Over the past decade, bitcoin has rapidly gained global attention and popularity. While most people have heard of it, not everyone fully understands what it is or why it's used. The fact is, Bitcoin is now becoming more mainstream, which is why we think it is destined to take over as the currency of choice for sports betting in 2020. Due to the fluctuating values of cryptocurrencies, not all businesses accept them as payment method. However, partly due to the fame of bitcoin, this outlook is changing. An increasing number of online markets now accept cryptocurrencies, with bitcoin being the favorite. Bitcoin: The Most Popular Cryptocurrency The origin of bitcoin is a story shrouded in mystery. Invented back in 2009 by Satoshi Nakamoto, no one really knows whether this pen name represents an individual or a group. Without a central bank or state to regulate it, the bitcoin supply is decentralized. The number of bitcoin can then only be increased by 'mining' it. Bitcoin uses blockchain to record transactions. This method is secure, as while it is public, it doesn't show identifying information. Blockchain is also difficult for hackers to manipulate, due to its linear structure. Its records cannot be changed either. For extra security, it is recommended that you keep your bitcoin in a digital or hardware wallet. As bitcoin filters into the mainstream, a growing number of sites are accepting it as a legitimate payment method. With more people using this cryptocurrency than any other, it makes sense that people want to use it in more diverse ways. The online betting industry has certainly cottoned on to this fact, as more online sportsbooks are accepting the currency. NetBet became the first gambling site licensed in the UK to accept bitcoin payments back in 2016. You can read an analysis of bitcoin betting sites to get further information on the state of the industry. Since getting in early on the trend, it has become one of the leading operators in this niche. Now it has tons of betting options available, a mobile app for betting on the go and live streaming so you never miss a game. Why Use Bitcoin? There are a number of distinct advantages to using bitcoin to make betting transactions. For one, bitcoin and gambling go hand in hand. The value of bitcoin fluctuates with demand. This means that its value is both volatile and high value. Bitcoin is not for the faint-hearted, as with any cryptocurrency, there is an element of risk. For this reason, it makes sense that bettors like bitcoin. Using bitcoin to bet with just adds that extra bit of excitement! Because bitcoin is decentralized, it is incredibly fast to make deposits and withdrawals. Unlike normal banks, there is no middleman between the user and betting site. Bitcoin is sent directly from your e-wallet to the site, which makes it considerably cheaper than other payment methods. As the acceptance of bitcoin grows on online sportsbooks, many sites are making it easier than ever before to use. This can include features such as automated payouts, so that when a player wins, the money is sent directly to their digital wallet. Many sports bettors choose to use bitcoin because it is a discreet payment method. A separate bitcoin wallet is a useful way to keep betting money separate to other funds and keep count of how much is being spent. It is also convenient for those who want to remain anonymous when betting. Many people who enjoy sports betting online also like to play at online casinos. Using bitcoin to make deposits for online slots and other casino games is just as easy as using it for online sports betting. Bitcoin can be used for a wide range of applications online - and the list is still growing! We're Betting on Bitcoin in 2022 There are two main factors that explain why bitcoin is going to see a surge in popularity in 2020. It has, in part, to do with the legalization of sports betting across the US. Since PASPA was repealed in 2018, individual states have been allowed to legislate for themselves on sports betting. It has been a slow but steady process and most US states have or are in the process of legalizing it. What is following is a swathe of new bookmakers, both online and at sportsbooks. Bitcoin has taken off in various parts of the world, but one of the places where it is most widely accepted is the US. We predict that as the US sports betting market continues to open up, more online bookmakers will start to accept bitcoin as a valid payment method. Bitcoin is likely to first take over American sports betting sites, before it is adopted worldwide.