- Bitcoin hits new low of $325 for October 2014
- Sports bettors are among the lot concerned
- Concerns over BTC's entry into online sports industry
- How to best minimize currency fluctuations as a gambler
A Sportsbook Review reader and SBR twitter follower commented on a tweet released by Nitrogen Sports (SBR rating B) concerning their entry into the sportsbook ratings guide. The user noted his hesitance to jump on the bitcoin bandwagon due to the steady decline in bitcoin value. BTC dropped to as low as $325 per coin this week, which has only served to fuel speculation on the long-term viability of bitcoin. Sensational headlines asking if this spells the end for BTC have hit the web today. The user's tweet can be found below:
The remark highlights a very real concern had by sports gamblers, and one of the issues bitcoin must overcome before it can truly become mainstream as a sportsbook feature. While bitcoin transactions are generally processed without fees and do not involve some of the elements which plague Person-to-Person transactions, the fluid nature of BTC means that players are gambling on the currency as much as they are the outcome of a sports bet.
The following shows the last week's worth of closing prices of BTC, according to a chart published by Coindesk.com:
It's not rocket science, or is it?
Aside from the rapid shifts in bitcoin value, bitcoin itself can be overwhelming for the average consumer. While there are some common or parallel traits between stock market investors and sports bettors, there are also marked differences. The average investor will take the time to research a new stock and makes a calculated gamble on the performance of said stock; the average sports bettor, which is another way of saying the most desired client of sportsbooks, is looking to deposit in time for the Monday Night football game.
It is a stretch to think this type of gambler, one who bets with emotion, is going to take the time to learn about the anonymous and supposedly untraceable virtual crypto-currency known as bitcoin. That being said, it is seriously not that complicated, and in countries where depositing to an online sportsbook account is like a game of chess itself, there is a chance that bitcoin catches on. 5Dimes Sportsbook (SBR rating A+) and Heritage Sports (SBR rating A) are two of the most established betting sites to recognize this market need, and time will tell on how many other companies follow suit.
I've just deposited in BTC... What next?
If you're not overly keen on riding the wave that is the BTC currency fluctuations, your best course is to simply withdraw your bitcoins at the conclusion of each game or once per night. The unique nature of the digital currency provides relatively instant deposits and withdrawals at most betting sites who support the currency, so there is no need to leave all your bitcoins in one sports account. There are no payout fees in most all cases or meaningful transaction limits that would hinder withdrawals.
Bitcoin sportsbooks guide
Sportsbook Review has created a bitcoin reviews guide which lists sportsbooks that accept bitcoin exclusively, and betting sites that are new to the party and offer traditional funding methods. The list is continually being updated as readers submit feedback on the categories that are important to them when wagering bitcoin. SBR encourages readers with feedback on the guide to write in to email@example.com.
Sportsbook Review is in the process of preparing video tutorials and a series of articles that cover bitcoin: These include how to purchase bitcoin using traditional currencies, as well as how to wager and withdraw.