Bitcoin & Sports Betting
Are You All-In?
So why is Bitcoin becoming so popular in the world of sports betting? Good question. Certainly there are some huge benefits to using this crypto currency, which has provided online gamers, poker players and, yes, gamblers too, a digital payment system being hailed as the the first ever decentralized digital currency. Fast transactions, absolutely no commission fees and, perhaps more importantly, almost complete anonymity. Those are big advantages for a lot of people, especially high rollers who don’t want their gaming activities to be known or scrutinized.
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Are You Betting with Bitcoin?
Why Sports Bettors & Gamblers Are Turning t Digital Currency!
Virtual currency was developed back in 2009 but it hasn’t been until the past few years that Bitcoin has taken off. More and more gaming sites and platforms are boasting they ‘Now Accept Bitcoin’ and about its ease of use and swift transactions.
Across the United States, a number of leading bookmaking sites now heavily promote the fact they have opened their doors to Bitcoin. Even though things started slowly, a decade ago, the trend toward virtual currency has skyrocketed. In circulation, as of June 2017, there are 16,366,275 BTC of of a total of 21,000,000 BTC in theoretical supply, which has yet to be mined. So, what is a Bitcoin worth? Whatever someone is willing to pay for it. This system is based on supply and demand and right now Bitcoin sits around $750-to-$850 and is on an upward trend. Worth noting as well, roughly 50% to 60% of Bitcoins in circulation is used in the world of online gambling and sports betting. Another reason the Bitcoin craze is taking off is that the system is based on peer-to-peer transactions between users directly and that means no intermediary.
Another thing to consider, with respect to the ease of using Bitcin, is the very strict gaming legislation in America. The laws are tough. Take a look at poker. The United States booking online poker market has been decimated ever since April 11, 2011, also known as ‘Black Friday’ among online grinders coast-to-coast, when the United States Justice Department restricted online poker. Nevada and New Jersey are the only two states where it’s legal to play Texas Hold’em from the comforts of your own living room. The limitations for gamblers are becoming tougher and the number of documents needed for verification continue to multiply. It;s no wonder big bettors are actively pursuing digital currency. It seems an obvious choice.
Some other things to ponder? Bookmakers offering virtual currency transactions pay less. The money is processed automatically, with no need of employing and paying or personnel. It allows bookmakers to compete, which in turn means lower expense (no commission) for the player. Bitcoin circulation is fast too. The time it takes to pass digital currency around ranges from a few sends to a few hours and always has to meet the needs of both sides.
Also, who likes all the paperwork associated with traditional bookmakers? You have to go through a strict verification process, subject yourself to the hassle. In case of bookmakers offering Bitcoin everything gets much simpler, often the only information which can be asked for, is email.
Lastly, we always like to stress, watch for special bonuses when signing up with any online bookmaker. Bonuses, promotions and other giveaways add to your bankroll and it’s important to think of it that way. Sports betting sites that offer Bitcoin are able to compete with anyone in tis area because their associated costs are lower.
Every gambler knows it’s important to stack the odds in their favour. With Bitcoin, it’s evident, you’re going yourself a better chance to be a winning player in the long run.
Good Luck with Your Wagers!
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