Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It is a peer-to-peer network that allows users to send and receive payments without the need for intermediaries. Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a network of nodes.
One of the key features of Bitcoin is that it is limited in supply. There will only ever be 21 million bitcoins in existence, and this limit is expected to be reached by the year 2140. This scarcity makes Bitcoin a valuable asset, and its price can be highly volatile.
Bitcoin can be bought and sold on cryptocurrency exchanges, and it can also be used to purchase goods and services. Many online merchants and betting sites now accept Bitcoin as a form of payment.
To use Bitcoin, users need a digital wallet to store their bitcoins. There are many different types of wallets available, including desktop wallets, mobile wallets, and hardware wallets. Each type of wallet has its own unique features and security measures.
One of the benefits of using Bitcoin for online betting is that transactions are fast, secure, and anonymous. Bitcoin transactions are processed quickly, often within minutes, and they are secured using advanced cryptographic techniques. Additionally, Bitcoin transactions do not require users to reveal their personal information, making them a popular choice for online betting.
However, it’s important to note that Bitcoin is still a relatively new technology, and it can be complex for beginners to understand. Users should take the time to learn about Bitcoin and its features before using it for online betting. Additionally, users should be aware of the risks associated with Bitcoin, including price volatility and the potential for fraud or hacking.
The Rise of Bitcoin Betting Sites
In recent years, Bitcoin betting sites have been on the rise, offering a new and exciting way for gamblers to place bets online. Bitcoin is a digital currency that has become increasingly popular due to its anonymity, security, and ease of use. As a result, many online sportsbooks and casinos have started to accept Bitcoin as a payment method, allowing users to place bets and make deposits and withdrawals using this cryptocurrency.
One of the main advantages of using Bitcoin for betting is the level of security it provides. Transactions made using Bitcoin are encrypted, ensuring that user information and funds are kept safe from hackers and other malicious actors. Additionally, Bitcoin transactions are processed quickly and efficiently, allowing users to place bets and receive payouts in a timely manner.
Another advantage of Bitcoin betting sites is the level of anonymity they provide. Unlike traditional online sportsbooks and casinos, which often require users to provide personal information such as their name, address, and payment details, Bitcoin betting sites allow users to place bets without revealing their identity. This can be particularly appealing to users who value their privacy and do not want their gambling activities to be tracked or monitored.
Finally, Bitcoin betting sites often offer a wide range of betting options and competitive odds. Many of these sites offer sports betting on a variety of events, including football, basketball, and tennis, as well as casino games such as poker, blackjack, and roulette. Additionally, Bitcoin betting sites often offer bonuses and promotions to attract new users, making them a popular choice among gamblers looking for a fun and exciting way to bet online.
Overall, the rise of Bitcoin betting sites has opened up a new world of possibilities for online gamblers. Whether you are a seasoned gambler or a newcomer to the world of online betting, Bitcoin betting sites offer a secure, anonymous, and exciting way to place bets and win big.
Selecting Your BTC Sportsbook – 5 Factors to Consider
Bitcoin is certainly not a traditional method of payment, however its speed and safety make it makes it increasing appealing to punters. Many transactions are processed instantly, while they are 100% anonymous. However, when selecting a Bitcoin sportsbook, there are a number of factors in which betting customers must take into consideration.
What is Bitcoin?
The history behind Bitcoin remains somewhat up in the air, however many attribute it to Satoshi Nakomoto back in 2018. The peer-to-peer digital currency operates without a central bank or administrator, meaning that funds can be transferred without intermediaries. Bitcoin is the most popular of the many cryptocurrencies available today, with payments being verified by network nodes and recorded on what is known as a blockchain. It was in 2016 when UK bookies started to introduce Bitcoin as a payment method, with many looking to take advantage of over 5 million cryptocurrency wallet holders.
How Does Bitcoin Work?
A Bitcoin is often regarded as a computer file that is stored in a digital wallet. Customers can send and receive Bitcoins, with every transaction processed being recorded in a blockchain, which is public list. As such, users can keep track of Bitcoins, ensuring that they are not copied or spent without authorisation. Bitcoins can be purchased using real money, created using a computer or through selling items to others.
