The use of Bitcoin crypto-currency has continued to experience an upsurge at a very fast rate despite the fact that it has been around for a couple of years. For this reason its circulation has dramatically risen and that is why it’s one of the preferred methods of betting. Bitcoin gambling sites is fast gaining popularity due to the fact that it is immune to confiscation by the government because it by-passes the laws of the land in its operation. The other major reason is due to the elimination of bureaucracies when securing this currency. It’s now very easy to buy and sell this currency unlike in the past where this was a very daunting task. In addition, it will cost you a little or no dime to transfer this currency to almost any part of the world.
Most gambling sites are faced with the difficulty of processing payments and this can prove to be a very expensive undertaking. But the use of bitcoins in this activity has proved a very worthwhile undertaking since all those costs have been lifted. Therefore betting sites incur fewer costs that would have otherwise been employed and this also means more profits for them.
In addition it’s also worth noting that many sportsbooks utilize a huge workforce focused on processing of funds while at the same time addressing a whole load of customer concerns. However the introduction of Bitcoin has ensured that their work is greatly reduced and this means that more time is dedicated towards customer satisfaction.
In unregulated markets in some parts of Europe and the US customers, have to undergo a lot of time and more expenses just to withdraw or to deposit. It can take you several days to get it done. However when Bitcoins are involved in this process the situation is much different. First of all, the costs involved in deposits or withdrawals are very low or none and the time required to transact is very short. In fact all you need is a couple of hours to get it done.
It’s also worth mentioning that the customers have to ensure several weeks of waiting just to have their funds which also cost a handsome fee in the regulated markets but this is lifted when transacting using bitcoins. However, if you wish to receive your money on a very short notice using methods such as MoneyGram or western Union, you will have to incur very inflated cots that may amount to $200
Finally if you are using other sportsbook currency other than the Bitcoin, you will have to undergo through a lot of paperwork just to have your funds which is and exemption when using the Bitcoin. Bitcoins also present better Odds and bonuses compared to other currencies. Check out our other blog posts here.