Sports Betting – Try Bitcoin For Smoother Sportsbook Transactions

Written by superuser | July 3, 2020

Sports Betting – Try Bitcoin For Smoother Sportsbook Transactions


By Charles Jay


It took a while to catch on, but Bitcoin has gradually become a preferred method of doing transactions that are related to sports betting and casino gambling.


There had been some confusion – or at least some hesitation – among players about the digital currency, because perhaps they had been looking at it in terms of its value relative to the dollar or Euro. But the fact is, the usefulness of Bitcoin is of a whole different nature.


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The origin of Bitcoin, as well as who originally came up with the concept, is a  subject that we could explore for hours. The identity of Satoshi Nakamoto, and whether he is in fact a person at all but more like a composite, is something that has always been an entertaining mystery.


The thing that really makes Bitcoin important, as far as the gaming world is concerned, is that it operates as a protocol; that is, a way of conducting transactions.


It facilitates peer-to-peer transactions like no other currency in the world. It’s that way because it is not something that needs to involve a third party. That means no banks, no credit card companies, no person-to-person transfer companies to get into the middle of things.


What this does is foster transactions very quickly, and very confidentially. No one has to know your financial information if you are using Bitcoin. In fact, no one even has to know your name. The benefits of paying via Bitcoin are endless.


Since it is anonymous by nature (we do confess that the sportsbook will ask you to open an account, so they’ll know who you are), there is nothing to indicate where you come from. So where you might come across regulations that could otherwise prevent you from being “in action,” Bitcoin can help you circumvent that.


And because it is not a “fiat” currency, backed, regulated or controlled by any individual government, it can be moved anywhere internationally with quite a bit of ease.


As a general rule, you can expect to be able to transact without any fees when you are using BTC. And you can get paid with the kind of lightning speed that might not be possible using other payment methods.


Furthermore, when you deposit with Bitcoin, you can often do it with higher limits. And there are bound to be certain bonuses associated with opening up an account with the currency.


Now we’re going to be honest with you – one of the reasons sportsbooks and sports handicappers are so willing to be flexible when conducting business with Bitcoin is that it is easy for them to do so. Transactions using the currency are not reversible; that means that there are no “chargebacks,” which are a big problem when dealing with credit cards.


So don’t get hung up on whether the price of Bitcoin is going to go up or down; that isn’t a score you’re going to make in transactions like this. In fact, after your deposit, it’s going to be converted into your currency and you’re going to play with it like that. The BTC “advantage” involves being able to get in and out of your account quickly and with privacy.


And there are a number of ways you can use your Bitcoin “wallet” system to convert it to whatever you want. If you want to keep it in BTC, there are merchants all over the web who can take payment for goods and services with it.


So you could say that your experience is better when you go “virtual.”