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Bitcoin remains the cryptocurrency of choice for the sportsbook industry. Many online bookie agents work with Bitcoin. Some work exclusively with Bitcoin.
Since Bitcoin is the most popular cryptocurrency, selling Bitcoin has become popular.
See below for the 3 most frequently asked questions from online bookie agents about selling Bitcoin.
1. What’s the difference between centralized and decentralized exchanges?
A centralized exchange works the way most centralized exchanges work. Bitcoin sellers set up a price point and wait for a buyer.
Once the buyer agrees to the purchase price, the Bitcoin sellers receive funds for selling her Bitcoin while the purchaser receives the Bitcoins sold.
For servicing the sale and purchase, the centralized exchange takes a fee.
This same process happens on all stock trading platforms like E-trade, Scottrade, and Ally Invest. Centralized exchanges are great, but they do add a third-party element.
Whenever a third-partly element is added, security could become an issue.
Decentralized exchanges are peer-to-peer. Decentralized exchanges simply post sell point or buy points. It’s up to the seller or buyer to find the other half of the equation.
This does takes longer. However, anonymity for the online bookie agent remains intact. That alone makes utilizing a decentralized exchange might make it more attractive to pay per head agents looking at selling Bitcoin.
2. Are there exchanges where I can turn Bitcoin into cash?
Yes, many decentralized exchanges allow you to turn your Bitcoin into cash. However, the hard work is on your end. Keep that in mind.
Also, to turn Bitcoin into cash, you must place your Bitcoins onto a cold storage device and then exchange that for cash.
Once you find the individual on a decentralized exchange that wishes to exchange cash for Bitcoin, you must meet up with that individual to do the in-person exchange.
3. Can I convert Bitcoin into local currency via a Bitcoin ATM?
It’s possible to turn Bitcoin into cash via a local Bitcoin ATM. What you can do is deposit Bitcoin into these ATMs. Then, you withdraw currency.
The main downside to this is that you might not live in a city where you can access a Bitcoin ATM. There are over 800 Bitcoin ATMs in 54 countries.
Sounds like a lot. It isn’t. Before settling on this method of turning Bitcoin into cash, online bookie agents should check CoinATMRadar.com.
If you’re an online bookie agent who is still behind on Bitcoin, you should check out PayPerHead’s full guide to Bitcoin and cryptocurrency.
While you’re there, you can also find out how you can get 5% back on your initial bitcoin deposit
