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Bitcoin Over 16,000$: Time to Use Crypto Bookmaker?
The betting industry has opened up to using cryptocurrency, in particular Bitcoin, and many users have taken advantage of this being available. Not all bookmakers accept cryptocurrency from their players, but some do, and we even have bookmakers who only accept cryptocurrency and nothing else.
These were created after the Bitcoin boom and have managed to survive so far with big success. Bitcoin price surpass 16,000$, so maybe its good time to start make a bets with crypto bookmaker?
But what is betting with Bitcoin like? What are the advantages of using Bitcoin and what does the future hold for cryptocurrency and the betting industry as a whole?
Table of content
Table of content
Why do Bookmakers Accept Cryptocurrency?
We are seeing bookmakers trust the cryptocurrency industry more than others, which is fantastic to see. This can be seen by how early they started to accept Bitcoin from their players, and by how many of them now accept it.
Yes, none of the big bookmakers accepts Bitcoin just yet, but some second-tier bookmakers do, and with Bitcoin only bookmakers also on the market, there is a choice out there for those who want to get involved.
The betting industry is very competitive, so one of the main reasons why some bookmakers accept Bitcoin is to stand out from the crowd. They want to show that they can offer things which other bookmakers cannot, and in some instances, this is allowing people to bet with crypto.
There are people out there who want to bet with crypto, and these will be looking for bookmakers to use. Any bookmaker that doesn’t accept crypto will not get their business.
There are many aspects of a betting service that people will look at when they are comparing bookmakers and deciding where to go. For some people this is about odds, betting markets and promotions while others will look deeper at things such as payment methods, which includes accepting Bitcoin.
What are the Advantages of Betting with Bitcoin?
Whether you already bet with Bitcoin or not, it is clear to see that there are advantages out there for people.
One of the biggest advantages that Bitcoin has over other payment options is that it has a higher level of security around it. You can send payment via Bitcoin to your bookmaker and not be worried about them, the security aspect of Bitcoin is rock solid.
There are also no fees attached to using Bitcoin, which some gamblers may see if they bet with a bookmaker in another country or one that doesn’t accept their currency. Due to international transfers, and sometimes currency changes, some players will have fees attached to their deposits and withdrawals while betting (read this – MMA betting with Bitcoin).
Bitcoin takes away all of that, being an international currency, it doesn’t matter if you are sending funds to someone in your country or someone on the other side of the world, there are no fees with any of your moves.
On top of being secure and allowing you to spend without fees, Bitcoin also moves very fast around the world. When you send money to your bookmaker, or they send it back to you, the transfer goes between the wallets that you both have.
This is a direct link between two parties, there is no need for a bank to be involved and that is where the process becomes faster. Without the bank authorisation, funds can be sent and the only delay is for them to be approved before being sent. This means when it comes to getting your returns back, nothing is faster than Bitcoin, or any other cryptocurrency.
These all come together to be an answer for what many people see as big issues when they are looking for a bookmaker and want to work out which one is the best for them. Speed of returns, security and no fees are all important to a lot of people, and Bitcoin answers them.
What Does the Future Hold?
It seems unlikely that the relationship between the crypto industry and the betting industry will get any worse, and there is every chance that it gets better.
What needs to happen for it to get a lot better and really take off? This would need one of the big bookmakers to turn to Bitcoin and accept it from players. As we have already mentioned, the betting industry is very competitive and bookmakers are always looking for a way to stand out. If one bookmaker decided to accept Bitcoin, that would help them gain customers so others would have to follow suit if they wanted to keep up.
This would likely cause an avalanche of companies who turn to Bitcoin and would be a huge boost for the Bitcoin industry, both in terms of the number of people using it and the perceived trust in it due to big bookmakers offering it.
Another element of the future we need to think about is what other cryptocurrencies could be used by bookmakers in the future. Ethereum is in use by a small number of crypto bookmakers (here you can find best ethereum betting sites), though it is not as widely used as Bitcoin. Likely, Bitcoin will always dominate the betting market, but that doesn’t mean the others won’t be able to join in and expand the industry in the future.
If anything is likely to do that, it will be Ethereum, which already has an advantage due to being used in a few different places. If you bet with crypto only bookmakers, then look out for other forms of crypto to be involved in the future.
Overall, things should remain promising for years to come. There is unlikely to be a major jump in the use of Bitcoin or any other cryptocurrency in the next few years within the betting industry unless one or more of the big bookmakers agree to accept it from their customers. This would be a huge move in the future of crypto both in the betting industry and away from it.
Whether that happens or not remains to be seen, but speculation will continue, that is for sure.
If you are interesting in more crypto topics, check our crypto news section
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