If you are using cryptocurrency to wager on sports, there are certainly benefits in terms of saving your money in these coins. While most of the general public does view it as a risky investment, for those of us betting on sports, we’re in this thing for the long haul anyway which makes cryptocurrency a great investment for us.
Cryptocurrency Is a Long Term Investment
Most people don’t think about betting on sports as a long term investment despite the fact that they will engage in the activity every season for years, sometimes decades. That is part of the reason so many casual bettors struggle to turn a profit. The same can be said for people that try to dabble in cryptocurrency in various forms. Bitcoin was first released back in 2009 and since then, over 6000 different cryptocurrencies have been released.
For the sake of simplicity, we’ll be referring to Bitcoin because it is the gold standard. Other forms of cryptocurrency are known as “altcoin” as in alternative coin which is further proof that it’s Bitcoin and everything else. The very word Bitcoin scares a lot of people because of its volatility. In 2011, the price of one Bitcoin went from 30 cents to 32 dollars then all the back down to $2. Depending on what price you bought it at, you either got very rich or lost everything. Fast forward to 2020 and the price of one Bitcoin today is valued at approximately $15,000, depending on what you read this.
What that shows you is that like sports betting, Bitcoin is a long term investment. You can absolutely make money in the short term but if you ever want to really profit, you need to look at both as long term investments, that is one reason we are seeing the rise of Bitcoin-specific sportsbooks. Customers are able to use their accumulated coins to invest in the best bets
At the end of the day, you will still use the exact same principles that you would use when dealing with fiat currency (money controlled by banks). You would start your season with a bankroll, not every dollar you have. So as you would with your fiat money, you look at how much Bitcoin you have and you figure out “how much of this can I afford to lose?”. Whatever the answer to the question is, start with 10% less than that number the first time just to be sure that you aren’t putting unnecessary pressure on yourself when trying to pick winners.
Bitcoin Sportsbooks Offer an Interesting Alternative
If you are going to make Bitcoin a long term investment and also bet on sports, it would make sense to combine the two if possible. Again, the money you make won’t just sit in an account like it does with traditional sportsbooks. It will continue to grow as Bitcoins value fluctuates. Of course, there will be periods where it loses value as well but that’s part of the process as we have seen over the last decade. The simple fact is, there is no other opportunity for gamblers to have money in an account where they make wagers and have that same money increase in value without putting it at risk.
While the idea of passive income off the money you have sitting in a Bitcoin sportsbook is great, it isn’t the only perk that you get by opening a cryptocurrency sportsbook account. Anonymity is one of the biggest selling points for those that have considered opening crypto sports betting account. Usually, when signing up online for an account, you will be required to provide identification and proof of residence before making a deposit. While most sportsbooks will allow a certain amount of deposits before asking for identity confirmation, they will not allow you to cash out until this step has been completed.
If you are using a sportsbook that deals primarily in cryptocurrency, they have no need for your identification since crypto is anonymous anyway. On top of that, you will have access to payouts that are much faster that the usual timeframe provided by online sportsbooks. Faster payouts, anonymity not to mention the possibility that it could increase in value while in your possession, it’s no wonder that crypto sportsbooks continue to grow in popularity all over the world.