Things That Every Bettor Should Know About Bitcoin Betting
Sports betting has gone through numerous changes in just the past five years. The most disruptive change involves the advent of bitcoin betting. BTC has become the crypto of choice for online sports bettors.
If you’re new to online sports betting, read this blog. BTC sports betting has numerous advantages that make it much better for sports handicappers than relying on fiat currency. Check out a list of the top five things to know about bitcoin betting.
5 Things That Every Bettor Should Know
1. Bitcoin bettors don’t have to deal with real middlemen like credit card companies
Bitcoin used to be a peer-to-peer system. By peer-to-peer, we mean I send my BTC to you. There was no middleperson.
Now, though, bitcoin transactions involve a third-party. But the third-party isn’t like your credit card company. Sure, Coinbase and Cash App know who you are, have your address, your phone number, and your email, but neither organization knows why you send BTC.
The anonymity surrounding bitcoin transactions, what each transaction represents, hasn’t changed, which is why Coinbase and Cash App aren’t true middlemen.
2. BTC is safer than traditional money
It’s important to understand what proof of work is. Proof of work means those who create the blocks and places them on the blockchain work to get it done.
Miners solve puzzles and mine for information that allows them to create the block for every bitcoin transaction. What this means is that after every node on the chain (a node is just a computer) confirms the transaction is legitimate (we call this consensus), miners race to see who can create the block for the chain first.
The miner that creates the block, the one who wins the race, gets the prize, usually a BTC coin. This process secures the Bitcoin blockchain.
It would take thousands of nodes, at least 51% of all nodes, to decide to steal a transaction. The chances of that happening are almost zero, which means when you transact in bitcoin, your transactions have as close to a one-hundred percent chance of success as it gets.
3. You bet in increments of mBTC, not BTC
When you bet with bitcoin, you must realize that you bet with mBTC, not BTC. A single BTC at the time of this writing is $29,148.
An mBTC is .001 of a BTC. So, an mBTC is $29.148. When you gamble with mBTC, you want to make sure to convert your mBTC into dollars.
4. Bitcoin prices appear to have stabilized, which means your betting dollars have stabilized
One of the reasons traditional investors shunned Bitcoin is because of its volatility. But volatility isn’t necessarily a bad thing.
More importantly, Bitcoin seems to have stabilized. Since around mid-March 2023, Bitcoin has traded in a range of $27,500 to around $30,500. If Bitcoin doesn’t breach $27,000, it will remain the most stable cryptocurrency available.
5. Top banks like Goldman Sachs and JP Morgan Chase have accepted Bitcoin, legitimizing the cryptocurrency
Acceptance is the best way to legitimize any new currency. The two top banks in the world, Goldman Sachs, and JP Morgan Chae, have accepted Bitcoin, which means that the world’s first crypto isn’t going anywhere.
JP Morgan Chase is interesting because although CEO Jamie Dimon has called Bitcoin a “fraud”, JP Morgan was one of the first banks to offer their wealth management clients access to Bitcoin and other cryptocurrencies.
El Salvador recognized Bitcoin as legal tender two years ago. Acceptance by organizations like Goldman Sachs and JP Morgan, and a nation like El Salvador bolsters BTC’s reputation as a safe, secure, way to make transactions.
Where to Bet with Bitcoin
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
READ MORE: Bitcoin Betting Beginner’s Guide
