Bitcoin nosedive continues as developers feud
The ongoing feud among bitcoin developers as reported by CNBC over the future of the currency has sent the market into frenzy.
This past weekend, two developers "forked" the software, allowing interested users to split away from the core program.
Sports bettors meanwhile such as those at the SBR posting forum are left asking questions like what's the big deal with bitcoin, factoring in the high shifts in value and how difficult it can be to move funds around when a single bitcoin can be worth several dollars less overnight.
As the value tanks, the less risk-averse and more long-term oriented bettors will look for opportunity while others resign to accepting the high transaction fees using other cashier options.
Despite all this, more online sportsbooks than ever allow sports bettors to fund their account using bitcoin.
Players can find a list of 31 bitcoin accepting sportsbooks using the SBR rating guide. The top sportsbooks, such as those that have after several years qualified for inclusion in the best sportsbooks list, store player bitcoin deposits in their local currency. This means players are protected by the rapid shifts in bitcoin value once they make their deposit.
Bitcoin exclusive websites such as Nitrogen Sports however store player funds in bitcoin and only allow withdrawals through bitcoin.
The differences between conventional sportsbooks and bitcoin exclusive sites also include handling of sportsbook bonuses, given how most bitcoin websites perform virtually no KYC on player accounts and are not as well-protected from fraud due to the concept of their business model.
SBR recently reported on sportsbook 5Dimes' plan to automate bitcoin deposits following player feedback.
The below graph shows the last week's worth of bitcoin closing price movement. The data shown is powered by Coindesk.com.