Bitcoin is the hottest new trend today and has crept into the sports betting industry. Over the years, it has continued making its mark as the de facto currency of the internet. However, people have always had reservations about crypto sports betting.
The fun in crypto sports betting is all about getting comfortable with cryptocurrencies. You should have no problem engaging in Bitcoin sports betting if you’re fine transacting with digital currencies.
What exactly is the appeal of crypto betting, and why is it interesting? These and more are the questions we’ll be answering in this article. Before jumping into the nitty-gritty, we should learn what crypto sports betting is all about.
What’s Bitcoin Sports Betting?
You probably know about crypto, and you also know about sports betting. However, “Bitcoin sports betting” seems to sound strange, and it’s understandable. However, you should know that the phrase is what it sounds like.
Bitcoin sports betting is the process of wagering on sporting events using the Bitcoin cryptocurrency. Instead of placing bets with fiat money, as is usual, you use Bitcoin instead. Since Bitcoin’s original idea is to work like or even replace fiat currency, crypto sports betting sounds okay in theory.
In practice, crypto sports betting isn’t very different from betting with regular currencies. When you fund your account using Bitcoin, the platform converts it to a fiat currency. That extra step makes it easy to place bets without worrying about the volatility of digital currencies.
Betting with Bitcoin has some ups and downs, as you should expect. The following sections will analyze the upsides and drawbacks of the exercise to determine how fun the activity is. Firstly, let’s take a look at why crypto sports betting could be fun.
Why is Bitcoin Sports Betting Fun?
Betting with cryptocurrencies like Bitcoin isn’t the most popular thing right now, but it’s growing. There are good reasons for the growth, some of which make crypto sports betting fun. Here are some of the reasons why crypto sports betting is fun.
Funding your betting account using fiat currency from your bank will subject you to banking fees. Good luck keeping expenses minimal when paying on international betting platforms. When paying with a cryptocurrency like Bitcoin, that becomes a non-issue.
Bitcoin lets you transfer payments across wallets almost instantly with almost no fees. Also, you don’t have to work with the minimum deposits of the payment platform. Since you can send as many or as few Bitcoins as you want, it’s almost the perfect way to pay.winning
When you pay a bookmaker using your card, the money isn’t the only thing you send. In addition to that, you also send a ton of information that is traceable back to you. Worse still, some betting platforms will log this piece of information for some reason.
After a security breach, the last thing you want is hackers selling your information on the dark web for money. For any reasonable expectation of privacy and anonymity, it’s best to stick with crypto sports betting.
The low fees and ease of payment go both ways. While it gives you an advantage when paying, it also makes it easier to access your winnings. This benefit also works well for the betting platform since paying using Bitcoin is also easier for them.
For those reasons, choosing to receive it via crypto could make it even quicker. If you’re somewhat tech-savvy and have access to a crypto wallet, there’s no reason you shouldn’t enjoy the benefits.
Speed and reliability
Bitcoin sports betting isn’t only quick, it’s also insanely reliable, and this benefit goes both ways. Sometimes, you may have to wait hours or days for a payment to reflect on your account. With Bitcoin, however, the deposits are processed almost instantaneously around the clock.
Also, receiving payments via Bitcoin can be the difference between a seamless payment and one that takes days to clear. For international betting companies especially, crypto sports betting is unmatched in terms of speed and reliability.
Drawbacks of Bitcoin Sports Betting
Bitcoin sports betting has a lot of advantages, but it also has its drawbacks. While they don’t make a decent enough case to prevent you from betting using cryptocurrency, they’re worth knowing.
Here are some of the disadvantages of crypto sports betting:
Inconsistent exchange rates
Over 13 years later, Bitcoin remains a highly volatile currency. Since betting works best with a stable currency, most bookmakers convert it to fiat before letting you place a bet. That isn’t a problem per se; the inconsistency of the exchange rates is the problem.
You’re at the mercy of the bookmaker’s rates when funding a betting account with Bitcoin. If they’re not compatible with your crypto exchange’s rates, your deposit may differ from the value of your Bitcoin. That won’t be a problem if the stakes don’t usually come much lower than your Bitcoin’s worth.
Illegal in some jurisdictions
Not all countries allow for the use of cryptocurrency for transactions. If you happen to be in such a country, using crypto sports betting platforms could be illegal. Consider reading about the laws and policies of your jurisdiction on cryptocurrencies before proceeding.
How Fun is Bitcoin Sports Betting?
Bitcoin sports betting is just as fun as betting with traditional fiat currency. There are so many benefits to gain from the process. There’s also very little to complain about, not the speed and reliability, and certainly not the almost nonexistent fees.
However, you want to watch out for dubious exchange rates from bookmakers. If the rates are much lower than what you get from your crypto exchange, you should consider staying away.
If you feel a little uneasy about betting with a digital currency, you should probably try it. Unless it’s illegal where you live, there’s not much that could go wrong.
Bitcoin has been around for over a decade, so it’s certainly not new. You should consider crypto sports betting if you’re open to innovations in your punting game. It’s even more appealing if you’re dealing with an international bookmaker while trying to avoid the humongous fees.