Sports betting over the internet was illegal until 2018! Thankfully, that’s not the case anymore. The first phase of online gambling legalization only affected the casino industry. As a result of the legalization, plenty of offshore betting sites have entered the market. Not only that, but they’ve also started accepting Bitcoin as a valid currency!
Latestphonezone has invited a betting expert, Mr. Tim Harrison, to cover the basics of gambling with Bitcoin. Tim currently works at BetZillion, one of the leading platforms on the internet where you can find all kinds of sports betting tips, tricks, and recommendations! He has been kind enough to bring the top findings about Bitcoin betting.
Latestphonezone Asks Tim Harrison: What Is Bitcoin Betting?
Before we go deeper into the paradigm, our readers must be familiar with Bitcoin gambling. So, that’s the first question we asked Tim Harrison, our advisor for the day.
Bitcoin betting is using Bitcoin as a payment currency for online gambling sites. You might already be aware that the USA is the birthplace of Bitcoin. In 2008, a pseudonymous personality named Satoshi Nakamoto proposed the Bitcoin white paper. And the rest is history.
It took a few years for Bitcoin to get the traction it needed. Once it did, the infamous crypto industry was born. Fast forward to today, you can find over 6,500 cryptocurrencies across many blockchains. The majority of the forked crypto is dependent on the price fluctuations of Bitcoin. However, Bitcoin remains the top-performing crypto.
Coming back to the point, it’s classified as a Bitcoin betting site when you can use BTC tokens for deposits and withdrawals at an online gambling site in the USA.
The question is, why would you want to use it? What’s wrong with the existing monetary system?
To understand that, we have to ask a different question to Tim and provide this video to learn more:
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Tim Harrison Answers: The Benefits of Using Bitcoin Over Fiat Money
The decision to use a service or a product over any other comes down to the benefits. So, our next question to the betting expert was, what are the benefits of Bitcoin gambling? Below are his answers.
- Anonymous: Although most people bother about it, online privacy is crucial these days. With so many companies selling your data to 3rd parties, you never know which direction a data breach may come. Things can get crazier if sensitive data like your bank account or credit card numbers are exposed. Using Bitcoin allows you to deposit and withdraw without using any data. All you use is the unique public address for your crypto wallet.
- Cross-Border Payments: During his time with BetZillion, Tim has come across many online betting sites that accept bettors from a particular country but don’t offer the native currency. At those times, the bettors must spend hefty amounts for currency conversions. Bitcoin solves this problem by allowing cross-border payments. A Bitcoin in the USA and a Bitcoin in Zambia are the same. It means no currency conversions and no additional fees for international payments.
- Instant Withdrawals: According to Tim, it would be a miracle if you find fiat money online betting site that processes your withdrawal requests instantly. Bettors usually have to wait 24 to 48 hours before the payment is processed. On top of that, they have to wait for their payment methods to process it. With Bitcoin or any other crypto, there are no 3rd parties involved in the processing. It results in instant withdrawals from online betting sites!
- Extremely Secure: Cryptocurrencies use blockchain technology. The term “crypto” comes from cryptography, currently the most vital encryption method available. Also, a blockchain is completely decentralized. It means there is no single authority controlling the transactions. As a result, there is no “single point” of failure. These features make the use of cryptocurrencies like Bitcoin extremely safe. So much so that no existing online safety protocols can even come closer.
Features of Bitcoin Betting Sites that Overlap with Regular Sites
There is a common misconception that Bitcoin gambling sites fundamentally differ from regular online gambling sites. While that’s somewhat true for the casino industry, online sports betting is yet to get there.
Generally, all Bitcoin betting sites are the same as regular betting sites. The only difference is that you’re using cryptocurrency instead of fiat currency. So, let Tim list the characteristics of a Bitcoin betting site that you can also apply to regular sites.
Operating License
Bitcoin may allow you to send tokens across borders, but you still need to play at a licensed betting site. It goes tenfold for the USA because online gambling laws are pretty strict. You must be physically present within the state where the betting site operates. Otherwise, you won’t even be able to use the real money features, Bitcoin or not.
Same Formula for Odds
If you have previous experience with sports betting, you may already be familiar with the role of odds. Interestingly, the odds at Bitcoin and traditional betting sites are the same. So, don’t forget to compare the odds across multiple bookmakers before choosing the one you see fit.
Fiat Currency Payment Methods
We’re yet to see mainstream online betting sites that only accept Bitcoin and other cryptocurrencies. Rather, we see more fiat currency sites on their offered payment methods list, including Bitcoin.
It means you don’t “have to” use Bitcoin for online gambling. It’s an option that the best gambling companies are offering.
You can still use:
- regular credit cards,
- Play+ cards,
- PayPal,
- and VIP Preferred e-Checks.
Same Sports
Most importantly, you can expect to find the same sports and markets for betting across all online sportsbooks. This section of the platform is independent of what payment method you use. So, if you’ve been waiting for the best NBA odds, you can use either a Bitcoin bookmaker or a regular one.
