.
Advantages of Betting with Bitcoin
Betting with this important cryptocurrency has its advantages.
It costs a few cents to convert Bitcoin into fiat currencies and vice-versa and it is possible to deposit the currency in the site without fees in most cases. The same happens when the user wants to withdraw money, almost sportsbooks charge no fees for withdrawing Bitcoin.
Betting with Bitcoin is safer and faster. Because it works with blockchain technology, the payment is processed in a few hours in some sites and it is immediate in others. Moreover, it is safe to operate with Bitcoin because it is not possible to hack it.
Additionally, bitcoin has a higher level of anonymity than other means of payment. The activity can be tracked on the blockchain, but depending on how you use the currency it can be more difficult to track it.
Disadvantage of Betting with Bitcoin
It may seem obvious, but Bitcoin can be very volatile, which is quite problematic for some users. If you are betting for some months, and after all you have just a few more BTC in your wallet, in USD you may have less money. Some users accept this volatility but for others it may be complicated to handle it.
Moreover, if you place a bet using BTC and that bet takes more than one week t finish – you may be affected as well by this. If the Bitcoin grows, your amount of winnings can increase. But if it decreases in price, then the amount you win will be lower. That’s why its important to choose only the safest Bitcoin Sportsbooks – preferably the ones that convert Bitcoin to FIAT currency in real time and allow you to withdraw in Bitcoin.
More Information about Sportbooks with Bitcoin
Most sportsbook accept cryptocurrencies and some of the allow users to bet with Litecoin, Ethereum or other virtual currencies. Using these digital coins to bet may be also very positive for those individuals that bet using credit cards, which lose between 5 to 10 percent in fees.
Some sportsbooks offer promotions to those users that use cryptocurrencies, while others have interesting bonuses by depositing cryptos.
Bitcoin is seen as a currency that is not controlled by any centralized authority nor a government and this is a very positive thing about it. The gambling industry has been embracing this cryptocurrency since the beginning and now there are maybe hundreds of sites accepting BTC as a means of payment for betting.
And now that the football world cup is taking all the attention form the general public, it is also possible to bet on the different matches using Bitcoin! What is better than sharing for your favourite team, bet for it and with the most important cryptocurrency in the market?