The best thing about modern sports betting is that you can use numerous payment methods, which makes depositing and withdrawing incredibly easy. One of the newest options is Bitcoin betting, or in other words, sports betting using Bitcoins as a currency.
Betting with crypto can be incredibly beneficial, but many players don’t know this because they don’t have enough experience with Bitcoin. Therefore, to help you understand the topic better, we’ve prepared this brief article that explains all the major benefits of Bitcoin betting. Let’s have a look!
Important Features Are the Same
Many people are unsure, but the important thing is that betting on regular sportsbooks and the ones using Bitcoin is pretty much the same. The only difference lies in the payment system and the currency, of course.
Everything else, from the way you bet and the bets you can place to the sports covered on the site, is the same. That’s why there’s no reason to worry about the gambling experience on Bitcoin sportsbooks — you only need to think about the payments.
Much Faster Deposits and Withdrawals
Every player knows how tedious the payment process can be on gambling sites. Even though most deposits are usually instant, some take an hour or so to process. Furthermore, withdrawals typically take a few business days to reach your account or e-wallet.
With Bitcoin, all of that is a thing of the past. Every Bitcoin payment takes only a few minutes or a bit more, depending on the transaction fees you’re willing to cover. This incredible speed is one of the main advantages of Bitcoin payments, not just in the sports betting industry but in general.
Low or No Fees
Since we’ve just mentioned the fees, we also want you to know that Bitcoin transactions usually come at a price, just like any other payment system. These fees are necessary for the Bitcoin payment scheme to work — a complicated story we don’t need to get into right now.
However, what you need to know is that these fees are barely there, as they are always much lower than the ones traditional and even modern payment systems offer. Namely, with Bitcoin, that fee is only a few cents in most cases. Mind you, though — if you want a lightning-fast transaction, it might be slightly higher. Still, seeing how Bitcoin transactions are already incredibly fast, you can safely opt for the lowest fee possible.
No Government Oversight and Bothersome Laws
The whole thing about Bitcoin is that it’s decentralised, so there are no terrible laws and bank delays that can turn withdrawals into a nuisance instead of a great event.
None of this exists with Bitcoin because these rules don’t apply to cryptocurrencies. No one controls it, and no one owns the system it runs on, which means transactions are automatic and rather simple.
This is especially beneficial for Americans, as their outdated and restrictive online sports betting laws make payments problematic. However, with Bitcoin transactions, you can always be sure that everything will go according to plan, thanks to the inherent security this payment system offers.
Thanks to blockchain technology, Bitcoin is safer than other payment methods. All transactions are almost 100% secure, as there is no centralized system into which a criminal can hack.
On top of that, the transactions themselves and the wallets you use for storing Bitcoin are encrypted. They could only be cracked with a supercomputer — if that machine had thousands of years at its disposal to decipher the encryption, of course.
We all love free bets and cashback bonuses, and we usually pick those sports betting sites that offer plenty of them. After all, when you make a good guess and your team scores, there’s nothing like a lucrative bonus to make the sweet feeling of success even sweeter.
Most of the time, you can receive the same bonus offers when you pay with Bitcoin, but often, you can get even more. That’s because sportsbooks that cover Bitcoin payments tend to have additional bonuses exclusive to Bitcoin users. Therefore, you might get even more free bets than you could have hoped for.
As you can see, using Bitcoin to fund your sports betting habits is the way to go, as the advantages are simply too good to miss.