Sports

Bettors Need to Understand Bitcoin Betting to Enjoy Its Power

Is Bitcoin sports betting legal and safe? Will it influence your winnings? What advantage does digital currency has over other payment methods? Many punters want to know how Bitcoin will affect the gambling sector.

Bitcoin format punters should know

Punters must acquaint themselves properly with this new currency format. It is just like other currencies but the difference gets displayed in your stake format. 1 BTC can be divided by 8 decimals. If 1 BTC is highest value then 0.00000001 is the lowest denomination. Smallest BTC unit is referred as ‘Satoshi’. For example, according to current rates $9 bet on match result in Bitcoin can be chosen as 0.0025 Satoshi. Therefore, the way smaller than 1 unit appears can seem confusing, so check the bet-slip, if you place several types and combination of bets.

Bitcoin bonus can be different

Punters are well aware about the online bonuses and rewards like free bet or first deposit bonus. Generally, using different kinds of banking methods [credit or debit cards] will not affect your bonus claim but several sportbooks may impose restrictions on chosen payment method like cryptocurrency or e-wallet. Therefore, if you plan to make your first deposit payment using Bitcoin then check if you will qualify for the promotion or not. Fortunately, there are several bookmakers online who will incentivize wagers to deposit in Bitcoin with significantly high welcome bonus.

Always read the terms and conditions related to the promotional offers and if you don’t understand check with the customer service without any hesitation before making any deposit. You can even get opportunities to participate in the loyalty programs and other added perks offered for customer’s advantage.

How Bitcoin deposits & withdrawal works?

Bitcoin sports betting websites are escalating but each one has their personal specifications and requirements. Bitcoin is used as a wagering medium. The deposits are done in bitcoin and payouts are conducted in Bitcoin or converted into real currency. Therefore, for deposit and withdrawals using Bitcoins is easy through e-wallets or crypto-wallets. There are many brands available on the internet, where you can get registered for free. Depending on the bookmaker’s specifications, you may be offered a normal account for actual currency and separate one where cryptocurrency can be deposited.

Transaction cost and speed

With growing Bitcoin value and increasing demand, the online wallet services have started to charge transaction fees. In addition, if the bitcoin needs to be converted than there are the conversion charges as well. Actually, Bitcoin is popular because of its rapid transaction speed and anonymity. In less than half an hour, gambling hoses can complete cryptocurrency transaction process.

Remember the exchange rates

Bitcoin is popular and expensive digital currency in foreign exchange market. It is not immune to the market fluctuations. When crypto units get exchanged operators set their unique rates, which is the main concern for punters all around the world. Therefore, check license and certification to enjoy fair exchange rates.

Reasons to bet online with bitcoins?

Reasons why Bitcoin is hyped to be the future of betting.

  • Anonymity
  • Low fees
  • Speed
  • No taxes
  • Decentralized
  • Bigger promos
  • Provably fair

With blockchain technology on the rise, join the Bitcoin community and take advantage!

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