Bitcoin Sports Betting: What Is it, How It Works?
Bitcoin Sports Betting is already a big part of the gambling landscape.
And, it’s becoming the currency of choice for a lot of sports betting players out there. Here’s some useful information on why the huge popularity, and how it works.
Bitcoin is what’s known as a cryptocurrency. This is an online currency that works without the direct help of an administrator or central bank.
And, unlike traditional cash, you can send Bitcoin or BTC to another account using a peer-to-peer network. In simpler terms, you can send bitcoins to whoever you want to without the need for a third party to be involved.
Bitcoin Sports Betting: Advantages
As mentioned above, BTC is turning into the favored currency for bettors as it’s easy and fast, and it comes with a lot of great advantages:
Bitcoin Sports Betting: Fast Deposits, Fast Withdrawals
You want to fund your account fast and get your winnings back even faster, and BTC allows you to do just that.
Using other deposit methods, waiting times can go from 24 hours to seven business days, or even more.
But with Bitcoin Sports Betting funds, the full process takes a matter of minutes.
Bitcoin Sports Betting Bonuses
As sportsbooks want you to make deposits using BTC, they offer better bonuses to encourage you to use this method.
When taking any of these BTC bonuses, remember that there are always stipulations related to the promo. For example, you may need to bet on a given sport only.
Or you may need to deposit a specific amount to obtain the bonus.
Bitcoin Sports Betting Is Reliable
And, Bitcoin Sports Betting just works! Instead of having to deal with declined transactions for your credit cards, a BTC deposit is a lot more reliable.
Plus, a lot of sportsbooks are making the serious move to BTC and are no longer accepting any other payment methods, except for BTC.
Bitcoin Sports Betting Offers Better Limits
And, to make Bitcoin Sports Betting even more interesting, a lot of online bookmaking operations offer higher limits for both deposits and withdrawals.
For example, if you want to withdrawal $1000, you can get it all at once, instead of having to split it into different payments.
Bitcoin Sports Betting: Purchasing BTC
To get started, just download a bitcoin wallet. This is just like your regular wallet. But instead of having your driver’s license in there, you have BTC units stored.
Now, when you see Bitcoin with capital B, this is referring to the cryptocurrency.
And, when you see bitcoin with a small b, it’s referring to the unit of digital currency, what’s known as a token. After getting your wallet, you need to visit any Bitcoin exchange.
This is a platform that allows you to exchange your currency for its BTC equivalent. Then, you must show an ID to prove your real identity.
You’ll also be required to use a public key, which is the place where the transactions take place. A private key is granted to you once you sign up for your new Bitcoin Sports Betting Wallet.
Make sure never to share your private key with anybody. If you don’t, then you’re following the rules, and then you can relax, as BTC is one of the safest payment methods, if not the safest one out there.
Bitcoin Sports Betting: Alternative Coins
Altcoins are an alternative to Bitcoin. Some claim to provide extra privacy, such as Zcash and Monero. Others are faster and lighter, such as Litecoin.
Bitcoin Sports Betting: Bitcoin SV
Bitcoin SV is relatively new as it was established back in 2018. Right now it’s available with many online sports betting operators around the globe.
The actual name of this altcoin is Bitcoin Satoshi Vision, and its the creation of Satoshi Nakamoto, one of the people who originally released Bitcoin to the world.
This is a really fast altcoin, almost instantaneous. This is great for both the sportsbook and the player, as both are allowed to get access to funds immediately.
Bitcoin Sports Betting: Ethereum
Ethereum is considered the top altcoin. It uses blockchain tech that’s very similar to Bitcoin. This blockchain also uses smart contracts, which makes verifies and enforces negotiations.
According to some people in the know, someday this cryptocurrency will allow p-2-p betting without the vig.
Bitcoin Sports Betting: Bitcoin Cash
This one is a peer-to-peer cash wallet for the web. This is a decentralized altcoin, and its existence depends on carrying out continuous transactions.
These are the top ones, but in sum, there are more than 2,500 altcoins out there in the open internet market. We hope this info has encouraged you to get your own Bitcoin Sports Betting wallet, best of luck!