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Bitcoin remains the world’s most popular and adopted cryptocurrency. BTC uses will continue to rise, which is why we feel it’s safe to say that Bitcoin is the future of online betting.
Online sportsbooks and casinos were the first to embrace the world’s number one cryptocurrency. Most online sportsbooks and casinos allow players to make bitcoin deposits. But few online sportsbooks allow players to bet with Bitcoin.
Soon, bitcoin betting will rise to the level of fiat currency betting. Eventually, BTC betting will replace traditional currency as the players’ choice.
Top 5 Reasons Bitcoin is the Future of Online Betting
1. Security and anonymous betting
Bitcoin transactions are more secure than traditional fiat transactions for the simple reason that BTC transactions are peer-to-peer.
Peer-to-peer means transactions happen without a middle entity. When we use a credit card to make a purchase, or to fund our betting accounts, the transaction goes through multiple channels before arriving at its destination.
The more hands that touch a transaction, the easier it is to steal the transaction. Not only that, but non-peer-to-peer transactions require personal information, which is another reason they’re less secure.
Bitcoin transactions aren’t just peer-to-peer, but they’re also anonymous. There is no extraneous information attached to a bitcoin transaction. There’s nothing to say what the transaction is for or who sent the BTC or who will receive the BTC.
2. No local, geographic restrictions
The Bitcoin blockchain is where people buy and sell bitcoin. All transactions, even bets with BTC, happen on the blockchain.
The blockchain doesn’t exist in any geographic locality. So you could be anywhere and withdrawl bitcoin from your betting account.
You can fund your betting account from anywhere. You can bet from your Bitcoin sportsbook and casino account from anywhere.
3. BTC is liquid and easy to use
Bitcoin is more liquid than cash because all transactions are from sender to receiver. Cutting out the middle person means nobody asks personal questions.
Setting up a bitcoin wallet is easy. Plenty of reputable companies allow anybody to set up a BTC wallet and start sending and receiving bitcoin.
4. Transactions are fast, which means players mustn’t wait for payments
Some online gambling companies insist you prove who you are before they release requested withdrawals. Often, know your client (KYC) betting organizations must request personal information before releasing funds because they’re afraid to send withdrawals to the wrong person.
KYC betting companies can cause delays. Even if an online sportsbook doesn’t employ KYC protocols, receiving money takes time.
It doesn’t take time through a Bitcoin sportsbook and casino. BTC transactions are fast. Every bitcoin transaction requires multiple confirmations but all confirmations usually happen within 10 minutes or less.
5. Real wager bonuses
Traditional online sportsbooks hand out big bonuses, but the bonuses are what we call match bonuses. The bonus is upfront and players must complete rollover requirements before they can make withdrawals.
Real wager bonuses are paid in installments, which reduces the play through time it takes to unlock rewards. With real wager BTC bonuses, funds are available for withdrawals and bonus contribution is often wider and isn’t as limited.
Also, the bonuses are in bitcoin, which is a good thing. As BTC rises, so does the value of the bitcoin in your betting account.
- B.E. Delmer, Gambling911.com
