Digital payment solutions have been increasingly used by betting sites. Since 2006, Bitcoin has been used for online gaming, sports betting and eSports betting. The gaming platform that originally introduced cryptocurrencies was SatoshiDice, launched in 2012.
Currently, it is simple to identify sites that support Bitcoin transactions, such as casino or sports betting sites. Customers would like an anonymous means to fund their accounts for betting and gaming purposes, and Bitcoin was indeed the solution to meet their needs.
Today, it is common to see betting companies offering Bitcoin transactions both to fund a player’s account and to bet regularly. Many sites rely on technology that allows Bitcoin eSports betting via quick and simple transactions, but some intend to integrate it into their platforms so that it becomes a standard payment method for betting, withdrawals and deposits.
Betting on eSports in Bitcoin and the client
The main benefit of the technology – for both the player and the company – comes from its anonymity. Therefore, bitcoin is a way to maintain privacy. It also offers a significant benefit in terms of security compared to strict bank supervision.
Also, the danger of damaging bank credit score is minimized when betting on eSports using Bitcoin. This makes it safer for you to be able to apply for any further banking operations while still playing and betting.
Speed and Commissions
On betting sites, deposits are usually processed immediately or take a few minutes to complete. However, it depends on the method selected for withdrawing values from the platform. Furthermore, transfers from a betting site to a bank account are still considered “untrustworthy”, thus security concerns are present.
Bitcoin is recognized for its fast transactions and minimal fees. The payment issuer has the possibility to stipulate the fee. Therefore, betting on eSports with Bitcoin allows you to have control over the transaction expenses you pay.
The advantage of Bitcoin is that operations cannot be reversed without human confirmation. That is, regardless of whether the money meets the requirements of the platform or not, whenever the transfer takes place, it will appear in your account. It will not be removed from or declined, giving you much more freedom to start your betting session.
The maximum amount that can be withdrawn and deposited with Bitcoin is usually higher than using conventional payment methods. As bigger bets provide better returns even if the odds are lower, most esports bettors opt for Bitcoin.
Betting on eSports on bitcoin and digital platforms
Similar to how Bitcoin benefits the customer, it also provides some value to the business. The cryptocurrency’s global transaction system is one of its most relevant factors. But, there are several options that offer this feature, including Skrill, Neteller and PayPal. Bitcoin transactions are much simpler to manage as seen by most online casinos and eSports betting sites.
For starters, it’s a guaranteed operation; nothing can stop you unless there is a bug in the blockchain, which is unlikely. Market turmoil can also work in favor of the casino/sportsbook more than usual.
Volatility is the state of having frequent changes in the price of a currency, in this case, a cryptocurrency. As a result, a customer’s Bitcoin deposit of $100 can rise to $110 the next day. It all depends on how quickly the company handles exchanges after receiving the currency.
Bookmakers and Bitcoin
Bitcoin is currently destined for a range of online services and goods, but some experts still find it difficult to put them to use. Advertising a Bitcoin eSports betting site is an interesting way to gain new customers. After all, people will have a chance to easily sell their assets on a cryptocurrency market.
The sum is shown in USD or local currency right after the platform confirms the payment in Bitcoin. And, the withdrawal can be made later in fiat currency.
Despite the aforementioned benefits of bitcoin, countless people are still wary of this option. The conversion that takes place is one of the main problems. Overspending is to be expected because not everyone readily notices how much Bitcoin they are depositing on the platform.
The site can also serve as a kind of vault for the coins. Noting that there are no reports of incidents of cryptocurrency theft or website hacking, therefore, it seems to be a considerably safe alternative.