Choosing between BTC and ETH for sports bettingSports and Crypto Betting Insights - Sportsbet Blog

BTC vs ETH: Choose the best digital asset for sports betting

BTC vs ETH: Choose the best digital asset for sports betting

Sportsbet.io accepts a wide variety of cryptocurrencies for you to use in sports betting. However, Bitcoin (BTC) and Ethereum (ETH) are particularly noteworthy due to their robust economies in 2024. The question is, which one of them is the better choice for bettors?

Both cryptocurrencies have similar strengths as modes of payment and stores of value. They’re both the most volatile assets on the crypto market and they have strong surging liquidity. The decision between the two is a flip of a coin for most people but if you must choose, then here’s what you need to know:

Important factors to consider

There are various factors to consider when choosing a cryptocurrency for betting. It’s crucial to prioritise your preferences as a user. Here’s an overview of the factors to consider and their significance in assessing digital assets like BTC and ETH when staking at a bookmaker:

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Preferred investment landscape

Bitcoin and Ethereum are both popular modes of payment and store of value but each one is a centre of different investment landscapes. BTC is the main focus of institutional trading where it’s exchanged for properties, stocks, and foreign exchange (ForEx). ETH trading is focused on Web3.0 development and other projects using the Ethereum blockchain.

Both can be converted into the other but they will scale differently because their market trends are independent of each other. On top of that, conversion between BTC and ETH can take a long time, especially during a crypto surge caused by high traffic. It’s better to save the asset you’re most interested in so that you’re ready to trade when the opportunity arises.

Market price volatility

Both crypto exhibit volatility but BTC has a much better chance of reaching greater price hikes. ETH, on the other hand, is more liquidated because of its thriving platform. Many layer 2 blockchains rely on ETH for gas fees so it's typically used all the time besides trading.

Whichever crypto you opt for depends on how you expect to profit from the asset. BTC is ideal for transactions with big investors, following the approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). ETH, on the other hand, is great for regular trading as it is highly sought after by many Web3.0 developers.

Available custodial solutions

Many crypto wallets support both BTC and ETH but some custodial solutions providers are dedicated to only one of them. That’s why you have to factor your tools and services into your investment plans.

This isn’t a concern for many traders because plenty of crypto wallets can store both. However, bank custodians tend to support BTC only because it’s the most popular asset that many country governments can openly support. ETH, on the other hand, has the exclusive advantage of using wallets with ERC20 channels like MetaMask.

Bonus and promotions available

Bonuses in Sportsbet.io apply to deposits of all supported cryptocurrencies. But there are also some asset-specific offers like the weekly Tether (USDT) giveaway on the site. Stay tuned for what crypto betting promotions are available on Sportsbet.io and see if it’s dedicated towards one asset over the other.

Network and wallet security

Both Bitcoin and Ethereum have ongoing developments in enhancing their network security without compromising utility. Therefore, both have some of the strongest cryptography of all blockchains and it’s essential because of how valuable they are.

However, certain factors give one network an advantage over the other. A decentralised system’s security is bolstered by a large number of participants distributing data across the network. That means Bitcoin is still more secure than Ethereum, owing to the number of BTC miners compared to ETH stakeholders.

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The strongest selling points of BTC and ETH

All of the factors above highlight the differences between the two cryptocurrencies. Many individuals still struggle to ultimately choose just one. Consequently, various gamblers opt to diversify their bankroll. However, if compelled to choose a single asset, then you should focus on their primary selling points:

BTC sports betting is better for steady financial growth

Bitcoin has many advantages coming from its growing economy that many investors and business sectors want to be a part of. This resulted in a strong demand increase when Bitcoin spot ETFs were approved by the SEC in January 2024. Market trends keep rising as new investors join and more funds come into circulation in the crypto ecosystem.

BTC is the best option if you want to participate in its rising trends that secure high conversion rates to other assets. It will be challenging to join because of its expensive price and that’s why it’s fortunate that Sportsbet.io allows betting in small denominations.

