Saturday, July 20, 2024

Why do most bettors prefer Bitcoin over other cryptocurrencies?

We are fortunate to live in a world where we can pay for most things online. Thanks to the various payment options such as e-wallets, debit cards, and cryptocurrencies, we don’t even have to leave our homes to pay our bills.

Besides using them for their monthly expenses, many people purchase different games or use these options to fund their account on one of the many online betting websites. Even though some of them don’t have as many options, most prominent sportsbooks allow their clients to make a deposit and withdraw their winnings using all sorts of payment methods.

Unless you are a fan of e-wallets, you will probably utilize one of the many cryptocurrencies. There are several “hot ones” right now, but the one that stands out is Bitcoin. That’s why it doesn’t come as a surprise that most bettors prefer to fund their accounts with it rather than using any of the other options.

Here are a few reasons why this is the case.

Bitcoin is the most famous cryptocurrency in the world

Although things change fast, Bitcoin continues to be the most popular cryptocurrency in the world. Ever since it became widespread, people have been trying to “mine” as many Bitcoins as possible. If you are one of the people who’s actively using this currency, check this list with bitcoin bookies, and you will find all various betting websites where you can make safe transactions using your favorite cryptocurrency.

Nowadays, there are many other virtual coins out there, some of which might even have more potential than Bitcoin. Nevertheless, this continues to be the most popular option in the world.

It is really expensive

The next reason why many people choose to fund their account and claim their winnings with Bitcoin is due to its value. At the time of writing this article, this is the most expensive cryptocurrency in the world. 

This should theoretically reduce the number of people who can afford it, but it turns out that the high value attracts more bettors. Since it can go up in value even more, people want to use it because their potential winnings can increase automatically. 

For example, if you make a Bitcoin deposit worth $100 and one month later the value goes up to $150, you will have $50 more (as long as you haven’t lost the money, of course).

There are special rewards for Bitcoin users

Lastly, some bettors like this cryptocurrency because it gives them access to unique rewards. In addition to the bonuses, there are betting websites (mainly online casinos), where people can play Bitcoin slots. These games are not available if you make a deposit using any other option.

Will Bitcoin continue to be the most popular cryptocurrency for online betting?

Unless something drastic happens, we believe that Bitcoin will continue to be the go-to cryptocurrency in the next couple of years. However, we suggest keeping an eye on Ethereum because it has a promising future ahead of it. Although it isn’t as expensive as Bitcoin right now, this might change soon.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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