Connect with us

Business

Why Bitcoin is perfect for online betting

More and more of the general public are taking an interest in the benefits of using Bitcoin and other cryptocurrencies in mainstream industries.

bitcoin
Image: Flickr / PerfectHue

The online betting industry is a multi-billion pound empire that is constantly growing and expanding. It’s an industry that is always looking to embrace change, and it has evolved over the years alongside the technological advances that have been made. Now we’re at a stage where the landscape could change once again, but this time it is payment methods that are under consideration. Bitcoin has shot into the mainstream limelight recently, and people are already championing it as perfect for online betting.

One of the first reasons why Bitcoin seems to be perfect for the online betting industry is due to the privacy and security that it affords both the punter and the operator. Staying safe online is of high importance to most, if not all, and with Bitcoin, the person doesn’t only remain anonymous, but the transaction does too.

Due to everything being anonymous where Bitcoin is concerned it means that customers are able to enjoy online betting wherever they are, and with any operator who accepts Bitcoin as a payment method. This means that any restrictions that were in place, will no longer apply, and this will be good news for those who travel a lot, for example.

Bitcoin is also known for being decentralized. This means that it is not governed by any form of financial institutions, governments or banks. This ultimately means that there are no third-party involvements at any step in the payment process, so transactions will always be instant, and payments will never be withheld.

Operators are likely to benefit from allowing Bitcoin as a valid payment method just as much as the customers. A lot of transactions take place in the online betting world and at times these can be costly, especially for the operator. Due to Bitcoin being self-governed, with no interference from the government or banks, it allows transaction fees to stay extremely low at all times.

Furthermore, we are seeing a growing trend where we now opting to place bets on the go via mobile apps. All the top operators around the world have their own bespoke apps, which mean players can place a bet within a matter of just a couple of minutes. Bitcoin is a payment method that can be used wherever the bettor has internet access, so that means it’s perfect for the ever-expanding mobile betting market too.

Bitcoin really is the perfect solution for everyone involved in the online betting industry, and it is probably only a matter of time for more and more established bookmakers like Betpoint incorporate this type of payment method. Not only does it provide an unrivaled amount of security when it comes to transactions, it also means that deposits and withdrawals will always be instantaneous. This is one of the main complaints that people have with the industry as it stands, as they can deposit money immediately, but generally, have to wait for their withdrawals to be processed.

More and more of the general public are taking an interest in the benefits of using Bitcoin and other cryptocurrencies in mainstream industries. We’ve already seen online sportsbooks and casinos begin operating with Bitcoin as an accepted payment method, and it’s very likely one of the key players will follow suit in the not too distant future.

Just another guy who likes to write about tech and gadgets.

Comments

More in Business