How to Avoid Taking a Loss when Bitcoin's Value Seesaws
Bitcoin has finally cooled off a bit after cracking $1,140 for the first time in over two years.
The day's range has seen the digital currency bounce between $885.41 and $1,136.72 per Bitstamp movements. As of this publication bitcoin is trading at $988.
What does this rapid price fluctuation mean for online sports bettors?
Bettors who actively keep part of their bankroll in bitcoin wallets or with bitcoin exclusive sportsbooks are effected positively or negatively by the price fluctuations based on their initial deposit amount. For instance, if you deposited $1,000 when bitcoin was at $800, you would have approximately $1,235 right now all without placing a single bet. However, take that same example in reverse and you could have lost $235 if you bought bitcoin when it was performing better.
If this sounds like more of a gamble than you want to take, there's an easy solution: Choose online sportsbooks that convert bitcoin deposits to USD or your native currency. This way, while you're betting, it doesn't matter in the least whether bitcoin is having a record day or nosediving in value. You will still have exactly what you should in your native currency.
How to Find Sportsbooks that Convert Bitcoin to USD
The sportsbook rating guide has a filter for betting sites that convert bitcoin to fiat. This totally protects risk-averse individuals from the at times volatile performance of the digital coin. Price speculators and day traders who are comfortable with the built-in risk of betting with bitcoin or maintaining a ready to move portion of their bankroll in bitcoin wallets can find bitcoin exclusive sportsbooks using the rating guide as well.
How to Get Started with Bitcoin for Sports Betting
Sportsbook Review released a video tutorial showing the three simple steps involved with purchasing bitcoin and using it to bet on sports. Got questions about the process? Ask away in the bitcoin sports betting forum where members are currently discussing the bitcoin tutorial.