EXPERTS NIGERIA The rise of Bitcoin in sports betting 4 weeks ago Samuel Post Views: 61 With the popularity of Bitcoin on the rise, more and more people are looking for ways to use the cryptocurrency. One way that has become popular is using Bitcoin for sports betting. Before taking an in-depth look at how Bitcoin is influencing sports betting, you want to download betway app and take advantage of the bonuses offered. Once you have the app, you can easily access it any time. What is Bitcoin? Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is created as a reward for a process known as mining. Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block. Each block contains a cryptographic hash of the previous block, using the SHA-256 hashing algorithm, which links it to the previous block, thus giving the blockchain its name. The advantages of using Bitcoin for sports betting Bitcoin is a decentralized digital currency, which means that it is not subject to the control of any government or financial institution. This makes it an ideal payment method for online gambling, as there are no third parties involved in the transactions. Another advantage is that it is a very fast and convenient way to make deposits and withdrawals. Transactions are usually processed within a few minutes, and there are no fees charged by the casinos. Furthermore, Bitcoin is a very secure payment method, as all transactions are encrypted. This means that your personal and financial information will be safe when you use Bitcoin for sports betting. The disadvantages of using Bitcoin for sports betting One of the biggest potential problems is the volatility of the currency. Because the value of Bitcoin can fluctuate so much from day to day (and even hour to hour), it can be difficult to know how much your bet is actually worth. This can make it hard to budget and manage your bankroll effectively. Another potential downside of using Bitcoin for sports betting is the fact that it is still a relatively new and untested method. While there are definitely some reputable and well-established sportsbooks that accept Bitcoin, there are also a lot of fly-by-night operations that might not be around tomorrow. Finally, because Bitcoin is not regulated by any government or financial institution, there is no customer protection in case something happens to go wrong. If you have a problem with a particular sportsbook or if your funds disappear for some reason, you will have no recourse. To sum up, Bitcoin is becoming more and more popular in the sports betting world because it is convenient and easy to use. Source: pulse.ng About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: bitcoin, crypto, Nigeria, sports betting Continue Reading Previous N2m won from EasyWin Ghana Lotto GamesNext Growing Popularity of eGaming and Online Gambling in Africa More Stories EXPERTS SOUTH AFRICA South Africa starts regulating cryptocurrency exchanges 2 days ago Samuel EXPERTS GHANA TransferGo expands money transfer service to Africa 2 days ago Samuel EXPERTS KENYA 5G Technology Gives Rise To Sports Betting In Africa 3 days ago Szarlot NIGERIA ONLINE Benefits of gambling with minimal investment in Nigeria 4 days ago Szarlot EXPERTS TUNISIA The prospects of gambling legalisation in Arab countries 4 days ago Szarlot BETTING NIGERIA 10 secrets of successful online football betting 5 days ago Samuel EXPERTS ZIMBABWE African telcos target minors with new mobile money solutions 5 days ago Szarlot EXPERTS WORLD NEWS BMM Testlabs opens new gaming laboratory in India 6 days ago Szarlot NIGERIA ONLINE SEC of Nigeria will not make cryptocurrencies part of its targets 6 days ago Samuel EXPERTS SOUTH AFRICA Suspect arrested for robbery and impersonating Gambling Board official 6 days ago Samuel HOT NEWS NIGERIA Overview of the Nigerian gambling market 6 days ago Szarlot EXPERTS TANZANIA Which way betting? The big debate 1 week ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.