Bitcoin has emerged into the picture in these recent years through sports betting and online gambling. Almost all the online sports betting sites and casinos have started using Bitcoin as their major payment mode, as it is very reasonable. Yes, other traditional services require higher fees during processing and take much longer time in being cleared. This article talks about the traditional payment methods and benefits of Bitcoin over them.
About traditional payment options
Most of the people prefer making payment through their credit cards, PayPal and bank transfers, which they consider the most secured. However, even these options are bound by the rules of location taxation and other banking regulations. With every fee per card transaction, it is obvious that you would not like to pay up to 3.5% on both the withdrawals and deposits. In addition to this, traditional payment options are subjected to higher costs also. In fact, these payment modes take several days in being processed.
When you make a payment through bank transfer, it takes almost around 2-3 days to be processed. Nobody wants to wait for this much time when it comes to receiving the payments. Understanding the needs of today, PayPal has unified all the payment methods into one but still poses lot many hassles. With PayPal, you will have to face higher chargeback rates. In fact, it has reported a problem of freezing the accounts of the people for some particular transactions. The transactions that PayPal thinks are suspicious are not processed.
Benefits of Bitcoin over other payment options
The foremost benefit of Bitcoin is that the digital currency payments in this are subject to a much lower fee. In addition to this, unlike other payment options, the transactions in Bitcoin are processed and completed in just few seconds. This factor makes Bitcoin much more favorable when compared with various other bank transfers. The best part is that with Bitcoin transactions, there are no chargebacks, which makes it much better than the transactions done with credit cards. Due to all these benefits, Bitcoin payments have become very popular among the players and many gambling websites are offering the option of this payment mode.
Bitcoin on online sports betting sites
Online sports betting have become very popular in this era and all these sites have started using the option of Bitcoin. Depending upon the country or state in which the gambling business is operating, the site is bound to follow the rules and the regulations of that location. According to the legal framework, these sites have stared accepted the payments through Bitcoin. However, not all sites accept this payment mode but the number is surely going to increase in the future.
Therefore, it is clear that Bitcoin is the most secured mode of payment. As a player, you must hook only to the gambling site that uses Bitcoin. With it, you will not only save time in waiting for the payments to be processed but will also save your money on every transaction.