Fantasy sports are virtual sporting sites that allow players to act as team managers. They can buy or trade players just like a team manager would do in real sporting events. There are multiple sites that allow players to choose their favorite sport and teams to bet on. The virtual teams are based on real-life sports personnel who you bet on and get rewarded if your team wins. Traditionally, fiat currency was used as deposit as well as reward for the winners in the fantasy network. However, with the rise of cryptocurrencies fantasy sport networks have shifted to the digital currency that has shown positive results in terms of security. Additionally, using Bitcoin as deposit takes a shorter time to process payment compared to fiat currency which takes up to two working days to process.
The fantasy platforms that accept Bitcoin as payment are called Bitcoin fantasy sport sites, and they have a significant difference from regular fantasy sport. That’s probably because of the unique features that Bitcoin has compared to traditional payment methods. Bitcoin is a global currency which means it is accepted by all over the planet. Therefore, participants from the Middle East can place their bets on European teams without the hustle of going to a bank or financial institution to convert their money. Unlike regular fantasy, Bitcoin fantasy sports offers a wide variety of sports to choose from like, American football, NASCAR and European soccer. Rather than banks cryptocurrencies like Bitcoin are stored in blockchain technology called digital wallets.
Since, Bitcoin is stored in blockchain technology, playing Bitcoin fantasy sports ensures that your winnings are kept safe from robbery in case of breach in the bank. Transaction of the digital currency is kept private and anonymous protecting your winnings from being taxed by government regulations. Money won through Bitcoin fantasy sport is kept anonymous and can’t be linked to you by government officials looking to enforce gambling restrictions. Privacy is also important to gamblers in countries that have gambling restrictions imposed to its citizens. But there are restrictions on making payment through credit cards to prevent potential credit card fraud. During registration to Bitcoin fantasy sport sites, deposit is simple as you have to type down the address to send cash unlike bank transactions that need verification.
Some Bitcoin fantasy sport platforms are free to join and offer up to 50% bonuses just for joining. Transactions are fast thanks to the P2P network that has eliminated the need for middlemen in handling cash. Plus, some platforms don’t charge any cost for transferring Bitcoin from one party to another. Information on Bitcoin fantasy sport are well stated to provide easy understanding to users which means there’s little research needed before playing. After winning BFS gives you the option of withdrawing your reward or use it to play. They offer both real and virtual games depending on the type of game you’re interested in. Users have the option of playing a full season tournament in a single day or wait for the season to end then claim their reward.
Volatility of Bitcoin has a downside and an upside with the former being that it can be unpredictable which may cause a huge loss if value drops. But, if the value increases you can make a more profit than what was expected. Regular money maintains their value with little if no drop or rise in value. It’s also a disadvantage to those who prefer to use credit cards to make deposit as the platforms don’t permit credit. Bitcoin fantasy sport sites give you the choice of betting on real-life tournaments or create a virtual tournament. The betting websites for BFS are available for on play store for mobile devices such as iOS and Android. There are daily games which can be played anytime depending on your desire and there’s no limit to the amount you can play.
Similar to deposits, Bitcoin withdrawal takes seconds to be processes unlike other payment that may take up to days. With multiple platforms, providing multiple sport contests, Bitcoin fantasy sports are becoming more popular in the virtual sport industry. Setting up a wallet for storing Bitcoin is free plus it takes just under 20 minutes before you could register and start betting on your favorite team.