Esports Betting Bitcoin
Discover the use of bitcoin esports betting. Bitcoin betting is seen as a breakthrough in the Esports betting industry.
What is Esports Betting?
Electronic sports betting, or more popularly known as esports betting, involve competitive video gaming. In this activity, bettors pick the players that they think would win in their respective tournaments. They win returns on their stake if they predict the winners correctly.
Players can either compete online or at physical venues to win and take home prizes. Recently, esports has become so popular that you’d find huge tournaments held at major venues.
Most common games include those that belong to these genres: real-time strategy (RTS), multiplayer online battle arena (MOBA), and first-person shooter (FPS). Popular titles include:
- Counter-Strike: Global Offensive (CS:GO)
- League of Legends (LoL)
- Dota 2
- Call of Duty
- Fortnite Battle Royale
Esports can also include “skin gambling” wherein players bet virtual game items in exchange for items of larger value. Another kind of esports betting is “challenge gambling” where players bet on their personal victories and challenge others to beat them.
How It All Started
Several decades ago, enjoying electronic entertainment usually meant a bunch of friends hosting LAN parties and playing video games until the wee hours of the night. Bonding over video games, whether it’s Atari or Nintendo, was a favorite group activity.
In the 90s, PC games become popular and shared in the consumer time and attention that console games used to enjoy exclusively. There were already esports tournaments at the time when the first networks were established.
The global growth of esports was believed to have started in South Korea when broadband networks were established after the 1997 financial crisis. Esports then grew significantly, especially after the creation of online streaming services.
Today, esports has become a stable industry that involves professional gaming leagues and tournaments. Prizes are getting bigger and more money is being obtained from sponsors and advertisements.
There are people who still remain sceptical about these video games being referred to as “sports.” But, the fact that some players actually earn millions of dollars cannot be ignored.
The Beginnings with Bitcoin
Bitcoins were launched back in 2008. During its years of existence, it has grown in both use and value. Its rise in popularity also made it attractive to areas such as online betting, including esports betting. Bitcoin soon became a method of payment for betting sites, either as an additional or a replacement method to fiat currency.
Bitcoin isn’t really a stranger to online gambling. It has become an alternative to the usual online sportsbooks. Because of the speed and anonymity of its use, it has become a preferred method for those who wish to wager safely.
Those who have experienced the benefits of bitcoin already find it hard to go back to the usual methods and lose the perks that they get from it. After knowing how convenient it is to use bitcoin, the traditional methods now seem tedious and time-consuming.
Why Use Bitcoin to Bet on Esports?
Discovering the use of bitcoins is seen as a breakthrough in the eSports betting industry. By choosing bitcoins instead of fiat currency, you can receive the money swiftly from a secure website. Transactions can take as short as 10 minutes to a few hours – definitely still faster compared to fiat currencies credited to an account.
Bitcoins also allows you to withdraw amounts even without having to fill out paperwork or undergo other verification procedures. No personal data is attached to your personal bitcoin wallet, so people can’t tell what you purchased or spent your bitcoins on.
More About Sports Betting Bitcoin
For esports betting, bitcoin might be ideal. Still, certain issues might still come up if you choose to use bitcoin to bet on esports. Be ready for these issues:
Bitcoin Betting can be Complicated
If you’re new to bitcoin betting, then it can get a little complicated. You’d have to figure out how to get it, where to get it, how you’d transfer it, and other related concerns. You’d also have to understand how to convert it and know how much you need.
Sites often provide instructions on how betting works on their end, but you’d still have to learn the basics on your own. Not knowing the ins and outs of both bitcoin and eSports betting may cause you to fail.
Bitcoin’s Value Fluctuates
Bitcoin, being a volatile currency, has a value that fluctuates from time to time. Because of this volatility, bitcoin may be complicated to handle. Exchange rates can move fast. You still have to observe whether it will work positively or negatively against the dollar to know if it’s in your favour.
Investing in bitcoin itself is a risky move. What more if you’re going to use it for eSports betting that comes with its own risks? For example, you bet on a game using bitcoins. Then, you won the bet. You get paid with bitcoins. If the value becomes higher, then you’re lucky. If not, then you will be paid less.
You’d Have To Spend On Fees
If you’re using bitcoin for esports betting, then you might have to deal with various fees. These are charged for transactions like converting bitcoin to a specific currency or using ATMs to buy bitcoins.
Fees may appear small, but they can already be significant amounts to some bettors. Still, these fees come with betting on esports, so you have to be prepared to spend those amounts. Aside from that, those fees are indeed smaller compared to the fees that would have been charged if you used your card.
Bitcoin Is Not Yet a Common Payment Method
Cryptocurrencies such as bitcoin may have become more popular as times pass, but they’re still not as common compared to other payment methods. There are not a lot of places that accept it as payment right now.
Let’s say you found a place that accepts bitcoin. It’s great that you found one, but you can’t expect that you’ll get the same value if you pay the standard currency at the usual supermarkets and groceries.
You can’t just determine in an instant how many bitcoins will be required in exchange of a dollar. It’s not like the usual currencies that usually change in a day. Bitcoins change their value after a very short time.
Is Choosing Esports Betting Bitcoin Safe?
Why are esports betting sites and large operators starting to focus on bitcoin?
Bitcoin and Its Legalities
The process of using bitcoin for betting is not a lot different compared to the usual betting methods. The sites would still need to follow the compliance rules set for gaming or else they can’t continue with their operations. Players’ identities are kept safe and confidential as they play on the websites.
In some states, banks are believed to be prohibited from processing transfers to and from the banks in online casinos. On the other hand, casinos that run on bitcoin have transfers that are managed peer to peer. This will assure you that that isn’t dictated or affected by the government.
How Secure is Bitcoin?
It is safe to bet on esports using bitcoin. For one, you have the anonymity. Your identity is hidden and the amounts you spend are hidden as well. The companies make sure that all your details are protected and that information about you won’t be disclosed.
Another advantage of using bitcoin for esports betting is that it’s safer and faster. It works with the blockchain technology so payments are processed in shorter timeframes. Hacking is close to impossible, so operations are safer and more secure.
Preferred Method for Online Sites
Bitcoins are not controlled by the government or any other centralized authority. This makes bitcoins so attractive to the betting industry. The number of people who utilize virtual currencies keeps increasing. And so, people who would bet online on eSports might increase too.
Those who own both bitcoins and credit cards may choose to use the former than the latter when it comes to esports betting. This is because using credit cards would result in higher fees and that sites usually offer promotions to those who use cryptocurrencies such as bitcoin. Of course, the promotions would be hard to ignore especially if you’re planning to play for a long time on the site.
Finding your ideal esports bets:
The first step in betting on esports is realising what kind of game you’re betting on. League of Legends? Dota 2? Here are some of the most popular games that people bet on:
New to Esports Betting?
Here’s all you need to know about how to place your first bet on any esports live match or tournament:
Decided to finally bet?
Esports betting is a complex market. There are many things you need to understand – from the video game itself to the players to the process of betting with a site, it is a busy and massive industry.
But at the end of the day, it’s just another market. It has its vulnerabilities and its shields. In a way though, it is far different than any other industry. Once upon a time, video games were just games. Who knew that games would give birth to a whole new sport, and a whole new form of gambling? Who knew that you could profit off magic spells and fictional characters?
But alas, the industry has shaped itself- and it continues to evolve.