What Do I Need to Bet with Bitcoin?
Before you can start betting using Bitcoin, there are a few things in which punters must do. Firstly, customers must first select a bookie that accepts payments through Bitcoin. A good number of betting sites are now available to punters in the UK, so choose your favourite and sign up. Secondly, customers must also open an e-wallet, which is where your Bitcoins will be stored. The next step is to purchase Bitcoins at the exchange rate on the day, whether it be via a debit card or another method of payment. Once you have valid Bitcoins in your wallet, they can be used to deposit on your chosen betting site. Deposits made using Bitcoin are instant.
How to Bet Using Bitcoin
There is no way to bet using Bitcoin without a wallet. Meanwhile, there are also a few other factors to get your head around. Your wallet is effectively a cryptocurrency bank account, where purchases and sales can be made. A host of different wallets are available, with some being downloadable, while most operate on browsers. Be sure to keep your wallet secure once it is active, which can be achieved by regularly backing it up.
Some fees may be incurred when using Bitcoin, however these are very small in most cases. Such fees help to keep the cryptocurrency in operation. Bitcoin is fully encrypted, while it is kept secure within the relevant blockchain. The fact that Bitcoin payments are hidden also allows for anonymity, while servers across the globe keep it decentralised.
Advantages & Disadvantages of Betting Using Bitcoin
Bitcoin’s growing popularity comes down to a host of benefits, while there are relatively few limitations to speak of. The following are the main advantages and disadvantages of betting using Bitcoin:
Anonymity – When betting using Bitcoin, punters do not have to provide their real name, phone number, address of bank card details. Bitcoin offers complete anonymity, with only an active email or Bitcoin wallet address being needed to deposit and withdraw funds. It is worth noting that some Bitcoin betting sites have KYC (Know Your Customer) verification in place. Here, punters must upload a form of identification before withdrawals can be made.
Instant Payments – The majority of payments made using Bitcoin will be instant. Especially useful when it comes to taking advantage of live sports markets, there are rarely any frustrating waits for punters. Meanwhile, customers can also get their hands on winnings immediately, unlike with other payment methods.
Bonuses – The bonuses found at Bitcoin betting sites are often significantly larger than those available through traditional bookies. A 100% matched deposit bonus up to 5BTC is available on some Bitcoin betting site, while ongoing promotions available to Bitcoin users may also be found.
Odds – The odds found at Bitcoin betting sites are generally very attractive. Competitive odds make all the difference, with there being nothing stopping punters signing up on more than one site. This ensures that they can take advantage of nothing but the best prices.
Innovation – Whether it be live streaming, cash out, live chat, pulse betting or mutual betting, Bitcoin betting sites often come with the latest features and technology. Such features can add to the overall user experience.
Regulation – Betting sites licensed by the UK Gambling Commission or Malta Gaming Authority are unlikely to hand out licenses to Bitcoin betting sites. As a result, those looking to bet using Bitcoin may well have to sign up with an offshore bookie.
Value – Bitcoin, along with other cryptocurrencies, fluctuate in value from day to day. One day, £100 worth of Bitcoin can be worth £120, while the next it drops to £80. Whilst predicting value changes is difficult, this is something that users must come to terms with.
Security – The security involved with using Bitcoin on betting sites generally comes down to punters themselves. Users must ensure that their details remain safe at all times, avoiding personal errors in the process. Be sure to not use an easy password or one linked to other platforms, as this will potentially lead to hacking.
How to Deposit Using Bitcoin
Depositing funds on a betting site using Bitcoin is relatively simple, with the process being achieved by following these steps:
- Log in to your sports betting account on the website or mobile app of your chosen bookie.
- Enter the cashier page and select Bitcoin as your preferred method of payment.
- Enter the amount in which you wish to deposit.
- Log in to your Bitcoin wallet using the relevant details.
- Confirm your deposit.
- Place bets!
Is Bitcoin Safe?
