Bitcoin & Sportsbooks Frequently Asked Questions
We understand that you probably have some questions about sportsbooks and Bitcoins. Luckily, we have the answers you are looking for.
Q: Do sportsbooks accept cryptocurrencies other than Bitcoins?
A: Yes, some sportsbooks accept other cryptocurrencies such as Litecoin and Ethereum. However, overall, Bitcoin is the most well-known type of cryptocurrency and therefore, one that almost every new sportsbook takes.
Q: Why do so many sportsbooks want me to use Bitcoins?
A: Bitcoins and similar cryptocurrencies present fewer problems for sportsbooks than other currencies do. You using Bitcoins means the sportsbook doesn’t have to deal with excessive transfer times or incur fees. In some cases, banks will even block a sportsbook member from being able to make deposits. This is why Bitcoins and other cryptocurrencies were created as an alternative to banks.
Q: What’s the difference between Bitcoin bonuses and other bonuses?
A: When you use Bitcoins, most sportsbooks will give you a higher bonus than other currency users get. On average, the bonus for Bitcoin users is at least 25% more than for those using traditional currencies, but there are sportsbooks that will offer Bitcoin users 50% more in bonuses.
Q: Why is Bitcoin so secure?
A: The two factors that make Bitcoins secure are blockchains and being able to use them anonymously. So far, blockchains are designed so that it is impossible to hack into them.
Q: Are there faster deposit methods than Bitcoin?
A: Given today’s technology, no deposit method is faster than Bitcoins. With no interference from banks or governments, there is nothing to stop Bitcoin transactions from going through.
Q: Will I have to pay high fees for mining Bitcoins?
A: Mining fees are paid to those who create Bitcoins for use by people all over the world. The fee paid to them is small but ensures they are fairly compensated for their efforts.
Q: Will the volatile price of Bitcoins interfere with my ability to place bets?
A: The volatile price of Bitcoins will have no effect on your ability to place bets with any sportsbooks. This is because as soon as you make the deposit, it is converted to the equivalent in U.S. dollars.
Q: Is sending Bitcoins to and from sportsbooks easy to do?
A: Yes, it is easy to send Bitcoins from your eWallet to your sportsbook account and vice versa. The process is completed within minutes.
Q: Are Bitcoin transfers refundable?
A: Unfortunately, if you transfer Bitcoins into your sportsbook and then change your mind, you won’t be able to get those Bitcoins back.
Q: How do I know if Bitcoins are real or just a fad?
A: There is no definitive answer to this question. As of this writing, all signs indicate that Bitcoins are more than just a passing fad. Having been in circulation since 2009, it is apparent that Bitcoins are here to stay.