Bitcoin has transformed the world of online sports betting because it is a decentralized cryptocurrency that transcends borders, regulating authorities, and the taxman. It is secure, private and anonymous, which makes it perfect for grey markets. Bitcoin is also quick and easy to use and comes with low transaction fees due to the lack of middlemen, so your gambling profit typically remains your own. Bitcoin is basically the perfect currency for online sports betting.
It is destined to be the future of wagering with sportsbooks. A range of the world’s best online betting sites have started to accept Bitcoin in recent years, and more will surely join the party soon. The sportsbooks love it because it gives a low transaction cost, a high speed of transaction, a lack of red tape and control over finances as they enjoy a greater margin because they do not have to involve third parties in their transactions.
The likes of BetOnline, Bovada, 5Dimes and Intertops now all accept Bitcoin. You deposit Bitcoin into your account and it will be credited with the equivalent in dollars or another Fiat currency. You can then bet with it. BetOnline has a 15-minute wait for validation and a 48-hour wait on withdrawals, and allows you to bet up to the Bitcoin equivalent of $3,500. Bovada is a lot quicker, and accepts a higher desposit, plus good bonuses, but you can only withdraw winnings in Bitcoin. There are also many dedicated Bitcoin sportsbooks, including Cloudbet, Sportsbet, Betcoin, Nitrogen and Directbet. Cloudbet has a maximum stake of 200 BTC, which equates to a colossal $20,000, if you are betting on soccer, NBA or NHL. These sites will also pay you out in Bitcoin. If you wager with Bitcoin, you are likely to take your winnings it Bitcoin.
Many people will keep their Bitcoins, either saving them up or spending them on various things. You can now buy virtually anything with Bitcoin, and not just apps, programmes and digital stuff. It is possible to spend Bitcoin on food, drink, clothes, alcohol, flights, dog food, cars, guns, vacation properties, taxi rides and more. You can even buy a yacht if you win enough Bitcoin.
But still many people will wish to convert their Bitcoin into dollars or another Fiat currency. Despite the many advantages of Bitcoin, it is a relatively new venture, set up in 2009 and only really taking off in the last few years, and it is quite volatile. It can face some real volatility and the exchange rate can fluctuate heavily as it is not at all as stable as many leading currencies, and as a global currency it is also subject to the vagaries of different markets around the world. For instance, in January 2016 the dollar value of Bitcoin dropped 40% in six days. That can be terrifying for gamblers playing the short game. If you make a tidy profit, it can evaporate thanks to exchange rates. So many are keen to convert their Bitcoin back into dollars quickly.
To do this you simply visit an exchange like Coinbase, Circle or Bittylicious. You are essentially selling Bitcoin, and it is pretty much the same as buying it in the first place. The most popular is Coinbase, where you simply visit the Sells page, enter the amount in BTC you wish to sell, select the wallet you wish to sell form, choose the account you wish to deposit to, confirm the order is correct, click the Sell Bitcoin button and, hey presto, your wallet is credited with dollars, which can be withdrawn or spent on anything you like.
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