What is bitcoin in a betting context

What is bitcoin in a betting context

In addition to traditional deposit methods, players can also deposit in cryptocurrency. But which bookmakers accept digital currencies today and where to bet via blockchain? - Let's find out.

Cryptocurrency itself is also a payment instrument, like the dollar or the euro. Or like the VISA system. However, unlike all of the world's fiat money, crypto is only expressed digitally - that is, it cannot be physically touched or put in your trousers pocket. Bitcoin is one of many cryptocurrencies, simply the most popular and traded in the world. This is the narrow sense of the concept. Broadly speaking, bitcoin is an entire payment system like Visa, MasterCard or WebMoney, but without a single control centre.

When we talk about bitcoin in sports betting, we mean both the method of depositing funds and the currency of betting itself. In 2021, bitcoin is breaking its own records and has reached almost $50,000 apiece. At the same time, the new currency is decentralized: it doesn't belong to any government and its value is determined only by market supply and demand.

Why Bitcoin in betting is gaining popularity

More and more bookmakers are starting to use cryptocurrency and players are switching to it. In fact, there are quite reasonable reasons for this trend.

• Cryptocurrency is secured by confidentiality; the user does not provide their personal details anywhere.
• Virtually no commission. Deposits and withdrawals are only charged within the blockchain itself. There is no commission at all on the part of the bookmaker. Litecoin and Dogecoin have the lowest commissions among popular cryptocurrencies.
• High deposit/withdrawal limits. The bookmaker does not reduce the deposit/withdrawal limit to $500, as it happens with regular payments.
• Speed of deposit/withdrawal. Since bitcoin does not involve banks or other intermediaries, deposits and withdrawals are instant.
• One of the unobvious, but still a plus for the user is an increased priority for cryptocurrency players: you get faster response from the technical support, the odds are slightly higher due to savings on payments and so on. Also due to the anonymity of everything that happens you don't pay taxes on winnings. Although this advantage is questionable.

 

The benefits of bitcoin betting

The first and most important advantage is security. When a bookmaker is based on blockchain, funds are distributed through smart contracts. No one can interfere with their execution. When a bet is opened, a contract is created in which all the conditions are set in advance and, depending on the outcome, the customer either wins and receives a win or loses. There can be no other options. There are nuances, such as those associated with high volatility. Coins may fall in value after a deposit, and you will lose something. However, they have only gained in value in recent years, so this feature is best seen as an advantage.

Other pluses:

• deposits and withdrawals are anonymous, no personal details need to be entered, it is almost impossible to trace transactions;
• all transactions are instantaneous. There is no hold, as soon as the event has taken place, the winners are immediately identified to whose accounts the winnings are sent;
• blockchain-based BK clients are guaranteed to receive payouts, this is built into the smart contracts, there will be no problems or accusations that you have tried to cheat someone;
• cryptocurrencies are gradually becoming more expensive, their exchange rates are rising, and with that, their holders are getting richer. As you scroll through the coins in bets, your bank automatically grows;
• even though unlicensed bookmakers are banned somewhere, you do not violate anything when using cryptocurrencies, because digital coins are not money;

Cryptocurrency networks have the lowest commissions, so you won't get ripped off when making deposits or withdrawals.

Decentralization on the one hand looks like a clear advantage, but it also has a downside. For example, support will not always be active, or it may not be available at all.

Right now, about 1% of sports betting is done in cryptocurrencies, of which more than 80% is in Bitcoin, Ethereum and Litecoin. The figure is not a small one, given how big of a market it is. Many experts believe the numbers are about to change dramatically.

How to choose a betting provider for bitcoin betting

When looking for a quality service (whether for betting or not), you need to evaluate each option according to many factors. Just as with conventional bookmakers, blockchain-based betting shops are different. Before you sign up or place a big bet, it's worth comparing them on the following factors:

• favourable odds;
• support for smart contracts;
• user-friendliness of the interface;
• security levels;
• bonus program;
• privileges and gifts;
• choice of sports;
• available cryptocurrencies;
• types of sports betting;
• responsiveness of support.

While cryptocurrency betting sites are few and far between, it won't take you long to check. Don't chase big bonuses if, on all other parameters, the BK is losing out. You need to consider the factors presented in the aggregate. In addition to betting shops, users can bet in cryptocurrency on betting exchanges. Here, a person does not play against a bookmaker, but against another player. The opponents choose the same outcome and place different bets.

And in general, it's better to register with the best sites and try to make bets, because you'll still definitely get payouts from them. Without personal experience, drawing conclusion is meaningless.