By Charles Jay
We’re not sure you’re using Bitcoin yet, but sooner or later you’re going to be.
That’s because it probably offers you the most trouble-free way of conducting transactions that are related to sports betting.
We could literally go on for hours about how Bitcoin came to be and how it is produced. But frankly, you don’t need to know all of that. What you need to know is that this digital currency, the existence of which is well-known by now, is probably the best way to do business if you are a gaming enthusiast.
What’s so good about Bitcoin?
1) It makes transactions very simple and quick. Yes, we know that can be the case with other forms of payment when wagering online sports betting markets. But when it comes to Bitcoin, the transaction is almost instantaneous, and can literally have funds in your account right away.
You see, it’s not necessarily the value of the currency itself that is important, but the “protocol.” When you do business with Bitcoin, it is strictly on a person-to-person basis. So there are no holdups in the process.
2) You’re not dealing with third parties. Keep in mind that when you open up an account through methods like a credit or debit card, a person-to-person transfer or an e-wallet, you are compelled to share financial details with another entity, whether it’s a credit card company, a transfer service like Western Union, or a bank.
There are customers who are naturally averse to such things. Bitcoin will have a special attraction to those people, because not only is the “p2p” transaction the standard, any dealings are private and anonymous. Of course, the sportsbook or casino itself will want to identify you, but certainly not for purposes of sharing that info with a financial institution. There is a “wallet ID” on the part of the sender and the recipient. And that is how the transaction occurs.
3) You are “geo-invisible.” Yes, that’s a strange phrase to use. But it is true, and that is another feature of Bitcoin that makes it convenient. If you are based in the United States, you are going to naturally be concerned about “jurisdictions,” and the exposure you may have as a result of being a U.S. customer. When you do a Bitcoin transaction, no one ever knows exactly where you are, because after all, you’re just a number. So that gives you the ability to be somewhat jurisdiction-proof.
4) Fees are lower – or non-existent. Many customers will find that when they are doing business with Bitcoin, they can do so without any fees. That’s because there is really no one to whom the casino or sportsbook has to pay a fee on the other end. And because there are no chargebacks with Bitcoin, the gaming establishment does not have to tally fees so that they are covered on that end.
5) Payouts are lightning-fast. This is an extremely attractive thing about Bitcoin, because getting paid in a reasonable amount of time is enough of a concern as it is. Imagine getting paid within a day, or even the same day, where the money is in your account! That’s what happens. Most sportsbooks will allow you to withdraw using Bitcoin, if that is the way you have made your initial deposit. Then it goes into your Bitcoin wallet, from which you can deal with thousands of merchants worldwide or convert it to some other currency.
When you think about it, if you are going to be active in casino gambling or sports gambling, Bitcoin may be – by far – your best alternative when it comes to a fast, efficient and headache-free payment solution.