Traditional Vs Bitcoin eSports Betting
If the question of why choose Bitcoin eSports betting over traditional betting came across your mind, you wouldn’t be the first one. There are some clear advantages to choosing Bitcoin as your currency for betting. Let’s take a closer look at what those are.
Anonymity and Security
With traditional betting, you need to provide your personal and financial information to perform transactions on the betting sites. While it’s safe to do it on trusted sites, there’s always the risk someone might intercept the information and get access to your hard-earned money.
In comparison, using Bitcoin, you can remain anonymous and perform transactions without revealing sensitive information. This gives you the peace of mind that you can wager on Dota 2 or LoL without worrying that someone might steal your money.
Transaction Speed and Fees
With traditional payment methods, you get access to different methods, each of which comes with different transactional speeds. Some are faster than others. There’s also the concern regarding the transactional fee which can end up being quite high.
With Bitcoin transactions, the speed is the fastest you’ll ever enjoy. And while there is a transaction fee, it’s quite low compared to many traditional payment methods that you might know of.
Volatility
One of the only things that fiat currencies can offer over Bitcoin betting is the stability of its price. Even if it fluctuates, it’s not too big of a spike. Rather it always remains within accepted margins.
But if you take a look at the market chart for the price of Bitcoin, you will notice that it’s all over the place. This also takes place on a daily basis. Since it’s based on decentralized finance, there’s no baseline for the price. This means that you can’t anticipate how high or low the price of Bitcoin can get on any given day.
Accessibility
One of the issues with traditional betting that uses fiat money is currency support. Bookmakers mention in their terms the currencies that they accept on their platform. If you’re playing with foreign currency, you will have to deal with conversion costs which ends up in you losing a lot of money to fees.
Bitcoin on the other hand is a borderless currency. It will be worth the same no matter where you’re playing from. You won’t need to change it to any other currency as it’s accepted as it is by bookmakers.