Mon. Nov 11th, 2019

Betting with bitcoin on sportsbooks

3 min read

The internet has drastically changed how we transact, with sportsbooks being among them to capitalize on the invention. It is the same internet that birthed the cryptocurrency and combined, people globally can place bets and make profits online. Sportsbooks have drastically changed since their conception in two decades ago, each bringing new ideas and changing how betting operates. It has also placed more choices in the people’s hands, including picking their currency of choice, how they transact and betting against others instead of the house.

The reason for the increasing popularity of bitcoin is due to how flexible it is with regards to payouts. Traditionally, one had to open an account with the betting site, verify it, deposit money and then begin betting. When one wins, should they wish to withdraw, they have to transfer the money back into their account to be able to use it. Factoring in processing fees and the time it takes, it is clear that this model can be somewhat of an inconvenience to players.

When bitcoin came into the market, betting companies like Bitcoin Dice were quick to capitalize on a more convenient way of placing bets. Bitcoins use systems known as blockchain that allows almost instant deposit and withdrawals. The anonymity of it also means that whole population that was locked out of it can now take part. It also breaks barriers with regards to which people and in what country can take part in online betting.

There are various payment alternatives when betting using bitcoin. One can immediately deposit their bitcoins into a sportsbooks account, or they can first convert their currency into bitcoin first using their local banks or even have the platform do the conversion for them. With these options, people are at liberty to bet at their convenience. Better still, some sites operate only on bitcoin which works fantastic for both player and site.

While the system of betting using bitcoins is praised, it is critical to note that it is volatile. Many people appreciate the aspect of it not being regulated by a government or central bank, but it is this lack of regulation that makes it susceptible to shocks. It is especially bad when converting to another currency as the price of one bitcoin could be lower than what you converted it into when you first started out. It is therefore imperative that players ensure they follow the market to know when the best time to make conversions and withdraws is.

Safety is also a concern for many when it comes to trading with bitcoin. One has to take extra measures to ensure that their coins are safe from hackers. Its untraceable nature is what makes it impossible to retrieve your coins once stolen. The best approach, therefore, is only to place what you into the account and have the rest elsewhere.

As the online betting world continues to expand and more people are getting comfortable with bitcoins, we are likely to continue seeing shifts that place more control into people’s hands than any other time in history.

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