The popularity of cryptocurrencies has exploded over the last couple of years. And a lot more people, even punter seem to prefer this intangible, decentralized mode of exchange. So much so that several sportsbooks now accept bitcoins as a legitimate form of transaction. But why are so many people making this switch? Apart from being moderately fun, betting with bitcoin has several advantages. This article will take you through all the reasons as to why you should make the switch.
Advantages Of Betting With Bitcoin
Bitcoin has made quite the journey since its inception in 2009. It is slowly establishing itself as a legitimate means of transaction. Sportsbooks all around the world are beginning to accept bets and cash out winnings in bitcoin. Let’s explore all the advantages of wagering with cryptocurrencies.
1. Efficient Transactions
One huge plus point to betting with bitcoin is how efficient transactions are. Deposits and withdrawals with bitcoin are much quicker than physical and traditional methods. With other forms or withdrawals, you could potentially be waiting for hours and sometimes even weeks before you can withdraw your money. Bitcoin transactions are processed in a few minutes.
There are no third parties, such as banks keeping a track of your transactions. Bitcoin is powered by the blockchain, which is a peer to peer network. And tracking transitions to their source is often very difficult. Safe to say your identity will be kept a secret.
Bitcoin is a medium of exchange by itself. Like we mentioned before, everything works on a peer-to-peer basis, and the entire system is completely decentralized. This means there are no pesky middlemen to tell you what you can or can’t do with your money. Decentralization also gets rid of possibly the most frustrating parts of any transactions – high processing fees. This means lower stakes and higher profits, and you aren’t losing money to any third party.
4. Higher Profits
Bitcoins can be seen as a form of investment, similar to shares in a company. Like shares, the value of bitcoin fluctuates. The only catch is that Bitcoin is volatile. How volatile, you may be wondering? Well, in 2017, Bitcoin went from being worth a couple hundred bucks to $19,783 in just a couple of months, after quickly falling back down to around $6000 in just a few months. This means that the price of your Bitcoin could go up at any time.
5. Bigger bonuses
Several bookmakers offer special bonuses just for punters who bet with Bitcoin. It might take some searching to find some deals that are exclusive to cryptocurrency, but once you do, we promise you that it’ll be worth it.
6. Higher limits
Most sportsbooks that offer Bitcoin betting will likely have a much higher deposit and withdrawal limits on cryptocurrencies.
Perhaps the most unfortunate drawback to betting is that it is not legal everywhere. This means that several punters from various countries where gambling is outlawed rely on VPNs to find international sportsbooks that accept their currency. Some might even have to resort to converting their money to a more accessible currency. Bitcoins, however, are universal. It can be exchanged by anyone in the world with anyone in the world.