Over the past decade, cryptocurrencies have enjoyed ever-growing popularity in many industries. Sports betting is one of the main and biggest markets that have benefited from the establishment and growth of cryptocurrencies, especially Bitcoin. Many sports betting sites provide their customers with a range of cryptocurrencies as both payment and withdrawal options.
Bitcoin is the most popular because of the benefits associated with it such as security, anonymity, and low fees, to mention a few. If you love sports betting, Bitcoin is now a viable option to use for your betting activities.
This article will tell you all you need to know about Bitcoin betting, including its basics and the reasons why it is popular. Read on to learn more about why Bitcoin betting will be highly popular in the future before picking and joining one of the best Bitcoin bookmakers on the market.
Basics of Cryptocurrencies
Like with any new technology, many individuals are skeptical until they understand how it works and cryptocurrency is no exception. If you want to understand how it is used, then no need to worry. In simple terms, it is a digital form of cash. Similar to real money, various currencies fall under the massive classification of cryptocurrency.
In sports betting, Bitcoin is the most popular, but there’re others too, such as Dogecoin, LiteCoin, and Ethereum, among others. Cryptocurrencies are based on complex technology, but they are easy to understand. To understand cryptocurrencies, you must familiarize yourself with blockchain technology.
At its basic level, blockchain is digital information that’s stored in a public database, known as a block. The block is made up of important information such as the amount of cash, date, and time of transactions. Also, it stores information about the two parties participating in a transaction.
Every block stores a special code known as “hash.” This code is created by unique algorithms that allow users to differentiate between different blocks. A cryptocurrency such as Bitcoin requires the senders as well as the receivers to sign off on payments to form a type of digital signature. All the transactions are recorded in a public ledger that ensures transparency and accountability.
Since its establishment, blockchain has been a welcome advancement as it puts the funds generated in the wallets of owners and makes it easier to receive and send money across the internet without the need for intermediaries.
In many countries across the globe, cryptocurrency is a trustworthy payment method, and you can use it to purchase anything from gambling services to food and cars.
Why the Future is Bitcoin Betting
Bitcoin provides a number of benefits to sports bettors, making it an ideal option for both new and experienced players. The benefits range from generous promotions on sportsbooks offers, such as odds boosts and free bets on specific events, to speedy and safe transactions. Below are more reasons why Bitcoin is the future of betting.
Bitcoin is Fully Optimized for the Online World
Most traditional payment methods are fast in terms of transactions, but Bitcoin is faster. All deposits are instant, and withdrawals will only take between one and ten minutes to process.
This means that you can start placing wagers a few minutes after making a deposit. Also, when making a withdrawal request, you will not have to wait for several hours, days, or even weeks for your funds to show in your account.
Unique Betting Options
Currently, there are special betting options for crypto users, and mutual wagering is the main one. This type of betting simply means that all bets on the same event or sport are placed as a pool. Bookmakers calculate the payouts by sharing the pool with other winning bets.
With this type of bet, there are no fixed odds, and players are playing against other punters. You will only find this wagering option when you join a reputable sports betting site that offers Bitcoin as a payment method.
Unique Bonuses and Promotions
A huge number of Bitcoin sportsbooks currently provide their players with different types of promotions and bonuses when they make deposits and place wagers. As a Bitcoin user, you can claim a welcome bonus, free bets, and credits when you deposit funds into your bookmaker account. Before you can join any Bitcoin sportsbook, is a good idea to check if it offers generous promotions.
Bitcoin Prevents Fraud and Identity Theft
With Bitcoin sportsbooks, you don’t need to provide your card number, security code or expiration date. Bitcoin transactions require only your email, address, public and private keys. At its core, Bitcoin is a cryptographic currency, so encoded data is a vital element of the exchange process.
Also, while a crypto address can be calculated via its corresponding provide key, it is not possible to reverse this process. This makes Bitcoin one of the safest payment methods for sports bettors looking for a perfect way to deposit and withdraw funds from their bookmaker accounts without having to sacrifice sensitive information.
Since there are no third parties involved in any transactions, the fees are lower than traditional money processors. The transaction fee is lower since Bitcoin and other cryptocurrencies have their unique way of paying the staff and miners who control and maintain the distribution network.
The biggest advantage is that the method doesn’t require the end-users to pay for the bills. Typical fees range between $/£0.01 and $/£1.00 sending of all amounts of cash. The lower transaction fees make Bitcoin appealing to many sports bettors.
Both punters and sports betting platforms have the potential to benefit from Bitcoin. And with the benefits that Bitcoin bookmakers provide, it is clear that Bitcoin is the future of betting. To enjoy all these benefits, just look for a top sports betting platform and open an account. Ensure that apart from allowing you to use Bitcoin, it also meets other betting needs and requirements.