5 Reasons to Bet with Bitcoin

Published on: 27 November 2021

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Online gambling is becoming increasingly popular, and there are now thousands of operators to choose from. While this is great news for those seeking diversity, it does make finding the appropriate bookie a little more complicated and time-consuming.

There are various factors to consider before selecting where to bet with bitcoin, but arguably the most important decision you will have to make is whether to bet with Bitcoin or conventional fiat currency. If you enjoy gambling and are a crypto fan, here are some of the many advantages of betting with Bitcoin.

Why should you bet with Bitcoin?

Cryptocurrencies, like online gaming, are getting more popular. With thousands of them available, Bitcoin is without a doubt the most popular (and valuable) cryptocurrency on the market. Cryptocurrencies are distinct in that they are viewed as a measure of value rather than a medium of exchange.

Regardless, many businesses, like online casinos and betting sites, now enable you to utilize cryptocurrencies to make purchases on their websites. If you've ever wondered whether you should bet with Bitcoin or fiat currency, we've put up a list of reasons why Bitcoin is the preferred option for many.

Faster Withdrawals

Because credit cards and e-wallets make rapid transactions, depositing Bitcoin into your accounts takes longer than depositing fiat cash. Bitcoin miners may take up to 30 minutes to authenticate the payment and deposit the funds into your account.

When it comes to withdrawals, however, Bitcoin shines, requiring the same period as confirming a transaction. Banks, on the other hand, frequently slow down fiat currency withdrawals, and it could take anywhere from three business days to two weeks to collect your money due to several regulatory requirements.

Increased Privacy

Transactions in cryptocurrencies are peer to peer, eliminating the need for a service provider. Instead, miners or crypto exchanges verify the transaction, bypassing the multiple KYC measures used by betting sites prior to payment processing.

To put it another way, you won't have to risk your privacy by sending photographs of your ID, driver's license, utility bills, financial records, and other documents to place a wager online. Instead, you'll only need your wallet address and a private key to complete a transaction. In today's internet environment, the less information a website knows about you, the better.

Reduced Fees

Many players have the erroneous belief that credit card and e-wallet purchases are free. While most betting sites state that there are no additional fees, banks almost always charge for each transaction, especially when using credit cards.

Gambling transactions are typically classified as cash advances by banks, and fees linked to them can include regular transfer fees, conversion fees, added interest, and more.

When it comes to bitcoin transactions, however, no third-party organizations are involved; instead, miners verify the transactions. As a result, you'll be charged a mining fee, which is a small percentage of the amount of Bitcoin you're depositing.

Remember that the sender is held accountable for paying the miner's fee in Bitcoin transactions. That is, you will pay the cost when you put money into your account, but the betting site will cover it when you make withdrawals.

Deposit Bonuses

Even though cryptocurrencies have been around for a while, they are still seen as a new financial trend, particularly in the gambling industry. To encourage gamers to utilize Bitcoin instead of flat-rate currencies, betting firms frequently provide unique welcome incentives for Bitcoin users. These bonuses can sometimes reach $1,000, which may not seem as significant as the other reasons on our list.

Bigger Deposits

In general, betting sites enable significantly more transaction flexibility with Bitcoin, allowing you to deposit larger and smaller sums, saving you money on miner fees, and allowing you to decide how much you use.

Another key benefit is that the betting site will instantly convert BTC to the fiat currency of your preference whenever you deposit money. At the same time, if you make a withdrawal, bettors will convert any fiat money into BTC. This ensures that you are not exposed to Bitcoin's notoriously volatile market and that the amount you have invested remains consistent.

How to Find a Good Betting Site

If you intend to wager, it is critical that you select the best bookie for you. After all, you're probably going to wager with them for a long time, so you want to be sure they give you the best service possible.

Welcome Bonuses

Betting sites typically provide larger welcome bonuses, so the first step is to locate the one that best meets your needs. However, keep in mind that a good introductory bonus isn't always defined by how much the bookmaker is willing to match your first deposit. Instead, examine the bonus terms of service to ensure that the bonus you're claiming has reasonable wagering requirements. As a result, it will be much easier to meet the standards and start producing money.

Licensing

A license from a recognized gaming organization can make all the difference when it comes to determining a bookmaker's legitimacy. A license indicates that they are legally functioning in a certain jurisdiction and that they adhere to the tight criteria set forth by the gaming authority in that jurisdiction.

A betting site must also demonstrate that its firm is reliable, secure, and more to obtain a license. As a result, you should only consider betting sites that are licensed and avoid those that are not.

While a betting site's license may differ depending on the jurisdiction in which it operates, the UKGC (United Kingdom Gambling Commission) and MGA (Malta Gaming Authority) are two of the most renowned regulatory authorities.

Conclusion

Cryptocurrency is quickly becoming the preferred option for gambling online, thanks to enhanced privacy, faster withdrawal speeds, larger bonuses, and more deposit flexibility. Regardless of your preferred currency, it's critical to choose a reputable bookmaker with a valid license and a wide range of services. You may choose a betting site that gives you the highest possibility of making a profit.

5 Reasons to Bet with Bitcoin

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