The Benefits of Withdrawing Winnings in Bitcoin

By Hank Blaine • September 11, 2023

For sports bettors and casino players, cryptocurrencies, especially Bitcoin, are a disruptor. Online sports bettors and those of us who like to play blackjack or pull the handle on a virtual slot machine, should gamble with Bitcoin. BTC provides advantages that traditional currencies like the Canadian and American dollars don’t. Check out those advantages and why we should also deposit and withdraw in Bitcoin or some other cryptocurrency.

Top Advantages to Cashing Crypto Winnings in Bitcoin

Bitcoin is decentralized

Bitcoin is decentralized, meaning it’s a peer-to-peer currency that doesn’t require a centralized government to oversee. The Fed handles monetary policy for the U.S. dollar, which is why Jerome Powell can arbitrarily raise and lower interest rates.

Sounds a bit like a scam, right? When it comes to bitcoin, the market determines the prices. This causes price fluctuations, but it also means governments can’t decide how much your money is worth.

There is no Fed raising interest rates on BTC. So when you withdrawal, you can be sure the price will be determined by market factors. This is an advantage to you because market factors are more capable of creating long term price stability than central governments.

Withdrawal fees are minimal

An obvious reason to withdrawal in bitcoin is because fees are low. When you withdrawal into your credit card, often, a fee is involved. Sometimes, the fee is so high it eats into your profit.

Let’s take a moment to consider both deposit and withdrawal fees. Let’s say withdrawal fees are at 5%. So if you make an NFL football bet with 10% juice, you must pay 10% on your bet. Then, when you withdrawal, you must pay 5%.

So to break even, you must hit 65% of your NFL football bets at 10% juice. Other factors are involved but this is the simple example.

Take away the 5% withdrawal fee and you must hit 60% of your ATS bets. See the difference? The 5% is 50% of every penny you pay to make an ATS NFL football bet. That’s massive.

To put it another way, 5% of, let’s say $5,000, is $250. Even 2.5% of $5,000, which is $125, is too much because of how difficult it is to make a single winning bet.

Nobody knows why you’re withdrawing in BTC

One of the reasons Satoshi created the Bitcoin network is so people could keep their individual sovereignty. Part of keeping one’s individual sovereignty is staying anonymous.

When you withdrawal in BTC, depending on where you withdrawal, you can be fully anonymous, or partially anonymous.

Full anonymity means you are withdrawing to a wallet that doesn’t have any of your personal information. If you withdrawal to Coinbase or Cash App, or something similar, you aren’t anonymous, Coinbase knows who you are, but the details regarding your withdrawal, what the withdrawal is for, is anonymous.

Even partial anonymity is better than having your credit card company know exactly where the withdrawal originated.

Bitcoin is a store of value

Bitcoin maximalists describe BTC as digital gold. It’s difficult to argue that point. Old school investors like Warren Buffet says cryptocurrency has no intrinsic value.

The answer to Warren is that neither does gold. Humans assign value to the shiny objects that we dig out of the ground.

Human beings have decided that Bitcoin is digital gold, which means BTC is a store of value much like gold. Gold backs up other currencies. In this case, BTC is backing up other cryptocurrencies and for some, fiat currency like the U.S. dollar.

We know this is true because Bitcoin has begun to trade in a range. The range is $25,000 – $30,000.

Gold’s trading range in 2023 is $1,800 or so to $2,000. 10% of $2,000 is $200. 10% of $30,000 is $3,000. So Bitcoin is almost to the point of where it trades like physical gold.

Bitcoin gives you flexibility to deposit back into your sports betting or casino accounts

If you withdrawal in Bitcoin and keep your withdrawals in BTC, you can deposit back into your sports betting or casino accounts without having to pay credit card or other deposit fees.

In the long run, this will save you a lot of money. Also, as online sports bettors and casino players, we must always take deposit fees into account. The more fees we pay to deposit and withdrawal from our betting accounts, the more it eats into our profits.

The best course of action is to always deposit in BTC and always withdrawal in BTC. Doing so means we save more in the long run, which means we also profit more in the long run.