About Bitcoin Sportsbetting
Bitcoin has already come a long way since its inception around 2009. For a long time, the online currency had a negative association with illegal activities on the dark web. Being difficult to trace, plus the fact that it is not tied to an individual in the same way a traditional bank account is, caused some to fear it would only be used for illicit activities.
However, over recent years the perception has changed dramatically. In 2017 Bitcoin enjoyed explosive growth and began to pick up mainstream coverage. It can now be exchanged for traditional fiat currency at ATM machines. It can also be used in selected bars and restaurants across cities such as London and Tokyo.
At the moment, Bitcoin is still somewhat of a novelty battling to break into mainstream usage. However, one area where it is already thriving is online sportsbooks.
Online sportsbooks tend to offer customers as many ways to deposit as possible. Credit and debit cards, wire transfers, cheques, as well as a wide range of electronic deposit cards are widely accepted. Naturally, sportsbooks were quick to accept Bitcoin as a new form of payment.
There are many advantages to making deposits by Bitcoin at online sportsbooks. So much so, in fact, that there are now many sportsbooks which operate exclusively in Bitcoin payments.
Bitcoin Sportsbooks on the Rise?
As the cryptocurrency revolution continues to pick up speed, more and more people will learn how to spend and receive the coin. This means that there is likely to be an increased number of Bitcoin sportsbooks in the coming years. Players who begin now may very well be ahead of the curve.
Bitcoin is ideally suited to online sportsbooks. When a player heads to a physical bookmaker, they bet with physical cash. However, when using an online sportsbook, all of the currency being used is transferred to its digital form.
Bitcoin is entirely digital with no physical form, so there is no need to edit it to use it at an online sportsbook. This is what makes Bitcoin perfectly suited to the world of online sportsbooks.
What started as a fringe currency now has a very prominent place in the online betting industry. Originally, very few sportsbooks accepted Bitcoin. Slowly Bitcoin was added as a payment method, and today we can see several sportsbooks which only accept the digital currency and nothing else.
Advantages of Betting With a Bitcoin Sportsbook
There are several advantages to betting with Bitcoin, particularly for punters.
Fast Cashouts
One of the most important factors that players consider when looking at new online sportsbooks is how quick and efficient withdrawals are. In some cases there are high restrictions in place regarding minimum withdrawals, and taking money out can prove to be a lengthy process.
Because Bitcoin is an entirely electronic currency, there is no need to wait for withdrawals to be processed. There is no bank or governing body that needs to approve the withdrawal. Instead, players can cash out instantly. Winnings can be quickly withdrawn to a Bitcoin wallet, ready to be spent in minutes or even seconds. Players who have access to a Bitcoin ATM could even choose to withdraw online winnings and receive them as physical cash that same day.
Anonymity
In general, people like to keep their finances private. When it comes to online gaming, many players would want an extra degree of privacy.
When using Bitcoin to play online, players can enjoy complete anonymity. The background of the currency makes it extremely difficult to trace payments to an individual without that person announcing their wallet address. This is a very important aspect for many players, and one which Bitcoin goes a great way towards improving.
High Security
Contrary to some reports, Bitcoin is an extremely safe way of making deposits and withdrawals. Commenters who are unfamiliar with the technology behind Bitcoin may incorrectly believe that, with no physical version of the coin, it can easily disappear. But this is the opposite of the truth.
Bitcoin was designed from the ground up to only operate online, which means that moving it around digitally is a strength rather than a weakness. As long as the owner of the Bitcoin looks after it properly using a high-security wallet and two-factor authentication, it will be extremely difficult for anybody else to get access to their funds.
Finding the Right Sportsbook
Of course, just because Bitcoin is a great way to play at online sportsbooks, it does not mean all Bitcoin sportsbooks are a smart choice. Players need to make sure they find the right sportsbook for them.
We have several top Bitcoin sportsbooks recommended right here. But it always pays to look out for the same signs you would want to see in a regular online sportsbook.
Only play at Bitcoin sportsbooks which have a good reputation and are trusted by their players. Good customer service is always a sign of trustworthiness. Most sportsbooks which neglect to communicate regularly with their customers often tend to ignore other aspects of their sportsbooks.
Finally, make sure the sportsbook supports the types of game you want to play. And if bonus offers are important to you, choose one with an offer that lives up to your expectations.
