Crypto Betting for NFL Season Explained
With the 2022-23 NFL season finally here, now is the time to draft those fantasy teams and brush up on your strategies to make the most of the NFL odds. One strategy should include optimising the bonus cash offered at Bodog Sportsbook; the best way to do that is by depositing with Bitcoin or any of the other cryptocurrencies accepted here. We save the best of the best for the crypto players, so if you haven’t yet transitioned over to crypto betting, now is the time.
In addition to getting access to loads of bonus cash, cryptocurrencies like Bitcoin lead to speedy withdrawals and guaranteed deposits. Removing the middlemen out of payments and deliveries reduces wait times considerably. It also eliminates the risk of blocked transactions when you try to deposit. Moving money in and out of your Bodog account has become incredibly quick and easy more recently thanks to cryptocurrencies.
Why choose Bodog for the new NFL season? We’ve covered that and more recently, but our crypto offerings perfectly compliment our live NFL Betting, hundreds of props available and live blogging. We can hardly wait, and the availability of crypto betting makes the fun all that more instant.
While there’s no doubt that all six of the cryptocurrencies accepted at Bodog are faster and cheaper than using a conventional credit card, the type of cryptocurrency you pick does have some impact on speed and cost. Do you know the difference between Bitcoin and Bitcoin Cash? Have you heard about the massive benefit of using Tether? We’ll cover each crypto to make sure you recognize the more subtle differences between them all.
In 2021, many of the NFL’s biggest stars hopped on the Bitcoin bandwagon, including Green Bay Packers QB Aaron Rodgers, who is a big advocate for investing in Bitcoin. Rodgers famously had part of his salary converted to Bitcoin in 2021 and spoke at the 2022 Bitcoin Conference in Miami. With his emphasis on the investment side of cryptocurrency, it’s fitting that he would be most interested in Bitcoin out of all the cryptos on the market.
Bitcoin was released in 2009 under the penname of Satoshi Nakamoto with the goal of creating a decentralized form of digital currency that could be managed by people instead of controlled by a central bank or government. That change in power gave people full control of their funds, which they gain access to through cryptocurrency exchanges.
Even though Bitcoin was designed as a tool for conducting daily online transactions, many people hold on to their Bitcoin as a form of investment. Bitcoin is capped at 21 million, so it is a finite resource that has not yet reached its ceiling. It went from almost valueless in 2009 to over $80,000 CAD in 2021, and the roller coaster ride continues.
While Bitcoin is the most well-known cryptocurrency and the biggest when it comes to market capitalisation, its processing time isn’t as speedy as the altcoins that would follow in its path. It processes a maximum of seven transactions per second, with each block taking about 10 minutes to complete. The need for special mining equipment also makes Bitcoin less accessible to segments of the crypto mining market.
Bitcoin Cash (BCH)
When Bitcoin shot up in value in 2017, the slower transaction times made it tough to keep up with demand. An upgrade seemed necessary, but the operators could not reach a consensus on the approach, with a split between people who wanted to keep things aligned with Nakamoto’s original plan and those who wanted to make improvements.
As a result, a “hard fork” was created in August 2017, called Bitcoin Cash. The goal of Bitcoin Cash was to facilitate quick day-to-day transactions—not have people hold them for investment purposes. In order to process transactions faster, Bitcoin Cash was designed with max block sizes of 8 mb (8X bigger than that of Bitcoin). Miners are able to process a maximum of 60 transactions per second, and just like with Bitcoin, Bitcoin Cash has a ceiling of 21 million.
Launched in 2011, Litecoin is the oldest altcoin on this list. Initially, its purpose was to serve as a backup for Bitcoin, which would inevitably run dry due to its 21 million cap. Litecoin’s cap is 84 million and its mining/release rate is double that of Bitcoin at 25 per block. That allows up to 56 transactions to be completed per second, with a 2.5-minute block time.
The second biggest crypto in terms of market capitalisation, Ether was released on the Ethereum network in 2015 and has more (102 million) in circulation than the other cryptocurrency on this list. Unlike Bitcoin and Bitcoin Cash, Ether doesn’t have a cap on production, so there is a possibility that it could suffer from inflation.
One unique feature of Ether is that the network makes it possible for people to create apps and smart contracts, which have been used in the creation of Non-fungible tokens (NFTs). The Ethereum platform hosts Non-fungible tokens and designates ownership of a digital asset to a purchaser. Tom Brady has been a big contributor to the NFT market, creating his own NFT collection that highlighted the beginning of his career; it sold for a total of $1.3 million.
The Ethereum network can manage up to 20 transactions per second, making it faster than Bitcoin, but slower than Bitcoin Cash.
Third overall in market capitalisation, Tether arrived in 2014 as a ‘stablecoin’ in order to provide the market with a coin that wouldn’t experience the intense volatility of the other cryptocurrencies. Tether coins are backed by fiat currencies of equal value, so one Tether always equals $1 US dollar. This is a huge benefit for people who don’t like the idea of their currency dropping in value due to market swings.
All of these cryptocurrencies are eligible for the Bitcoin promotions advertised on our site. They can be used for both withdrawals and deposits throughout the NFL season, so pick the one that interests you the most and enjoy the perks that come with crypto betting at Bodog Sportsbook.