  • MilliBitcoin (mBTC) = 0.001 BTC

  • microBitcoin (µBTC) = 0.000001 BTC

Rapidly build up your BTC savings from betting on sports events or try your luck winning big slots and jackpot prizes at Sportsbet.io. You have the opportunity to get a strong advantage in the booming crypto market and maximise its profit.

ETH sports betting is better if you're investing in DeFi

ETH is currently one of the most valuable smart chain crypto in the world because the Ethereum network is the host to most Web3.0 projects. However, it does not have a monopoly on the market because Polygon (MATIC), Solana (SOL), Polkadot (DOT), and Cardano (ADA) are in the same ecosystem.

The best part about having other layer 1 networks for investors to join is that they aren’t strictly competitors. Instead, they offer a diverse array of tools and options for Web3.0 developers including the ability to interact with the other networks. This creates a far better foundation for decentralised finance (DeFi) than having only one layer 1 blockchain.

ETH is also highly convertible to any ERC20 token, making it more valuable every time Ethereum expands. Since the network also interacts with other blockchains, it also benefits from watching the other aforementioned networks grow. Thus, the DeFi ecosystem will just keep growing and you can benefit from it if you invest in ETH.

Bet on Sportsbet.io and win BTC or ETH

As one of the pioneering platforms to embrace crypto betting, Sportsbet.io boasts extensive experience in facilitating wagers with BTC and ETH, especially sports betting. This culminates in Sportsbet.io’s robust platform filled with amazing features that you can enjoy as a gambler:

  • Price Boost: Increase your payout all the time with Sportsbet.io Price Boost. Enable it on the bet slip before finalising your tickets.

  • Bet Sharing: Share your bet slip with peers to discuss your predictions or discuss your favourite sporting event through WhatsApp and Telegram.

  • Clubhouse loyalty program: Sportsbet.io appreciates your continued support and patronage. Therefore, you are entitled to rewards and benefits exclusive to loyal customers when your account reaches higher tiers. You can be a VIP customer enjoying fun perks like having an account assistant or getting invitations to an all-expense paid luxury vacation.

Bet on sports at Sportsbet.io now for the chance to win big payouts in BTC or ETH. Both cryptocurrencies are highly encouraged for use in the platform and choosing between them should be based on their strongest points. Your selection won’t compromise your betting experience, but it holds significance for your future in trading.

Frequently asked questions

Here are some of the most frequently asked questions about BTC and ETH betting:

How is Bitcoin different from Ethereum?

Bitcoin primarily functions as digital currency or as a store of value. Ethereum can be used the same way in practice but it has more value as a gas crypto and for staking in addition to its monetary use.

Is it preferable to bet BTC/ETH than to mine them?

BTC is currently in a state where mining is no longer encouraging for newcomers unless you’re willing to invest in a powerful mining farm or join a mining pool. Betting is a more sustainable way of earning with higher and more frequent payouts than mining. ETH, on the other hand, is best used both in staking on the Ethereum network and betting at the same time.

Is BTC payment secure?

Yes, the blockchain is immutable and protected by cryptography. It cannot be tampered with and all valid transactions are irreversible. All deposits and withdrawals are safe and reliable for BTC users and it’s one of the reasons this payment method is so popular.

Why bet using BTC or ETH on sports events?

The popularity of using BTC or ETH in sports betting comes from the benefits of using blockchain-based payments. It’s secure, reliable, cheap, and faster than fiat payment because centralised banking makes transactions inconvenient for many users.

Can I use both BTC and ETH on the same account in Sportsbet.io?

Yes. Making an account at Sportsbet.io generates an e-wallet where you can store all kinds of money. This extends to all fiat and cryptocurrencies in Sportsbet.io’s supported list which includes BTC and ETH.

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DISCLAIMER

The information provided by the blog above on Sportsbet.io is for general information purposes only. All information on the Site is provided in good faith, however, we make no representation, warranty, or guarantee of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, or completeness of any information or betting tips on the Site.

Clarence Clarke19 Mar 2024

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