The Benefits of Betting with Bitcoin
Figure 1 Bitcoin is becoming more mainstream
Bitcoin and other cryptocurrencies are hardly a new thing. It has been used in some way or other for well over a decade now and the most well known (like Bitcoin) are accepted by many major businesses and industry sectors. Not an industry to get left behind, sports betting and gambling was quick to adapt its payment processes to allow customers to explore digital currency.
There has been something of a backlash in recent years, as cryptocurrency has been criticized for being too volatile. But there is a huge number of Bitcoin betting sites now, or existing sportsbooks that accept Bitcoin and other currencies as a payment option. But what are the benefits of Bitcoin betting?
Improved Security
Bitcoin is the biggest name in the crypto world but we are talking about digital currencies in general – and many sportsbooks now offer a range to their customer account holders. The benefits are largely the reasons why people use crypto for any kind of financial transaction – and one of the most popular is the security it offers.
Because of the anonymity afforded to crypto transactions, there is less chance that financial and personal details can be stolen. The encryption of details with crypto is unlike the wealth of personal data that needs to be handed over when making a payment with a debit or credit card, for example.
Low Transaction Fees
This is a feature that really appeals to both sides of the transaction when it comes to online sports betting. With traditional currencies and payment methods, there is usually a fee or charge levied by a middleman. This can apply to the customer and/or the betting firm – and that can add up.
With Bitcoin betting there is no middleman. So there is no charge. It must be said that conversions of Bitcoin into fiat currencies can bring their own fees, but there is usually an option to choose a low commission. Either way, it is still a cheaper way of doing business.
Faster Transactions
One of the other gripes from betting site customers is the waiting time involved in accessing what is their own money. Security and banking regulations can sometimes mean that withdrawals take days and some deposits can also take longer than needed because of bank holidays and opening hours.
With cryptocurrencies, there is no waiting at all. The process capabilities that come with Bitcoin and other digital currencies mean that funds can be moved almost instantly. This is an excellent selling point for the sportsbooks themselves, who were always frustrated by the waiting times anyway.
Figure 2 Betting on sports with crypto is not so much of a niche pastime now
Special Offers and Higher Limits
We mentioned earlier that Bitcoin has been around for a while now and the attention it has received in recent years means that it could almost be considered part of the mainstream. But as it is not as established as other fiat currencies, there is still some enticement needed to get new users on board.
Betting firms have always been quite happy to offer bonuses and promotions to get people to sign up for accounts. So, adding extra incentives for new customers to do their business with cryptocurrencies is just a small jump. The fact that users can also benefit from higher betting limits is just another attraction.
The Bottom Line on Crypto Betting
It is easy to see why there are so many people excited about the betting industry’s adoption of cryptocurrency. That is not to say that there are risks involved – and the volatility of the market is something that will put some people off. But some proper research and sensible investment – and betting – can help there.
It doesn’t seem as if Bitcoin is going anywhere and online sportsbooks have also grown their customer base exponentially in recent years. There are definite advantages and it will be interesting to see how the crypto-betting relationship grows as the expected greater regulation comes in.