Cryptocurrency is now at its peak, as is sports betting. Not surprisingly, the two are related. In 2021, instead of dollars and rubles, people are bitcoin betting. Betters began to massively use cryptocurrency after a case in 2018 when a football fan during the World Cup put as many as 38 bitcoins on Russia’s victory in the 1/4 finals of the tournament.
Among those who bitcoin sports betting is the most popular cryptocurrency. A few years ago, only a few bookmakers accepted it. Now dozens of bookmakers around the world make it possible to bet on the cryptocurrency.
There are many reasons for the popularity of bitcoin in betting:
- it is a decentralized digital currency that is not controlled by the state;
- using cryptocurrency as a payment method helps to keep the bettor’s anonymity;
- Bitcoin transaction fees are lower than those charged by conventional commercial or government banks;
- payments through cryptocurrency are processed much faster;
- Bitcoin guarantees its owners protection against theft of personal information.
Many bettors prefer crypto betting because the funds are kept as safe as possible. All transactions between bitcoin wallets are carried out using blockchain technology. This is a distributed database of a huge amount of information. The technology is recognized as reliable, resistant to corruption, and transparent. In the future, ordinary banks are planning to use it.
It is not so difficult to create and manage a bitcoin wallet, it will take several days to thoroughly understand everything. As for cryptocurrency betting, bookmakers make it as easy as possible to manage your Bitcoin deposits. Before placing bets, you need to get at least basic knowledge of cryptocurrency:
- Bitcoin price may increase and decrease unpredictably;
- it is impossible to cancel the payment due to the peculiarities of the technology;
- BTC is still considered an experimental digital currency;
- cryptocurrency is not legal in all countries;
- some states require you to pay taxes on income in bitcoin.
In bitcoin sports betting is not advised for those who have never tried their hand at betting. In this case, it is recommended to open a demo account or try to practice at the minimum rates in the usual currency.
The main thing that a good bitcoin sportsbook should have is reliability. It is worth checking the rating on reputable bookmaker sites, reading reviews of real users. Functionality is also important. The office should not only provide the ability to bet on bitcoin but also offer a wide line and many disciplines. When choosing, you should pay attention to the bookmaker’s commission, which is charged to the user.