Will Off Shore Bettors Endorse Bitcoin ?
The Bitcoin option for off-shore sports bettors is becoming more involved in the deposit and withdraw functions without the problems of identity verification, transaction fees and cash flow detours.
Another term for Bitcoin is the main category called cryptocurrency, a digital wallet for money of the future. Many enthusiasts and investors engage in the exciting world of cryptocurrency trading, utilizing tools like immediate connect‘s cryptocurrency trading bot to automate their transactions and maximize their profits.
There are other cryptocurrency brands but Bitcoin is the first to gain prominence and exposure. A global phenomena and somewhat geeky cyberspace financial instrument that most banks, governments and companies are starting to use more frequently. However, press releases and all the hype surrounding Bitcoin do little justice for people to get a handle on it.
Most people have a limited knowledge about digital currencies and fail to even understand the Bitcoin concept.
Before the US government passed the UIGEA Act in 2006 as a rider to the Port Security Bill, bettors could easily make cash transactions anywhere in the world. The unlawful internet gambling bill became a big threat to off shore books and the middleman processor. From the off shore havens of Costa Rica and Curacao to the heart of London for spread betting accounts, deposit and withdraws were handled by Neteller or other similar processing companies.
Neteller was the most popular administrator for quick and easy transactions. The fees were low (around 3.5%) and transfers were usually completed under ten minutes or sooner. But when a good thing gets popular, the do good politicians step in to disrupt your life. Neteller was harassed and executives were threatened with jail time by US agents and they had to deny access to all US customers —- a large part of their business. However, I see where Neteller has degraded their services from my usage over ten years ago.
The birth of cryptocurrency is a bit technical and complex but Bitcoin was created to offer options to the fiat currency ( USD, Euro and others ). A Bitcoin trader described Bitcoin as the separation of state and money just like the separation of church and state regarding religion in the US. No government agency or bank group to interfere or delay any transaction. An independent currency on a peer-to-peer network like file sharing and a de-centralized network with a consensus balanced structure. I said it was not to well understood and complex.
But for sports bettors, how can Bitcoin play a major role for transactions.
How does the information help off shore bettors relieve the hassles of account financial transactions. Bitcoin is fast and global and transactions are confirmed in minutes. No physical address needed or name verification. Funds are locked in a public key cryptography system which is impossible to break and highly secure.
You do not need permission to use Bitcoin. It is free software that is downloaded as a digital wallet on your computer. You can receive and send Bitcoin as no one can prevent you. There is no gatekeeper. But there is no safety net or support that can reverse a transaction once sent.
Quite a few well known off shore books have added Bitcoin as a deposit or withdraw option. Instructions are available about your digital wallet, where to buy Bitcoin (exchanges) and the process of deposits and withdraws. Bitcoin is also available with their latest ATM technology and field locations in the US (over 5 spots in Vegas). My off shore book has no fees through Bitcoin. Conversion rates do cause fluctuations in value but this is a new currency prone to uncertainties.
The learning curve is a little steep and some hidden warning exist dealing with Bitcoin. But main stream businesses are adopting Bitcoin for the future trend in digital cash. There were some early setbacks with computer software holes and Bitcoin companies were hacked and had to shut down. The problems of illegal drug purchases on the internet were well known as Bitcoin survived the start up pitfalls associated with most new technologies.
A little trial Bitcoin transaction is worth it to get around the fees, time restraints and rules that make it annoying but necessary to get an account. Hopefully, technology through Bitcoin settles the problem as off shore books using Bitcoin want to streamline the process for their customers.
