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More Legit Bitcoin Sportsbooks Are Coming

Date Posted: November 8, 2016

There are many people who are able to use bitcoin for different transactions online. It can be used to buy clothes, electronics and pizzas. It should make sense for the online gambling industry to also start accepting bitcoin as well since they also deal with large amounts of transactions. The industry, including the Bitcoin sportsbook sector,  took a long time before they started dipping their toes into the Bitcoin river.

5Dimes bitcoin testing

5Dimes casino is one of the casinos who are checking the waters by testing Bitcoin payments with a few of their players. If they decide to enter the market, they become one of the few legitimate bitcoin sports betting sites online. This could help create more reliability amongst the cryptocurrency community. It is a welcome change since most of the sportsbook website which accepts bitcoin are illegitimate or are there to scam players out of their hard earned bitcoins.

Currently, 5Dimes have allowed their players to make Bitcoin deposits. At this time though, they are not able to make any bets with their bitcoin. Most players have accepted this feature since bitcoin has a very volatile intrinsic value. 1 bitcoin could cost about $300 in one day and then cost $400 next week. For 5Dimes players, they are satisfied with having a steady wallet value. 5Dimes is still on the fence when it comes to bitcoin. Their tune could change if more of their players start requesting for bitcoin betting for the next month or years.

Entering grey areas of the law

Not all country or territories allow people to gamble online. These countries have placed strict regulations on credit card companies and banks which makes it difficult or impossible for residents in these areas to make deposits to any online casinos. This is why many online casinos have been accepting bitcoin. It allows them to target a grey area of a country’s jurisdiction.

Important value of bitcoin

Though it’s intrinsic value keeps changing each day, Bitcoin still have a very important value which 5Dimes acknowledge: uncensored form of payment. There are no banks or countries which are able to influence the value of bitcoin. This is the main reason why its value is extremely volatile since no one could regulate it. Many have failed to understand this feature of cryptocurrency where they believe bitcoins need to have the backings of common assets such as money or gold. It is this trait which makes this cryptocurrency a valuable after form of payment to many people.