More sportsbooks are encouraging people to bet using digital currencies like Bitcoin. With a ton of benefits like faster and safer transactions, there are plenty of reasons to go for crypto as your primary means of betting.
Sports betting sites also make it easier for you to place your wagers on your favourite teams and players. In fact, there are even some who accept Bitcoin as the only option when placing your wagers.
If that isn’t enough convincing to go for sports betting with crypto, then here are some Bitcoin perks to have you start wagering:
Speed is the name of the game
Who wants sluggish transactions anyway? Compared to banks that take around 3-5 business days for a transaction to complete, Bitcoin can finish it in 10 minutes or even less. When sports betting, you want the transactions to finish as fast as possible to get into the betting scene much more quickly.
The reason for the fast nature of Bitcoin is its blockchain which allows for cheaper transaction costs and the absence of a central authority. Bitcoin’s blockchain is completely decentralised which means that there are no third parties involved.
Safety first
Speaking of decentralisation, Bitcoin’s blockchain also makes it possible for overall safer transactions. Any financial matter should be processed with extra care, and Bitcoin handles these very well.
Each transaction will be delivered peer-to-peer through an encrypted data file that can’t be breached by a malicious third party. All you need to do to take hold of your Bitcoin is have a unique digital wallet signature or a QR code.
Bitcoin vs the field
Bitcoin is a widely popular digital asset that’s accepted by a lot of merchants like online sportsbooks. With Bitcoin, you can be your own bank instead of relying on its own central authority.
However, how does it fare against its fiat counterpart? Here’s how efficient Bitcoin is in all facets of a transaction compared to the regular fiat currencies you come across with:
Bitcoin
- Transaction fees vary depending on the exchange and wallet used.
- Processing time is about 10-30 minutes.
- Payment is accepted everywhere.
Credit card
- Transaction fees vary depending on the interest rates which can go up to 3-7%.
- Processing time is instantaneous, but approval of a credit card requires heavy paperwork and background checks by the bank in charge.
- Payment is not accepted everywhere and is limited to areas that allow credit card transactions.
Debit card
- Transaction fees vary on interest rates as well, but not as high as credit cards.
- Processing time takes around 3-5 business days.
- Payment is not accepted everywhere and is limited to transactions that allow the use of a direct debit line.
There’s no denying that Bitcoin has a huge potential in elevating your sports betting experience. When you decide to go for sports betting with crypto, you’ll immediately feel the difference of its benefits towards your wagers.
As the age of crypto gets further down the line, it’s best to start buying Bitcoin as your primary source of wagers when visiting online sportsbooks.
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