The Pros and Cons of Using Bitcoin for Online Sports Betting
Online sports betting is among the top sectors impacted by Bitcoin. Since the digital currency's creation in 2009, online casinos have incorporated it as a payment method providing users with a range of benefits.
Read on for a comprehensive view of Bitcoin in sports betting, focusing on its merits and demerits and how you can use BTC to place wagers on various sports.
Table of Contents
- The Pros of Using Bitcoin for Online Sports Betting
- The Cons of Using Bitcoin for Online Sports Betting
- How to Bet on Sports Using Bitcoin
The Pros of Using Bitcoin for Online Sports Betting
In this section, we look at the advantages of using Bitcoin payments for sports betting.
Lower Transaction Costs
Unlike conventional payment methods such as debit and credit cards, which have intermediaries, Bitcoin transactions are between bettors and sportsbooks (P2P), meaning extra fees paid to third parties are slashed whenever you use BTC to place bets.
In addition, Bitcoin allows you to place wagers internationally without incurring secondary charges arising from currency conversion and foreign exchange rates.
Bitcoin Transactions are Faster
The Bitcoin network uses a proof-of-work mechanism, allowing for the speedy processing of transactions as compared to traditional methods. For instance, withdrawals using a bank transfer system may take up to several days, whereas Bitcoin payouts are instant.
In addition to being fast, BTC transactions are also easy to carry out. You can use mobile devices to complete transactions on the go, which is ideal since there is no limit to when or where you can transact.
Bitcoin is More Accessible
Of the 19,000+ cryptocurrencies available today, Bitcoin is the oldest and most widely accepted and used by the masses. Its supply limit set at 21 million coins makes it available to everyone, including gamblers venturing into crypto sports betting.
Furthermore, many people regard Bitcoin as a more established crypto with more liquidity that allows you to use it freely. You can also easily convert it into fiat currencies and vice versa.
Increased Security
Bitcoin uses cryptography to enhance your fund’s security. Bitcoin is kept securely in strongly encrypted multi-signature wallets to protect them from theft or unwanted third parties, or fraud-related activities.
Unlike in traditional currency systems, where a few authentication details are required to access funds, Bitcoin requires a higher level of security to access your wallets with signatures, private keys, and seed phrases, meaning only the owner can change BTC's ownership address.
Bitcoin is Decentralized
Bitcoin is backed by decentralized blockchain technology, meaning no government or organization controls it. Due to this, Bitcoin is exempt from some negative characteristics associated with fiat currencies.
The currency is immune to inflation measures, as there is a set limit of coins in supply. Bitcoin can't be printed and released into the economy.
Increased Privacy
In contrast to many traditional modes of payments, Bitcoin transactions in online casinos are entirely anonymous, thus increasing your privacy. When using Bitcoin to bet, you only need your wallet address and the casino's address. Your wallet address lacks personal information others may use to identify you and potentially steal from you.
Bitcoin Is Not Restricted to Any Geographical Location
Bitcoin is borderless. There are no geo limitations attached to Bitcoin, and you can bet with it on any online platform from anywhere in the world.
The Cons of Using Bitcoin for Online Sports Betting
There is a long list of advantages of Bitcoin betting but not without some demerits. Here are some of the disadvantages associated with using Bitcoin when betting on sports online.
Bitcoin is Volatile
One significant demerit of Bitcoin is its high volatility. Its prices constantly fluctuate due to the number of Bitcoin in circulation compared to increased demand. You could place a futures bet when prices are up and then win it when they are down.
Moreover, some online gamblers have yet to grasp the concept of virtual currencies and still prefer fiat currencies when wagering.
Transactions are Irreversible
Whenever you complete a Bitcoin transaction, it is permanently recorded on the blockchain and can't be reversed. For example, you can't cancel a transaction whenever you send the incorrect betting amount to a sportsbook using a Bitcoin wallet address.
How to Bet on Sports Using Bitcoin
Now that we’ve seen the pros and cons of using Bitcoin for online sports betting let's see how you can use it to bet on 1xBit.
Go to 1xBit.com and click on the registration tab. Provide the required details and click on the green 'REGISTER' button.
Log into your newly created account and make payments by clicking on the ‘Deposit’ tab.
For BTC payments, click on the Bitcoin icon. After confirming it as your payment mode, use the QR code and wallet address given by 1xBit to complete the transaction.
Next, click the 'SPORTS' down tab on the menu bar and choose any of the four options.
In this case, we selected the 'Bet on Big Tournaments' option and settled on a UEFA Champions League game between Manchester City and RB Leipzig.
Carefully choose the desired bet markets, key in the amount to be staked, and submit your bet slip for processing by tapping the 'PLACE A BET' button.
1xBit allows you to enjoy all the upsides of Bitcoin sports betting by ensuring you can place wagers on any event available on the platform using BTC. What’s more? It takes you only a few minutes to start your Bitcoin sports betting journey on 1xBit.
Create an account on 1xbit.com today for the most satisfying Bitcoin sports betting experience.