Smart sports bettors are using Bitcoin to place their wagers and collect their winnings.
The recent widespread change in the laws governing sportsbooks have transformed the industry. Instead of a large concentration of sportsbooks in Las Vegas, and very few anywhere else, virtual sportsbooks are now accessible from everywhere.
If you are going to take part in online gaming and gambling, you’ll want to know why using Bitcoin gives you a leg up in terms of security, ease of deposits, and quick collection on your winnings.
- Bitcoin Adds an Extra Level of Security to Your Transactions
If you choose a secure, well-vetted online sportsbook for your play, then you already enjoy a solid level of online security. However, by using Bitcoin—a method that is heavily encrypted—you enjoy an extra level of security.
Bitcoin uses a method called “blockchain” to increase security. Imagine you are standing near the edge of a woods at midnight. You can go through the woods alone, or you can wait a second or two for a hundred other people to join you, thereby increasing your ability to defend yourself exponentially.
This is how blockchain works. Instead of one transaction wending its way through payment portals alone, blocks of transactions are handled at once, which allows for greater stability in security, since no transaction can “slip through the cracks.”
- Bitcoin is Digital, So No Hunting for Your Wallet
You are on your PC. You are betting live, and the game is heating up. You have a feeling that the play is going to swing in a different way that you had originally anticipated. You want to hedge your bets now, as the play unfolds.
If you are betting with Bitcoin, you simply open your account page and transfer funds. If you are betting via a standard credit card transaction, you’ll need to leave the computer hunt for your wallet, enter your credit card info, and potentially miss an important part of the match.
Of course, you can store your credit card info with your online bookmaker, but any funds you use will accrue interest. Bitcoin is similar to cash in that you aren’t borrowing the money from Visa or Mastercard, but simply paying with funds that you already own, and are interest-free.
- Wins are Instantly Transferred into Your Account
There are many ways to fund an online betting account. You can use a credit card, money order, cryptocurrency (like Bitcoin), or even have your chosen online sportsbook send a courier to you to pick up cash.
When you win, the funds will be deposited according to how you funded your account. When you fund with a credit card, there may be a delay in receiving your wins. If you use Bitcoin to bet, however, you’ll receive fast, nearly instant, win deposits.
- Your Betting Activity Stays Private
Although many people believe Bitcoin transactions to be completely anonymous, they are actually recorded in digital form and stored in perpetuity. Thus, transaction details can be accessed by the government and other entities.
Where Bitcoin shines, however, is in keeping your transaction history out off of your bank statements and out of your credit card records. No one can use these records to know that you are betting, how much you are betting, and what you have won.
Using Bitcoin for your online betting makes your activity more personal, more private. Family members or employers who have access to any of your card records will not have information on your gambling activity, including your payouts.
- Betting with Bitcoin Gets You Familiar with the Currency of the Future
Paper money and credit cards are so vulnerable that people are looking for smarter solutions. When Bitcoin first hit the market, many were skeptical that it was a viable alternative to cash and credit.
Thousands of global merchants accept Bitcoin, and there are hundreds of thousands of Bitcoin transactions by users every day. The digital currency appears to be reaching a level of comfort and trust in the U.S. and elsewhere.
If you’ve been using Bitcoin for years, then you’re already familiar with the currency, how it works, and how safe it is. But if you are new to the idea of cryptocurrency, using Bitcoin for betting will help you become more familiar with the currency, thus paving the way for easier transactions in the future, as more merchants accept this form of payment.
A Final Word
There are numerous reasons to stay current with digital currency technology. Those listed above are just a handful of them, and this guide covers things in more detail.
From safety to ease of use to the evolution of a merchant base that will only take this form of payment in the future, becoming familiar with this payment technology now will give you a leg up on future digital currency applications.