Bitcoin is not physical currency. There are no actual bills or coins. It is a kind of digital or electronic currency that is referred to as cryptocurrency. It became the first decentralized cryptocurrency upon its inception in 2009.This means that no institution controls it. Unlike most currencies that are based on gold or silver, Bitcoin is essentially based on math. Like regular currencies, it can be used to purchase things electronically online. The value of Bitcoin also fluctuates.
Getting Bitcoin is a relatively simple process. You can get started by visiting Bitcoin.com. Once you have purchased Bitcoin you can use it at a rapidly growing number of businesses around the world including many online betting sites. Bitcoin isn’t the most widely accepted payment method for online betting but more and more bookies are beginning to accept it.
Best Bitcoin Bookmakers:
How and why Should you use Bitcoin for Sports Betting?
Those who appreciate privacy will love the fact that no personal information is attached to Bitcoin wallets. Transactions are also instant which means that Bitcoin sportsbook deposits are almost immediately credited to your betting account. Moreover, transactions are secure and fees are very low.
Making a Bitcoin bookmaker deposit is just as easy as depositing using other methods. Simply sign into your bitcoin betting site and select the “deposit” option. Follow the instructions and click on “bitcoin” when prompted for a payment method. After a few more clicks the process is complete and you should immediately have the funds in your betting account.
Even if your bookie doesn’t accept bitcoin you still have a way to deposit bitcoin. Some eWallets such as Neteller allow you to fund their eWallets using bitcoin. You can then use the eWallet to deposit into your betting account.
Is it Safe to Use Bitcoin for Sports Betting?
Using bitcoin for betting is absolutely safe. Users don’t even have to transmit any personal or financial information over the internet. Just be sure that you bookie’s site is secure and that they encrypt data. You should also avoid using unsecured internet connections.
Are there any Bitcoin Fees for Deposits and Withdrawals at Sportsbooks?
Most sportsbooks do no charge any fees for deposits but many will charge for withdrawals. It varies from bookie to bookie. The only bitcoin fees that you may be forced to pay for sportsbook deposits are for currency conversions and sometimes a small transaction fee will also be applied to your bookie deposit.
How to Make Deposits and Withdrawals Using Bitcoin?
The deposit and withdrawal processes are pretty much the same any other deposit method. Log into your bitcoin sportsbook and go to the banking section. Click on “Deposit” and follow the instructions. You will need to enter a bit of information like the deposit amount and any promo codes that may apply. Select “bitcoin” when prompted for a payment method and continue following the instructions until the process is complete. You should find the funds instantly credited to your betting account.
Withdrawals are just as fast and easy. Sign into your bitcoin betting site and go to the banking section where you will click on “Withdraw”. Enter the required information and choose “bitcoin” as the payment option.
It is important to double check the bitcoin payment address so that the funds are correctly sent. Also, due to the fluctuation in bitcoin value, you need to complete these transactions in a given period of time.
What are the Best Betting Sites that Accept Bitcoin?
As mentioned earlier, bitcoin is just beginning to gain acceptance as a sportsbook deposit method so there aren’t all that many bookies that take bitcoin yet. Some of the highest-rated such betting sites include Bet Victor and Efbet. 5 Dimes, Road Bet, Bet Kurus, and BetDSI also allow bitcoin sportsbook deposits.
Is Bitcoin Good for Bonuses? What are the Best Bitcoin Bonuses?
Deposits using bitcoin are a great way to qualify for sports betting bonuses. Bitcoin betting deposits at Bet Victor and Road Bet are eligible for €25 in bonuses while Bet Kurus will give you up to €50 as a bitcoin deposit bonus. There is as much as $300 worth of bonuses up for grabs at BetDSI and $500 in betting bonuses waiting for you at BetOwi. Want something a bit bigger? How about the $2,500 in bonuses that you can get at BetOnline?
Check out the bookmaker database and promotions section at Gamblingjudge.com to find more great bitcoin deposit bonuses.
Are Some Countries Banned from Using Bitcoin?
One of the things that some governments don’t like is the fact that bitcoin can be used anonymously and has the potential to be used for money laundering. With that said, only Iceland, Vietnam, Kyrgyzstan, Ecuador, Russia, and China ban the use of payment provider.
Can Bitcoin be used in the UK?
Yes. You can use it for betting in the UK. 13 of the 93 recommended bookmakers for the United Kingdom as listed by Gamblingjudge.com are bitcoin betting sites and most of them offer valuable bonuses for such betting deposits.
What are the Advantages and Disadvantages to using Bitcoin for Betting?
Bitcoin transactions are fast and easy. On top of that, users can enjoy their anonymity and using this currency to bet with is safe and secure. Users aren’t strapped with too many fees and those that are levied against them are quite small compared to other payment methods.
Bitcoin has a few drawbacks such as fluctuations in value. Because many bookmakers still don’t accept bitcoin payments, users have fewer choices when they want to find a trusted sportsbook. It is also relatively new and many people don’t know enough about it while others simply don’t trust it. The lack of a central authority to control its value can be seen as both good and bad.
Time will tell whether or not bitcoin will continue to gain traction. In the meantime, this cryptocurrency has its fair share of users who swear by it.
Other articles you might like: