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Should You Use Bitcoin for Sports Betting?
[ 26-02-2018 ]
Should You Use Bitcoin for Sports Betting?

In the recent years, Bitcoin is the buzzword of the Internet, all because of its price boom of late. It is a first cryptocurrency based on the model of decentralisation, launched in the year 2009 by an anonymous man or group named, Satoshi Nakamoto. The blockchain is the underlying technology of this electronic currency; it is a digital ledger, which proceeds and records every transaction that happens over the Bitcoin network. Here, the transactions are done without any middlemen, like the banks, and this what fueled the property of this currency.

As per recent data till February 2015, around 100,000 merchants and vendors accepting Bitcoin money, and the numbers are only growing. Another report, from the University of Cambridge, tells about 2.9 to 5.8 million people are having a cryptocurrency wallet, and most of them are Bitcoin, for the year 2017. Today, the ecosystem of Bitcoin, allows you to shop for grocery stuff at top malls in the US, book hotels on Expedia, or even buy Xbox games, you can do just about anything to everything via your Bitcoin currency. During the last leg of the year 2017, the prices of bitcoin currency were shooted by thousands of dollars.

What Are Bitcoins?

A bitcoin is the smallest currency unity, which allows people across the globe to buy anything without disclosing their identity. Apart from many digital transactions, in most nations around the world, this digital currency is not tied to any financial limitations. And, small businesses worldwide have embraced them warmly because of no fees per transactions, unlike the credit card payments. While, a major section of the crowd is acquiring the Bitcoins, as an investment, waiting for its prices to shoot up in the coming days, months, or years.

Acquiring Bitcoins

You can buy Bitcoins, just a few click, anytime and anywhere. Today, there are exchange websites, allowing people to acquire Bitcoins in exchange for a popular currency. And, when it comes to selling, you will find it breezy-easy using the bitcoin exchanges. However, the safety of online Bitcoin transaction is always under the scanner, with several reports of scams and frauds reported in the last couple of years.

How the Transfer of Bitcoins Take Place?

The procedure of Bitcoins exchange is quite simple, you can do on your personal computer using a Bitcoin exchange web portal or through a dedicated mobile App. This process of transferring Bitcoins is similar to sending money digitally.

What Is Bitcoin Minning?

Since there are no middlemen to process and record the transactions of the Bitcoin currency, people do this over the network using special software and big computer in the lure of rewards. All they have to do is to solve complicated math equations to process the transaction over the Bitcoin network. This is how the Bitcoins are created, and at present, the reward is around 12.5 Bitcoins per 10 minutes.

Where Are the Bitcoins Stored?

The Bitcoins you acquired from an exchange website is stored in a digital wallet, which is present on your personal computer or cloud-based program. The wallet is similar to your bank, but you can credit and debt, 24*7, without stepping out your house. Another thing to note in here is the Bitcoin wallets are not insured by the FDIC.

Disadvantage of Using Bitcoin in Sports Betting Website

Well, the Bitcoin currency is slowly but steadily entering the market of online sports betting, but, there are some reasons to show a red flag to your mind, that using Bitcoins is not a worthy idea. Here, in this post, we discuss some of them-

Bitcoin Is Unstable

Yes, on the whole, the year 2017 was great for the industry of cryptocurrency, but, during that phase, it is quite evident that the Bitcoin is an unstable electronic currency, which has uncanny ability to go from highest peak to the biggest low in a matter of seconds. To prove that right let's put forth some figures- on January the five the price of Bitcoin was $1,153.02, and on 11th of January $752.11, so a drop of 40%, enough to tell this is a highly volatile currency. So, if you bet using Bitcoins, you end up on the losing side, even if you won the bet, as the value of Bitcoins dropped significantly.

Bitcoin Is Not Secure

No matter what people say about the Blockchain technology, Bitcoin is not fool-proof. This is why many Singapore online betting websites announce on their terms and conditions page, that if something digitally goes wrong when paying via Bitcoin the player will be solely responsible.

Sky High Wager Requirement

Many of the sports betting websites, don't allow their members to withdraw money if the necessary conditions of waging requirements are not fulfilled.

Conclusion

As safety is the first thing when it comes to online sports betting, therefore, it is better to think and thought before using Bitcoins.