Some of the top platforms in the UK utilized by the users of sports betting sites to compare various betting platforms, have recently introduced a bitcoin and cryptocurrency-focused sports betting tutorial to help users of traditional sports betting platforms in using cryptocurrencies to place bets.
Disclosure: This is a Sponsored Article
The most comprehensive overview and tutorial of using bitcoin on sports betting platforms was released by www.bestbettingsites.uk/bitcoin/, providing comparison between bitcoin and other cryptocurrencies, explaining the concept of fees and processing time, tutorial on using cryptocurrency wallets, and the volatility of bitcoin as well as the entire cryptocurrency market.
For native users of bitcoin that have utilized the digital currency for many years as a medium of exchange, store of value, and a settlement system, the concept of deposits, withdrawals, fees, storage, and mining should already be familiar. But, for traditional sports betting platform users who have not been previously introduced to the cryptocurrency market, it would be difficult to begin utilizing bitcoin to deposit and withdraw payments, and place bets simultaneously.
Consequently, complex concepts of bitcoin and the difficult user experience of cryptocurrency wallets lead to lower adoption and user activity, especially on platforms that have alternative financial methods. Most traditional sports betting platforms have a variety of payment methods such as bank transfer, PayPal payments, and credit card payments which users can use to place bets.
With fiat currency betting wherein users utilize reserve currencies like the US dollar or euro, funds are protected and value of the currencies remain generally stable throughout the betting process, given the low volatility of reserve currencies. Winnings are funded directly to the bank accounts of users autonomously, without having to undergo a time consuming process.
In bitcoin betting, users have to deal with the volatility of bitcoin, which could surge to 10 percent at times, on a daily basis. Bitcoin, when its mempool is cleared, can process payments within 30 minutes, allowing near-instantaneous cashouts, while bank transfers and credit card refunds generally take 3 to 5 business days to process. In that sense, bitcoin has a strong edge over traditional financial tools and currencies.
But, bitcoin betting comes with its risks. With bitcoin, users have to remain in full control over their funds, and are responsible for the loss or gain of their funds. If users send bitcoin to the wrong address, the funds of the users lost forever, and there is no way to recover the funds once transactions are broadcasted to the public ledger of the Bitcoin blockchain.
Already, several major traditional sports betting platforms like NetBet have started to accept bitcoin as a payment method, to enable users to utilize the cryptocurrency to process deposits and withdrawals after making bets on their platforms.
Comprehensive tutorials and columns will inevitably lead to increasing user activity and adoption of bitcoin within the sports betting space, especially if users of traditional platforms move over to bitcoin from conventional payment methods.