Few things are as impressive and puzzling as the rise and use of bitcoin. Although if not understood cryptocurrency can seem a bit daunting, using bitcoin can be rather simple, and even beneficial in the esports community.
A Brief Guide To Bitcoin Betting
When bitcoin first made its appearance, very few people acknowledged or understood its potential. Less than a decade later, the exponential growth of this cryptocurrency is nothing short of impressive. Many leading online sites embrace this entirely digital currency as an acceptable way of depositing and withdrawing winnings, with some sites even being bitcoin only sites. Using bitcoin has surprising benefits for both the bettor and the platform that will be discussed later in this article. But first, before you can exchange cryptocurrency, you have to acquire it. The two easiest options are to trade them in exchange for goods or services or to find a reputable online service that will allow you to open a virtual wallet for this cryptocurrency and exchange traditional money for the cryptocurrency.
Once you are the owner of this cryptocurrency, it’s time to find a site that accepts bitcoin as payment. This is a rather easy thing to do considering most major sites have adapted to using cryptocurrency. Some of the top-rated bitcoin betting sites are Nitrogen Sports, Bet365, and Sportsbetting.ag. Before choosing an online site always check for proper licensing and client reviews to ensure trustworthiness. Take into account the genre of games offers as well as ease of use, customer support services, mobile use compatibility, etc. Once you’ve chosen a site, the deposit process is fairly simple, and within minutes you can gain access to funds via the website.
Want to know how to win money by betting on CS:GO ? Read our new article!
Bitcoin Betting: Advice, Pros, and Cons
It is worth mentioning that most bettors find that the pros associated with trading bitcoin far outweigh the cons. Unlike using the traditional money, the transaction fees associated with using cryptocurrency are almost nonexistent. Another plus? Using it also remains tax-free! With traditional money comes the risk of getting hacked and potentially getting your personal information compromised. This is not possible with bitcoin because it is not necessary to provide sensitive personal information which also means, all online exchanges can be done completely anonymously. In most cases, sites offer the biggest online bonuses to those using bitcoin as currency as well as the fastest transaction speeds. Instead of waiting days to process a withdrawal, clients receive winnings in a matter of hours, at most.
The biggest obvious disadvantage to bitcoin betting is the volatility of the cryptocurrency. The price of this electronic currency varies wildly from day to day and can change at any given moment because it is not regulated or backed by gold or any monetary equivalent. Essentially, no one knows what will happen with it or how long it will hold any amount of value. Another slight disadvantage is that it cannot be physically used or withdrawn like real money. It can, however, be used on some major online stores and exchanged for other physical currencies with provides a solution. When choosing to bet with bitcoin always monitor its value, choose reputable gaming sites and know the risks involved!
