Why Bitcoin is Superior for Sports Betting
Bitcoin is the dominant currency to trade among online sportsbooks. It’s privacy, security, flexibility, small fees, and ease of use makes it superior to other funding methods (bank transfers, cash wires, etc.). Here’s what makes the digital currency so great:
1. Security is lock-tight
Security breaches happen in every online industry, even sports betting. No matter the rigorous level of protection or care a top-rated online sportsbook maintains, all are always a target by hackers. If criminals gain access, your credit card, bank credentials, and personal information are often available for exploitation.
Bitcoin offers superior safety measures. For one, transactions and Bitcoin addresses are made via private encryption. An example of a sample address is as follows:
Good luck cracking the above code. These cryptographic sequences are nearly impenetrable.
2. Bitcoin is choice for acceptance
Bitcoin is a deregulated digital currency not privy to third-party regulations. No credit card company, bank, or other payment processor can oversee and potentially reject transactions. Authorization of Bitcoins deposits, withdraws, and purchases are all done through mathematical proofs and the free market within the blockchain.
3. No more astronomical fees!
Profit margins are slim enough in sports investing long-term. Bettors do not need a slew of third-party fees chipping away at their profit; this includes exchange fees, escrow fees, handling fees, hidden fees, transfer fees, late fees, you name it.
Bitcoin transactions present minimal charges. Outside of small expense percentages for transfers from wallet to wallet, or transaction costs charged by sportsbooks, “miner’s fees” are the only service charge one will experience. Miners operate the computers and servers which process, secure, and detail Bitcoin transactions on the public ledger. The charge is minute in regards to the service. No miner has access to your personal information. The blockchain algorithm automatically factors in your mining fee and distributes the expense accordingly. Most sportsbook fees are set in the 1-2 percent range, which is far greater than the blockchain commission.
4. Bitcoin is prioritized
The average time for a Bitcoin transaction with a sportsbook is 4-6 minutes. Its often much shorter at Bitcoin exclusive sites like Nitrogen. The process is fast and efficient compared to traditional funding and deposit methods. Bank, wire, and other transaction methods can take hours, days, or even months. You often have to jump through hoops, which include internal issues, potential fraud warnings, processing slow downs, and more. Withdraws via Bitcoin range anywhere from one hour to two days, which is significantly quicker than other methods.