Bitcoin – a cryptocurrency created in 2009 to facilitate instant payments, the past years has seen its rise in acceptance across major mainstream companies. Obtaining bitcoin can come from a number of ways but how to do you use it once you have it?
More and more betting sites are starting to accept bitcoin as a form of payment for betting and the number is growing rapidly.
What is Bitcoin?
Bitcoin is a cryptocurrency that can allow you to transfer funds across the world with little to no fee. They are transferred by sending digital signatures to the bitcoin network. Bitcoin ‘miners’ verify the signatures and receive transaction fees and new bitcoin for their work. Mining is crucial to record the transactions in a public database called the block chain which is filled with Bitcoin addresses.
Block chain is the way to identify the different bitcoin users without requiring a name, address or phone number – instead, it relies on these addresses.
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After launch in January 2009, Bitcoin was worth the equivalent of $1 but, in 2017 it had risen where 1 bitcoin was the equivalent of $19,700.
Bitcoin Betting vs. Traditional Betting
Bitcoin gives you the ability to move your funds and process payments quickly with little to no cost. It is especially useful for online betting sites in non-regulated markets such as the US. Bitcoin is off limits from courtrooms and is one of the main attractions to people using this in online betting.
Free Deposits and Withdrawals
There is no fee for sending Bitcoins from one address to another and therefore something gambling sites can afford to not factor in. With processing payments being one of the main expenses for online betting sites, this is a revolutionary and a valuable addition that bitcoin brings, in turn you will find that these savings are passed on via offers like the betting offers at Findbettingsites.co.uk
Speed & Convenience
Bettors may have to wait while to receive payouts, but due to the quickness of Bitcoin, your payment can be received within hours of the deposit being made.
Bitcoin is “nearly-anonymous” which means the transaction is hard to follow through the block chain leading to payments. There is no paper trail with bitcoin, making payments even more untraceable.
Making bets in the traditional sense, you may be required to give personal information such as name and address in order to sign up to these sites, whereas Bitcoin requires none of this information. They may ask for an email but this is optional in case you lose your password. This therefore allows you to keep almost completely anonymous.
Better odds and bonuses
Bitcoin gambling sites can offer better and more competitive odds to bettors, due to the decreased charges of operation and processing. This therefore brings more attraction to its use in betting for its users who can benefit from the positive effect it has from the decreased processing payments, such as better odds.
Bitcoin in 2020
While the highest recorded price of bitcoin was in 2017, this cryptocurrency seems to have decreased in value over subsequent years with many suggesting that, since it’s peak in 2017, it’s unlikely that it will receive the same success again. Therefore, it questions whether it really has its place in the betting world today.
While it’s great to have more and more options for bettors, the effort and decreased amount it represents may be a blocker for bitcoin really becoming the forefront payment of betting. However, there is nothing stopping more and more gambling sites reaping the benefits of offering it as a form of payment to decrease costs of payment processing and offering it to users who want to use this form of payment. Bitcoin also is not the only cryptocurrency out there, maybe betting sites should focus evermore on these other forms of cryptocurrency to attract a new generation of customers.