The world is changing at a rapid pace and so is everything that we have known around us. Something as simple as “paying” is drastically changing. From the age-old barter system of exchanging goods for goods or services to the evolution of currency to online payment portals, the world has evolved into a global hub as far as currency and payments are concerned. It has still gone a pace further with the introduction of cryptocurrency… and it is growing big!
Introduced back in 2009 in the form of Bitcoin, there are different kinds of cryptocurrency available – after only a decade! From coffee sellers to automobile dealerships, cryptocurrency is slowly spreading into the masses and has even started to spread its hands around the world of betting, especially sports betting. The value of Bitcoin has gone up to over $60,000 in 2021 and there is about $1000 billion worth of bitcoin in circulation now. To put that in perspective and to inculcate how tremendously humongous that amount is, you can think of it this way- while 1 million seconds only mean 12 days, 1 billion seconds means more than 31 years! Yes, that’s how big Bitcoin has become from its early days of inception back in April 2009.
Now that we have grasped just how influential cryptocurrency is going to be in the coming years, it is time to understand how that can be worked into betting. As reported on Rowdie.co.uk, cryptocurrency is definitely going to change the betting game. This includes everything from how a bet is placed to how a match is fixed to benefit certain concerned parties. Irrespective of its implications betting using cryptocurrency is fairly easy and includes only five very easy to follow steps. So, if you have some cryptocurrency lying around, you could as well use them to fuel your sports betting game.
Bookmaker and the Crypto
Whether you are going to place a bet on a match using real, physical money or via cryptocurrency, the first thing that you need is a bookmaker. What most of the punters don’t know is that to bet in crypto, you don’t need a bookmaker that fools around with crypto balance, but a wallet that can convert the funds between your wallet and a bookmaker’s balance in crypto. Make sure the bookie has the wallet you are using within his payment options. Does he not? Simply contact the support and they will be happy to answer.
Once you have registered yourself with a bookmaker, you are nearly ready to make a bet. The second most important thing to make a bet would be money! This is the time when you need to transfer some cryptocurrency into your betting account to get you started.
Since cryptocurrency has come a long way from Bitcoins, there are many different varieties available nowadays. You need to first choose the kind of cryptocurrency you want to use. If your bookie really has a crypto account and if you have chosen Bitcoin, you need to copy the Bitcoin address from the bookmaker’s site and paste it to your crypto wallet. Then select an amount, and make a payment like any other online monetary transaction.
Choose the Be(s)t
Now that you have some funds in your betting account it is time for you to make a bet. If you have experience in betting, well you already know what to do. If you are new to sports betting, well, you should read up about it a bit before you make any kind of bet. Sports betting is not rocket science, however, it isn’t betting on your favorite team and hoping that they win either! There are quite a lot of factors involved that you need to know about before you start making bets. Once you have made the bet, you move on to the next step if you win the bet!
Did you win? Time to withdraw
This can indeed be a tricky part. You filled up your bookmaker’s account with regular currency – the currency you exchanged before the deposit, then you bet and eventually won. The next step can be however more rewarding than the actual win. If you look at how the prices of bitcoin moved up and down, you can see that if you did the deposit conversion e.g. on 7th September 2021 and your withdrawal on September 22nd the same year, over there you already won big. The price went down from 52 700 to 40 380 USD. This drop is around 24% and that means that during the period when the price of a bitcoin decreased you were holding onto the right assets (real money), only to buy the same amount of btc for much less a few days later.
On the other hand, you could have gone the other way if you did the same action between July 21 and September 07. In this case the value of btc went up by 75% and you would be losing big. So the real question is: What is the real gambling here? Having Crypto or betting?
Whether you are looking forward to collecting your winnings from the bookmaker’s account or some residual funds standing in your betting wallet, you could easily do that too. Every bookmaker’s website will have a page dedicated to withdrawals. You have to move to the withdrawal page, and follow a similar procedure that you followed while transferring funds into the account. Copy the crypto address in your crypto wallet, paste it in the withdrawing section of the betting account, specify the amount you want to transfer, enter the password, and voila, you have successfully transferred your funds to your crypto wallet.
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
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