Bitcoin betting are the newest and hottest sports betting trend at this very moment. While Bitcoin is less than ten years old, they have not been around that long and, quite frankly, that fact scares a lot of people. Despite this, you can rest-assured knowing that not only is Bitcoin a wholly legitimate and trustworthy digital currency, there are many betting sites that allow you to use this currency.
The reasons why one would choose to use Bitcoin number in the hundreds, but we recommend the currency because of the simplicity it presents. Even though you may be accustomed to US Dollars and other traditional, fiat currencies, the unfamiliarity with Bitcoin will dissolve after the first time you use it. Before we get into the sites themselves, it would only make sense if we gave a quick and simple explanation of what Bitcoin is, how it exists, and how you can use it.
What is Bitcoin?
What is Bitcoin? This is a question that has been asked no less than a million times, and has been explained in no less than one hundred thousand different ways. Put simply, Bitcoin is a currency just like every other. It can be exchanged between people and even used to buy goods, and this is something that grows truer and truer by the day.
Due to the undeniable fact that Bitcoin is a digital currency that only exists on the internet, one might be a bit wary to trust it. After all, if you have no idea where these bitcoins are coming from, couldn’t someone simply be creating them on their own computer and building up their own balance? Technically, yes they could be.
And this is why companies like PayPal exist, in order to govern transactions and ensure that the same funds are not spent twice. What makes Bitcoin a bit different than sites like Moneybookers and PayPal is the fact that, instead of one central authority, there are hundreds upon thousands of people who are constantly working to verify transactions and ensure that the same bitcoin is not spent more than once. With so many people working to verify transactions, Bitcoin is determined to be extremely trustworthy.
If you are wondering where bitcoins come from, the answer to that is simple. The thousands of people working to verify transactions are rewarded for their effort via bitcoins. Basically, the more you do to verify transactions, the more you are paid and the more bitcoins there are that exist. With that being said, you can rest easy knowing that there are only a finite number of bitcoins out there. The finite nature of Bitcoin is something that keeps the value up. If there was a never-ending supply, individual bitcoins would carry no value at all.
To tie it home, anyone can get in on the Bitcoin action. Even if you are not offering your computer to verify Bitcoin transactions, you can still see every transaction that occurs. This is so because every Bitcoin transaction is logged in a public ledger, able to be viewed by anyone and everyone. This way there can never be any shady, undocumented exchanges of hundreds of bitcoins at once. You may have your doubts, but the fact of the matter is that Bitcoin, as a currency, is as secure as you will find, and trustworthy too. As the number of users and official verifiers grows, the system will only grow to be more and more secure.
Why Would You Bet with Bitcoin?
Now that you know a little bit more about what Bitcoin is and how it works in our complicated financial world, you might be interested to know why people decide to bet on sports with it. One of the biggest reasons why this is the case is because of the anonymity that Bitcoin fosters.
While other traditional methods of deposit force you to fork over what seems like endless quantities of personal and financial information, Bitcoin requires almost none. Other than your name, you will NOT need to give away any bank account info, personal info, or anything else. Some sites do not even force you to supply your name either.
The abovementioned ledger, though able to be viewed by everyone, does not show any personal information. If I were to transfer 9 bitcoins to a friend, anyone would be able to see that 9 bitcoins were transferred, however they would never be able to see who gave them nor received them. The anonymity of it all really appeals to people.
Another benefit to betting on sports with Bitcoin is the fact that you can bet in denominations that some might call crazy. Traditional sports betting sites tend to have minimums of at least $1 and some that are even higher. At plenty of Bitcoin betting sites, you will find that you can bet in extremely small fractions of a single bitcoin. The versatility with regard to the amount you are able to bet on individual games and propositions really appeals to a lot of folks.
Finally, to bring it all home, there is the fact that depositing and withdrawing bitcoins is something that can be done much faster than most any other traditional banking method. Whether you are depositing or withdrawing funds, you will find that most transactions happen instantaneously. With traditional methods of banking, such as a check by courier, you can wait days and even weeks before your withdrawn funds will be yours.
Bitcoin Betting Sites—What Are They Like?
More often than not, you will find that Bitcoin betting sites are very similar in look and feel to traditional sports betting sites. The only real difference, of course, is the fact that you are gambling with a digital currency rather than US Dollars or Euros. Another difference you will notice is the amount of bitcoins you are able to wager on a given bet.
Because this style of sports betting is somewhat new, you will find that there is not an overwhelming number of sites that exist. With that being said, the number of websites is something that is constantly growing and likely to continue doing exactly that.
As far as whether a particular Bitcoin betting site is trustworthy or not, that is something that you must determine for yourself. There are plenty of review sites out there featuring testimonials from current and former players alike. Using these reviews, you can not only find out more about what a particular site has to offer as far as betting options and markets are concerned, but also what real people thought about their experience on the site. Many of these sites offer you the opportunity to gamble with fake bitcoins in order to give you a feel for what the experience is like, so we recommend that you take advantage of this.