One of the most popular phenomenon in the industry is revolutionizing the world of online gambling. As the popularity of online casinos rises, Bitcoin has stepped in to provide a safe, secure, quick, and cheap alternative to using other online payment methods. But did you also know that the exciting world of sports betting is available to those that wish to pay with Bitcoin as well? There are a whole range of Bitcoin sports betting sites that have popped up and are fully equipped to service users of Bitcoin crypto currency.
What exactly is it?
Bitcoin is a cryptocurrency that was created as a digital alternative to traditional, centrally controlled currencies. It differs from a dollar, or pound in that it is not controlled by a central bank or government, and is instead controlled by no particular entity. It is created through means of cryptography and an individual must “mine” it in order to acquire it. Mining is done by solving complex mathematical equations and being rewarded in Bitcoin. There are a limited number of Bitcoin in the world that can be mined, and their value has fluctuated over the year from $7 to over $2000 per coin.
You can either mine Bitcoin or you can pay for them. You then store them on your hard drive, or in a virtual wallet. One thing you need to remember though is that if you lose your wallet, or your hard drive becomes corrupted, you can never, ever retrieve the Bitcoin. Once they are lost, they are lost forever and there is no way of getting them back or retrieving your money. In fact, one poor man accidentally threw out his hard drive, not realizing it had over £5 million in Bitcoin stored on it!
Bitcoin is anonymous, it cannot be traced in any way. It is also completely free to transfer and there are no transfer costs or currency exchange fees. It can also be transferred instantly and has no delays on it like bank transfers. Furthermore, it is not reliant on the performance of a countries economy, nor is its value affected by political upheaval.
For those not interested in setting foot in a casino there’s the online alternative. Given Bitcoin’s rise in popularity and the size of the sports betting community, there’s a very high chance these platforms could see a substantial increase in players. Quite a few service providers have already opted to deal exclusively in BTC, rather than the traditional tenders and methods. The NFL itself won’t begin paying out players in the currency any time soon, though. Still, there is a good chance that fans can take advantage of added incentives nearby or in the stadiums in the near future.
Take the frustrations out of sending money to and receiving money from your sportsbook. Save time and money PLUS earn more by simply using this preferred funding method. Sign up at Heritagesports