Using Bitcoin for Your Betting Deposits and Withdraws
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 called cryptocurrency with a digital wallet for your funds. Other cryptocurrency brands exist but Bitcoin is the first to gain prominence and exposure. A global phenomena and somewhat geeky cyberspace financial software creation that is independent of banks and governments. Companies are starting to use Bitcoin more frequently to upgrade their current systems. However, press releases and all the hype surrounding Bitcoin do little justice for people to get a handle on it.
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 betting 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 in ten minutes or sooner. But when a good thing gets popular, the politicians step in to disrupt your life. Neteller was harassed and executives were threatened with jail time so they had to deny access to all US customers —- a self imposed ban on a large part of their business.
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 (the blockchain). 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 reduce 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 (digital wallet) 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 and no one can prevent you.
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 25 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. You can apply for a Bitcoin debit card and use just like a bank debit card at an ATM bitcoin machine to exchange for dollars from your account.
Main stream businesses are adopting bitcoin for the future trend in digital cash. You can use Coinbase exchange in San Francisco online and convert your dollars to bitcoin and use their storage wallet address for your own transfer deposit to off-shore books. Very secure and user friendly with small fees. You can buy Bitcoin in any dollar amount and it is converted to a partial Bitcoin.
Technology through Bitcoin settles the problem as off shore books using Bitcoin want to streamline the process for their customers.
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