Bitcoin - Sportsbook Deposit Options
It's rather difficult to define bitcoin precisely, but one would have to start by stating that bitcoin is an online currency. Satoshi Nakamoto developed and introduced the Bitcoin system in the period 2008/09. It was firstly developed as an online payment system, but soon enough it evolved into a currency. Unlike other currencies, bitcoin isn't printed and it's not regulated and issued by a single authority, that's why it is considered a decentralised online currency. Bitcoins aren't considered to be real money, because they lack some of the features of a currency, but they can be used as a means to pay for products and services and as exchange for 'actual' currencies, so it can be said that they function as currency in every important aspect.
Bitcoins are issued as a way to pay individuals who practically lend some of the capacities of their computers which are then used within the network. Then, those who lent their computers get paid in bitcoins, the amount depends on the power of the computer section that has been used in the process. This activity is also known as mining. Therefore, the process of creation of bitcoins is limited. Once a person receives bitcoins, he can use them for various purposes, exchange them for non-virtual currency, or by products and services. The use of bitcoins has grown in the past few years and there are many more services and products available in bitcoins. Different governments and authorities have different attitudes towards bitcoin, it should be noted that USA is one of the most bitcoin-friendly countries in the world.
How to make a Deposit using Bitcoin
Unlike other currencies which are based on gold or silver, bitcoins are based on mathematics. It is very easy and cheap to transfer bitcoins and make payments using them. Sportsbooks were among the first businesses to realise the potentials of the bitcoin, and they started including bitcoins in the list of accepted payment methods. The actual use of the bitcoin as a payment unit starts with what is called 'Getting a Wallet'. Then the software is downloaded on the wallet and this is where the history of the transactions is kept. Upon acquiring a sum of bitcoins, via any method (either purchase them using other currency or earn them by mining) you are free to deposit them at any online sportsbook that does accept bitcoins. Then your bitcoins would be exchanged in a conventional currency, usually according to the exchange rate for that day. The waiting period for bitcoin deposit is practically non-existent.
Advantages of Bitcoin
Bitcoin as a payment option has a lot of advantages. One of them is that it is easy to open an account and start using bitcoins as payment method. Another advantage is that you don't have to reveal any personal data when you're using bitcoins. The various bitcoin addresses aren't connected to your personal details. In addition, with bitcoin, there are virtually no transaction fees. This is probably the greatest advantage of bitcoin. There is no central bank that's in charge of the issuing and distribution process of bitcoins. Bitcoin payments go through fast, usually without any delays. The information of every bitcoin transaction is kept in a system called- blockchain. This ensures the possibility of investigating any dodgy deals.
Disadvantages of using Bitcoin
Bitcoin, on the other hand also has a few disadvantages that should also be taken into consideration before you decide whether you'd be using it as a sportsbook deposit option. One of them is the fact that the value of the bitcoins might fluctuate without you being able to predict that, although generally its value has been increasing in the past few years. Bitcoins are not universally accepted, in fact, they are still new and many businesses are unfamiliar with them. In addition, bitcoins might be lost and it can be very hard to recover them, although this doesn't happen often.
The transfer process is consisted of sending digitalized signatures to the bitcoin network. The verification depends on the miners, who afterwards receive bitcoins for their service. This is how all the transactions are registered and all the bitcoin addresses are registered. There is an unlimited amount of addresses, which are 27-34 spaces (letters and numbers) long and they always being with either 1 or 3. The safety of the transaction is guaranteed by the uniqueness of the address and by the fact that each user is allowed to use an unlimited number of addresses. It's best if he can use a unique address for every transaction.
There are no fees for bitcoin transactions. Another thing that makes it easier for the sportsbooks and other businesses that accept bitcoin transactions is the fact that each player has an individual account with a unique address, which means there'll be no need for fund segregation. This means that betting with bitcoins is much more lucrative, especially in countries like the USA, where the laws on online gaming and sportsbooks are quite strict, which results in higher deposit fees. Bitcoin withdrawals are also almost free of charge and even if you are required to pay a certain fee it never is higher than few cents or so.
One thing that has to be said about bitcoin withdrawals is that they are usually limited and they depend on your history. The withdrawal procedure for situation when you only used bitcoins for depositing is different than for the one where you used other methods. It is much simpler when you both deposit and withdraw bitcoins. Just as with the deposits, the bitcoin withdrawals are converted to US$, or another currency, at the moment of withdrawal.
Some very popular sportsbooks, such as 5Dimes are already accepting bitcoin payments. Sportsbooks usually don't have special bonuses for players who deposit using bitcoins, but they are entitled to all the other bonuses that the casino might offer, such as the first deposit bonus. Also, one shouldn't forget the fact that bitcoin deposits and withdrawals are much cheaper, compared to other payment methods.