If you’re a sports betting enthusiast and you didn’t know that the now, popular bitcoin is being used in online sportsbooks in increasing fashion, then you’re due for a bit of a bitcoin education.
Thankfully, that’s where I come in with some expert knowledge that will show you how the bitcoin is now ‘bad ass’ when it comes to being one of the most popular choices of currency for online sports betting. As a matter of fact, the number of sportsbooks that accept bitcoin is growing on an almost daily basis and soon, I suspect, that every sportsbook out there will give you the option of using bitcoin currency.
Of course, as with anything, there’s a bit of good and bad when it comes to using bitcoin sportsbooks. Before I get started, let me explain that one bitcoin is currently worth about $5,587 dollars in U.S. currency.
A simple Google check on how much one bitcoin is worth will give you the equivalence for a Bitcoin in any country’s currency, whether it’s the U.S. dollar, the euro, the krona, the ruble or…oh, you get the idea.
Using BitCoin in Online Sportbooks & Casinos
Pro’s of Using BitCoin in Online Sportsbooks
One of the best ‘pros’ for using bitcoins in online sports betting is that making transactions is either free or almost completely free. The transactions are also safer that using a credit card or other monetary means because a online sportsbook or bitcoin casino will only have the player’s transaction code and that removes the possibility of identity theft.
Also, bitcoins cross all of the currencies I previously mentioned and it also removes the transaction times that come with more traditional currency methods, so there’s that as well. Another one of the best positives about using bitcoins is that it can be converted into traditional currencies quickly and easily if you make some winning wagers. Another positive is the anonymity that bitcoins offer and that is an immense plus, especially in markets, like the U.S. that still lack regulation.
Con’s of Using BitCoin in Online Sportsbooks
There’s probably only one real negative to using bitcoin when betting sports online and that would be that is the fact that bitcoin is a fairly new currency that often fluctuates in value. For instance, bitcoin currency made a huge leap by nearly $1,000 in January of 2017 only to decrease by almost three-fourths of that figure a few days later. These gains and losses in bitcoin value took place reportedly because of the uncertainty
One final negative to using bitcoins that some online sports bettors may not like is that it is a new type of currency and some people prefer to know exactly how much they’re either wagering, whether they end up winning or losing and that fluctuation I just talked about could make it more difficult for a bettor, particularly an older one, to understand how much his money is actually worth.
If you plan on using bitcoin as one of your preferred methods of online sports betting currency, then you need to immerse yourself into everything bitcoin related so that you’re both, knowledgeable and comfortable using it.