Betway is a gambling company that is a completely online-based company where people can bet on matches and games. The company was founded back in 2006, and currently, the CEO of the company is Anthony Werkman. However, the company has been acquired by SGHC Limited, which is also the parent company of Betway. Let’s Know whether or not Does Betway Accept Bitcoin?
Cryptocurrencies like Bitcoin have become quite famous in the recent world. In most places like restaurants and clubs, these types of currencies are being accepted as a form of payment, but unfortunately, in Betway, an individual with a Bitcoin would not be able to make bets with Bitcoins. It is not just Betway, but one of the other similar gambling platforms does not allow users to make bets using Bitcoin.
The introduction of Bitcoin is new in the world, and it will take some time for people to get adapted to it. Since it is a new thing that the world is witnessing, it could be one reason why Betway does not have the option to place bets using cryptocurrency. But, it can be hoped that such companies would make it possible to make bets using Bitcoins in the future.
Bitcoin & Online Gambling
Bitcoin has become quite the trend in the recent market which is why most people are attracted to it in the first place. However, apart from that, Bitcoin is a cryptocurrency, and similarly, there are many types of cryptocurrencies in which people can invest their money in. Bitcoin, or rather say cryptocurrency, was started by a man named Satoshi Nakamoto, but the true identity of the inventor of Bitcoin remains unknown.
Bitcoin has got the power to make online transactions from anywhere to any place around the world. Complex mathematical algorithms were used to produce the form of cryptocurrency and give a new way of making payments to ordinary people. On the other hand, online gambling is one of the most booming industries that the world has ever witnessed. Most people can make a living by conducting online gambling these days because the prize money is huge.
Why Has Betway Not Updated Its Payment Mode To Bitcoin Yet?
As mentioned earlier, even though Bitcoin started in the early 2000s, it came into effect, not before 2014-15, and it would be justified to say that it is still in its emerging or its growth stage. Once the whole world starts accepting cryptocurrency as one of the modes of payment, then most online gambling platforms and other such online platforms where transactions can be done would allow Bitcoin or cryptocurrency as one of the modes of payment.
In countries like the USA, Japan, and the UK, Bitcoin has been made legal, and people with Bitcoin can make transactions with them. Since Betway is also an American company, it can be hoped that the company will bring certain updates on their payment or transaction methods. But, till that time, users could not place bets with the help of bitcoin.
What Are The Benefits of Using Bitcoin For Online Transactions?
There are various benefits of using Bitcoin, and most of them would include the prevention of taxes and certain extra charges that other online platforms implement. When it comes to bitcoin and other forms of cryptocurrency then for making transactions with such would have the following benefits.
- Instant transactions take place when done with cryptocurrency. One of those benefits that most people look for is fast and instant transactions.
- Central banks do not have control over it. Well, this is because Bitcoin is a separate identity that even the central banks do not have the power to authorize or make decisions regarding them.
- No extra fees are charged. It is yet another most important and one of the crucial reasons why people choose cryptocurrency is that there are no hidden charges that the user needs to pay. This would result in complete satisfaction of the user, and thus they would tend to stick more to it.
In the end, it is all about money and making transactions as easy as possible. Even though certain countries like India have not yet allowed the functioning of cryptocurrency but most countries have accepted the form of payment where no banks or central banks, or even the government can interfere. Betway is one of the gambling companies that may bring an updated version where people can place their bets using Bitcoin or any other type of cryptocurrency. The introduction of Bitcoin is new in the world, and it will take some time for people to get adapted to it. Since it is a new thing that the world is witnessing could be one of the reasons why Betway does not have the option to place bets using cryptocurrency. But, it can be hoped that such companies would make it possible to make bets using Bitcoins in the future.