The increasing popularity of Bitcoin sportsbooks has given rise to many myths and misconceptions. Let’s debunk them!
Crypto has become a part of every industry, including online sportsbooks, with its staggering popularity. Many sports betting sites are integrating cryptocurrencies like Bitcoin into their platforms. Like other wildly popular entities, crypto has been shrouded in several myths and misconceptions. While some people using digital currencies cannot get enough of it, others are still intimidated.
However, the excitement surrounding bitcoin sports betting sites is extreme and can no longer be ignored. We have addressed and debunked some of the most common myths and misconceptions about Bitcoin sportsbooks.
Popularity of Sports Betting With Bitcoin
The rise of best Bitcoin sports betting sites has certainly positively influenced traditional sportsbooks as wagerers can now access a wide range of sports betting opportunities that were previously unavailable. What makes Bitcoin sportsbooks outstanding is the level of anonymity they offer. Several bitcoin sportsbooks employ blockchain-based cryptocurrencies for players to wager on their favorite sporting events without requiring personal or financial information.
Another major benefit of betting with crypto is that players can enjoy cheaper and faster transactions than other banking options, such as credit card payments and bank transfers. The rising popularity of Bitcoin sportsbooks is due to the key additional features that players enjoy on crypto betting sites while wagering on sports and esports events.
Common Myths & Misconceptions for Bitcoin sports betting sites
Crypto has existed for over a decade, but many are still new to this technology. Although several attempts have been made to regulate sports betting with BTC, people are still unsure about the framework for cryptocurrency operations; it has resulted in numerous misconceptions. Let’s check them out:-
1) Lack of Regulation and Security Concerns
Blockchain technology is completely decentralized on bitcoin sports betting sites, and the transactions are processed privately. There are a lot of controversies surrounding crypto regulations, and many believe they are impossible to enforce. However, this is a complete myth. Players can always trace their transactions in crypto. Although they are the safest form of payment, crypto transactions leave audit trails connected to public keys. These keys are generally connected to real-world data when players convert their cryptocurrencies to fiat. It allows several regulatory agencies or law enforcement bodies to trace and prosecute criminals who use crypto for fraudulent activities. Additionally, to operate legally, several sportsbooks must comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.
Bitcoin sportsbooks are some of the most reliable and secure platforms that use advanced encryption protocols and secure technologies such as two-factor authentication to protect client data and funds. Moreover, reputable sportsbooks also employ RNG (Random Number Generator) to ensure fairness and randomness of gaming outcomes.
2) Bitcoin Sportsbooks are Untrustworthy
Online betting platforms and Bitcoin sportsbooks are completely reliable and trustworthy. Since players never have to reveal their financial information while wagering on their favorite sporting events, they have the option to remain anonymous and maintain their anonymity while betting on sports. They may only have to share their credentials if they purchase crypto with their credit cards. The information is never shared with the crypto sports betting site operators. Bitcoin and other cryptocurrencies facilitate anonymous payments and provide privacy unavailable in fiat currency methods.
3) Bitcoin’s Volatility Risks Bettors’ Winnings
Bettors can take advantage of the volatile nature of Bitcoin by engaging in various betting approaches and locking their winnings or returns from wagering. Some players employ the strategy of buy-and-hold, where they win crypto and hold them for a specific amount of time, usually till the time the value of Bitcoin is at its peak, and then release them for selling. Hence, volatility can offer profit-gaining opportunities if it is performed correctly.
4) Limited Betting Options and Sports Coverage
Sportsbooks accepting Bitcoin provide players access to various betting options. This key feature makes players choose regulated bitcoin sports betting sites over regular platforms. The available sports as well as esports crypto betting options include MMA, football, basketball, cricket, baseball, horse racing, water polo, Counter-Strike, League of Legends, Dota 2, and many more.
5) Bitcoin Sportsbooks are Anonymous and Unregulated
Bitcoin transactions are not exactly anonymous but pseudonymous. Players’ names are not directly linked to their Bitcoin addresses, but as long as they still have a static Bitcoin address, it can technically be linked to them. Whenever crypto players verify their identity with a decentralized crypto exchange, a link is formed between their identity and a certain Bitcoin address. It is important to be aware that most of the sports betting sites that support cryptocurrencies require compliance with KYC legislation which requires verification of players’ identity.
6) High Fees and Hidden Costs
People participating in sports betting using cryptocurrencies like Bitcoin can enjoy faster and cheaper transactions than regular banking methods. It sparks interest among the players and encourages them to go for sports betting with bitcoin. Fiat currencies generally charge certain banking and administration fees and take 5 to 7 working days to process a transaction and transfer them to the online sportsbooks. On the other hand, crypto payments virtually occur in the blink of an eye at a lower transaction cost. Compared to traditional betting methods, sports betting with crypto involves lower transaction costs due to the peer-to-peer decentralized nature of crypto that reduces the need for intermediaries like banks and their associated costs.
7) Inaccessible to Non-Tech-Savvy Bettors
Crypto is globally available and accessible to every person in the world. The ease of making quick transactions and accessibility that crypto offers makes them one of the most preferred banking options for individuals seeking to participate in betting activities. It includes crypto-savvy bettors as well as people who are new to this digital world. The widespread adoption of crypto has been a key factor in the growth of sports betting with bitcoin. As more bettors become familiar with blockchain technology and crypto and understand how to function, people from all walks of life will enter the world of crypto betting.
8) Limited Future Potential and Sustainability
The future potential of BTC sports betting seems to be shining bright. With different engaging and innovative opportunities, it is not impossible to predict the crypto industry’s growth. If the laws and regulations get relaxed, more bitcoin sports betting websites will become easier to use and wager on. It will lead to a dramatic rise in the number of players worldwide. Moreover, cryptocurrency’s carbon footprint has been reduced for the safe and sustainable growth of the industry in the future. It is a prominent system used in the sports industry that consumes less energy and promotes sustainability in different countries.
The online crypto sports betting industry is plagued by several myths and misconceptions. To dispel them, we have debunked the most common myths to give bettors a profound understanding of crypto facts. It is important to choose the regulated and licensed platforms irrespective of the players’ payment method to ensure an enjoyable and secure betting experience. Since the cryptocurrency climate is still on the rise, with no accepted framework or regulation around the world guiding the legal operations of bitcoin sports betting sites, it is easy for people to get the wrong idea about using crypto. However, with the right information about crypto regulations, players can make a well-informed investment decision while betting on sports with cryptocurrencies.