Today I’d like to tell you about bitcoin, and specifically about what are the advantages of this digital currency to work with surebets.
I was motivated to write this article because of the addition of several bookmakers by BetBurger arb scanner. These bookies work exclusively with bitcoins.
What is Bitcoin?
First, let’s see what the bitcoins are all about. Bitcoin is a cryptocurrency that forms digitally. Its popularity grows every day.
Herewith, bitcoin release is not controlled by any government or other authority. In this case, the banknotes are created by users of the system, using a special program installed on personal computers. This process is also called mining.
It is also important that Bitcoin is used exclusively for virtual payments on the Internet.
It is clear that bookmakers couldn’t fail to take into account the growing popularity of this cryptocurrency, and so they also began to accept payments via bitcoins. All these bookmakers can be divided into several types:
1) Sportsbooks that accept bitcoin, but then convert them into dollars/euros. Such bookies include 5Dimes, Zirkabet, BetOnline, WindBet, etc.
2) Bookmakers that accept bitcoin as a full-fledged account currency and don’t convert it. These include 1xBet, Loot.bet, MELBet, PlanetOfBets and some others.
3) At the beginning of this article, I mentioned that BetBurger added 3 bitcoin-bookmakers to its scanner. Those bookmakers (Cloudbet, Nitrogen Sports, and Anonibet) work exclusively with bitcoins.
After reading all of the above, you probably have a question: what’s the use of bitcoins in arbing? That’s just at this point I would like to dwell in more detail.
Benefits of Bitcoin for arbing
Anonymity. One of the main advantages of payments using bitcoins is anonymity. The owner of bitcoin account doesn’t provide any information about himself and all that is known – the wallet numbers between which the funds are exchanged.
Accordingly, it is easier to hide information about yourself from the bookmaker. This is an important fact for the arber’s work.
Transfer speed. When paying via Bitcoin, all money is transferred instantly from the player’s wallet to the bookmaker. The transaction is much quicker, as banks and other intermediaries are not involved in this chain.
No commission for transfers. Since the banks have absolutely no relation to bitcoin, they cannot take any payments for their use.
Investment attractiveness. The very purchase of bitcoins can be called a profitable investment, as the rate of this digital currency is constantly growing. Thus, the arber can earn money not so much on the arbs as on the cryptocurrency course.
Another issue is that this growth rate is clearly not eternal and at some point may significantly decrease that has previously happened. In this case, you cannot earn, but lose a tangible part of your money.
Bitcoin drawbacks for arbing
No cancellation of the transaction. If the transfer to this or that bitcoin-address has already been implemented, it won’t be possible to return the payment back. This will be possible only if the recipient wants to return these funds by himself.
Moreover, if you make a mistake by transferring funds to nowhere (non-existent address), the bitcoins will be transferred and you won’t be able to return them.
All transactions are tracked. Any user of the system can see what transactions were made from a particular address and how many bitcoins on this account.
On the other hand, if the pros will not clearly show their affiliation to a particular bitcoin address or will change them, they can easily maintain the anonymity.
There is a shadow component. I have already mentioned earlier that Bitcoin is an independent currency and is not controlled by any state. It’s definitely a plus for a gambler, but there is one thing…
The fact that the lack of control over bitcoin is concerned in many countries because no taxes are paid from such transactions. In addition, there is no way to track the place of residence, age and other data of the wallet owner. Accordingly, different criminals can use Bitcoin for their purposes.
This is what I’m leading to… It is unknown what steps will be taken by different countries in relation to this cryptocurrency. For instance, a ban on its use in a particular country can greatly affect the rate of bitcoin.
As you can see, Bitcoin’s cryptocurrency has tangible advantages for arbing, and the main one is its anonymity. But as for me, the shadow component casts doubt on the feasibility of its use for betting.
In view of the foregoing, it’s up to you to decide whether to use this cryptocurrency in your work.