You found your way to this page because you are interested Bitcoin and how it relates to betting on sports online. All Sportsbooks accept Bitcoin.
Let’s start by explaining what Bitcoin is NOT.
Bitcoin is not a fad. Bitcoin is not a scam. Bitcoin is not controlled by any entity. Bitcoin is not controlled by banks. Bitcoin is not controlled by government.
Bitcoin is a decentralized digital currency. A true peer to peer currency exchange is possible with bitcoin. Below we will detail the two main uses of bitcoin.
Peer to Peer Currency Transfer
Presumably, what brought you here, is you know that sportsbooks worldwide accept Bitcoin and you’re thinking about getting your feet wet.
Have you ever sent a bankwire overseas? Heck, have you ever sent a bankwire to the next town? Only to have it get lost in the banking system because you spelled the last name wrong or transposed a number? That issue could takes weeks to resolve!
Bitcoin eliminates the middleman. It’s the very definition of peer to peer. If I owe you $20 or it I owe you $200,000, I can send it to you, instantly, whether you are in my town or on the other side of the world. It’s that easy.
No more walking into banks, filling out forums and crossing your fingers, hoping you have all the of the little details needed to complete a bankwire.
From a sports betting standpoint, it’s a beautiful thing. You can send enough to a sportsbook to place a bet, win your bet and have your funds back in your possession not long after the game goes final. With no fees!
Bitcoin as an Investment
Sure, bitcoin’s primary roll for our purposes is to transfer funds from point A to point B. But bitcoin can also be a vehicle for profit. There are two ways you can profit with Bitcoin.
One way to profit is to hold bitcoin long term. Also known in the bitcoin world as “HODLing.” Simply buy and hold, like you might do with a stock.
Now, personally, I have been involved with Bitcoin since the price was around $200 for one Bitcoin. I watched the price go from $200 all the way up to $20,000 per coin. Then, back down to around $3500 where it bounced and now sits at $8500 as of June of 2019.
Where do I think it’s going? I have no doubt that Bitcoin will achieve new all time highs soon enough. Past the previous high of 20k. How far past? Who knows. Projections run anywhere from $100,000 for one bitcoin to 1 million dollars for one bitcoin. Believe it. Mark it down.
Profit from Arbitrage – Just Like Sports
The other way to profit from Bitcoin is via arbitrage. Sports Bettors will appreciate this. It’s just like scalping baseball.
There are cryptocurrency exchanges all over the world just as there are sportsbooks all over the world. With multiple exchanges comes multiple prices. Just as stock prices are always moving, so too are bitcoin and other cryptos.
It’s possible to buy and sell at different prices locking in a profit whether the price of bitcoin is going up or down!
How Do I Get Started?
The best advice we can give you is to take a few minutes and educate yourself about bitcoin. Start with the Wikipedia Page about Bitcoin.
Bitcoin is rather easy to use and understand. You’ll need to decide on a waller to use as well as a means to purchase your bitcoin.
For use with sportsbooks, you’ll be glad you took the time to learn about bitcoin. It will truly make your life much easier when it comes to transferring funds.
Should you require any assistance, feel free to reach out to us here at Bettorsworld. Simply scroll down to the footer where you will find our contact email address. We’d be more than happy to help and make recommendations on wallets, exchanges etc.