There are Many Advantages to Using Bitcoin & Other Cryptos When Betting
For many gamblers, Bitcoin remains a mystery. Gamblers know what Bitcoin is. Many have read how it’s better to wager with BTC than traditional currencies like the U.S. dollar and the Canadian dollar.
But few know exactly why sports bettors are better off wagering through an online crypto sportsbook that accepts Bitcoin, or better yet, one that is Bitcoin exclusive. With that in mind, we’ve written down the top six reasons you should switch from betting with old-school money to betting with Bitcoin.
Top 6 Advantages of Bitcoin Betting
Betting with BTC is safer than traditional currencies
When you fund your sports betting account with your credit card or do an ACH transfer, your transaction, although often safe, can be stolen. This is especially true when it comes to credit card transactions to offshore gambling accounts.
The reason is that most U.S.-based credit card companies don’t allow you to fund sports betting, horse racing, or casino gambling accounts. So in order to make sure your funds land in your account, offshore gambling accounts must go through third, often non-U.S.-based organizations.
ACH transfers are safe, but the U.S. Government, and other world governments, ask questions at a certain monetary level. So, for example, if you make a $10,000 ACH transfer from your Bank of America account to your sports betting account, you are likely to receive a suspicious transfer notice. BofA, and other U.S. banks, follow rules set by the Feds.
This isn’t true for Bitcoin. The Bitcoin blockchain is decentralized, meaning there is no centralized authority like the Fed. Bitcoin transactions must go through a proof of work consensus. Without diving too deep, a proof of work consensus means roughly 10,000 nodes, or computers, compete to create a block.
The competition to create a block, a single transaction on the BTC network, doesn’t start until all nodes on the Bitcoin blockchain determine that the transaction is legitimate. Stealing a single transaction can happen. However, it would take at least 51% of the nodes to validate an attack, meaning at least 5,010 nodes of the 10,000 would have to coordinate the theft of a single transaction
Please Read our Review of NitroBetting and See What Makes This the Go To Sportsbook for Crypto Bettors
Bitcoin bettors don’t pay credit card or bank fees
Bitcoin betting doesn’t pay transaction fees. If you have a MetaMask wallet, or you have a Coinbase or Cash App account, you must pay a transaction fee.
But that originates from the organization that stores your bitcoins. It doesn’t originate from the Bitcoin blockchain.
Credit cards often charge you 9% to 10% in fees to fund your gambling account. So before you’ve made a single bet, you’re in the hole 10%.
Bitcoin acts as a currency and an investment
Although the price of Bitcoin fluctuates, it has become the digital currency standard. Most investors consider Bitcoin to be digital gold.
In other words, Bitcoin backs up other cryptocurrencies like ETH, XRP, and LTC. What this means is that, like gold in some parts of the world, bitcoins are a currency and an investment.
Withdrawals and deposits are quicker with Bitcoin
Often, not always, but often, deposits in Bitcoin are much faster than depositing via a credit card or ACH. The reason is that miners, or node operators, work to solve each Bitcoin block puzzle. Miners get bitcoins as rewards for solving the puzzle.
So miners have an incentive to build the block that represents your Bitcoin transaction.
Bitcoin is peer-to-peer. Nobody questions what your Bitcoin transactions
The Bitcoin blockchain is peer-to-peer. This not only adds a layer of security and cuts down on fees, credit cards are middle entities that charge fees to facilitate transactions, but it also means that your transactions remain anonymous.
All transactions are visible on the Bitcoin blockchain. But the transactions are visible in terms of their digital code. They aren’t visible in terms of the parties involved in the transaction, the sender and the receiver.
It’s also not visible what transactions are for, which is another reason why Bitcoin betting is much better than betting with traditional currencies.
Bitcoin is decentralized, which means governments cannot manipulate its value
When Satoshi created Bitcoin, his goal was to invent a decentralized currency that provides access to all. Satoshi’s vision was a currency that no matter your economic status, country of origin, race, religion, culture, or beliefs, you could participate in the currency’s economy.
Although Bitcoin hasn’t satisfied Satoshi’s first vision, it is a currency that doesn’t rely on, or isn’t subjected to, central government influence. The decentralized aspect of the Bitcoin blockchain and the bitcoins that detail transactions on the chain, remain.
In other words, the U.S. Government, China’s government, Russia’s government, Canada’s government, and no government in the world can manipulate the price of a single Bitcoin. Bitcoin’s value is determined by the market.
If the market feels a single bitcoin is worth $26,000, then that’s the cost for a full bitcoin. If the market feels that bitcoins should be worth $100,000 each, that’s what will happen. Investors, bitcoin maximalists, and those who use Bitcoin as a currency in their daily lives make the market.
Now that you know the top 6 advantages of Bitcoin betting, what are you waiting for? You should start your Bitcoin betting journey today. Doing so means you will save money. You will also be investing in the world’s digital gold.
Where to Bet with Crypto
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
Please Read our Review of NitroBetting and See What Makes This the Go To Sportsbook for Crypto Bettors