You are here
Home > Sports Betting Tips > Bitcoin > Benefits of Bitcoin and Sports Gambling

Benefits of Bitcoin and Sports Gambling


The Benefits of Bitcoin

In a way to further revolutionize the world of sports, there are now numerous ways to watch sports as opposed to purely for the entertainment value. The number of people that participate in fantasy sports and sports betting has increased significantly over the past few years. Due to much of sports betting occurring online, virtual currency such as bitcoin has gained wider acceptance as a form of receiving money. More people are choosing bitcoin because it is not only one of the fastest, but more reliable resources to secure funds a consumer earns from sports betting.

Invented by Satoshi Nakamoto, bitcoin allows consumers a relatively easy method of accessing funds earned with no obstruction by banks or other corporations. By eliminating the need for a third-party approval on transactions, this saves time between the end user and their winnings. In addition, there are various customer service representatives that can help transfer your revenue within ten minutes from a website such as Bovada to a non-custodial wallet (aka the blockchain). This procedure eradicates the need to wait for multiple days or weeks to eventually cash out a check sent to you.

In addition, the cost to withdraw money from bitcoin is negligible compared to other similar virtual currencies. Ordinarily, withdrawing any type of prize money won from online sports betting requires an exorbitant fee. However, bitcoin transactions average only a fee of $0.04 per transaction. Even with the miniscule payment, most of the time there is no need to pay any processors and therefore the action does not require a transaction fee when moving your money won to your virtual wallet.
With more and more individuals connecting to others all over the world, bitcoin allows the option of sending money to anyone and anywhere in the world without the demand for cross border fees. As our society becomes more connected, sending money to others has become increasingly easier and safer through bitcoin. Instead of sending money through the mail which could have complications, you can send bitcoin with a confirmation that the transaction reached the destination with no worry.

Betting Sports With Bitcoins

It is an understatement that a solid reputation is critical before people throw their money around onto random websites. Since bitcoin was recognized as the top performing currency four out of the last five years, there is a sense of security and reliability that goes with that recognition. Furthermore, and perhaps most importantly, bitcoin is at the top of their game in preventing identity theft along with any forms or fraud or way to be locked out of your funds. Any transactions from bitcoin require only your current address along with your private and public keys that prove the ownership of the funds. These keys include the most random combination of letters and numbers that can extend to over fifty digits, making any hacker’s worst nightmares come to life. This is a win-win scenario because not only is your funds protected heavily, but you don’t have to forfeit any confidential information other than your address.

Both the increasing popularity and dependability have helped bitcoin thrive into the success it is today. Now a global currency, everyone can send bitcoin anywhere in the world and help connect a larger amount of people to each other. Bitcoin eliminates the need to involve the chance of banks blocking the money that you have gained while also taking a minimal amount of time to transfer the money into your virtual wallet. With little to no service fee attached to every transfer, you will receive nearly every penny you have earned without frustration over having to pay a third-party. The overall reputation and security that bitcoin provides is supreme and able to face even the best hackers and code crackers. Bitcoin is the best way to transfer your affluence the fastest and most securely, and this is a gamble I’d be willing to take.