It is difficult to provide a definitive answer to this question, as it really depends on how users operate, as well as the Bitcoin betting site they sign up with. There are of course some steps that customers can take to ensure that give themselves the best possible chance of being secure, surrounding passwords, reputable bookies and wallets.
3 Bitcoin Bookmakers We Recommend
While the number of Bitcoin bookmakers available to punters is growing quickly, there are some betting sites that stand out from the crowd. The following are the Bitcoin bookies in which we recommend to punters:
CloudBet – Founded in 2013, CloudBet is one of the many betting sites specialising in cryptocurrency payments. Signing up at CloudBet takes just a matter of minutes, with new customers being in a position to claim a welcome bonus worth up to 5 BTC. A good number of pre-match, live and outright sports markets are available, with odds being competitive across the board. Available in English and a host of other languages, both Bitcoin and Bitcoin cash are accepted. Minimum deposits start at just 0.001 BTC, with both deposits and withdrawals being instant. A host of other cryptocurrencies are available, while a specialist Esports betting page is also available. 24/7 customer support is available, while the bookie is fully licensed and regulated by the Curacao eGaming and E-Gambling Montenegro.
Sportsbet.io – Sportbet is another leading bookie when it comes to Bitcoin betting. The official betting partner of Arsenal, Southampton and Watford, Sportsbet is licensed by the Government of Curaçao. A host of promotions are available, with sports including football, basketball, tennis and American football featuring heavily. The Clubhouse offers rewards and prizes to customers, while hundreds of casino games are also on offer. Sportsbet is also a leading platform when it comes to virtual sports markets, with new events kicking off every couple of minutes. A sportsbet mobile app is also available to both iOS and Android users, with deposits via Bitcoin being available across the board.
1XBet – Established in 2011, 1XBet is another Bitcoin betting site licensed by the Government of Curacao. The Russian bookie has some 400,000 customers to its name, who are attracted because of the wide range of markets and features on offer, along with the quality of odds. A 100% matched deposit bonus is available, along with a huge number of ongoing promotions for existing customers. Ethereum is another cryptocurrency available at 1XBet, who deliver 24/7 customer support and casino games from top software providers.
Alternatives to Bitcoin
If you are not 100% convinced by what you have read about Bitcoin, then fear not. A host of other payment methods are available at betting sites today, with the following being among the alternatives in which we recommend:
PayPal – With over two decades of experience to its name, PayPal is undoubtedly the most popular e-wallet platform in the world today. Accepted by the vast majority of bookies, payments using PayPal are quick, secure, convenient and easy to process. There is no need to enter your bank card details on your betting account when using PayPal, with deposits and withdrawals generally being completed free of charge, starting at around £/$10.
ApplePay – With Apple devices being so popular today, it perhaps comes as little surprise that ApplePay has been incorporated by many bookies too. Funds can be deposited using either thumbprint or eye recognition software, with transactions being instant. Many bonuses offered by bookies today can now also be utilised through ApplePay.
Trustly – Trustly is another increasingly popular payment method at betting sites. The Swedish company was founded in 2008, with transactions being processed through PayPal and TransferWise. Trustly is available across Europe, with links with hundreds of banks making it more accessible than ever.
Bitcoin Betting FAQ
An increasing number of betting sites are recognising the importance of cryptocurrencies, meaning that bonuses can often be earned when depositing using Bitcoin. This will differ between bookies, so be sure to look at the terms and conditions before signing up.
The likes of CloudBet, Sportsbet.io and 1XBet all offer a large number of tennis markets, with those depositing using Bitcoin being able to bet on their favourite players on both the men’s and women’s tours.
Bitcoin is considered legal in a number of countries, including South Africa, Nigeria, Canada, United States, Mexico, Brazil, Russia and all countries in the EU.
Yes. Customers are able to bet anonymously using Bitcoin. There is no need to enter you personal details when depositing and withdrawing with Bitcoin, with only your wallet log in information being required.
The majority of Bitcoin transactions are processed without any fees, which is one of its main selling points. However, some bookies will not cover the costs involved, so be sure to look into this before signing up.
Absolutely! A host of cryptocurrencies can be found online today. Ethereum, Tether and Litecoin are some of the other popular cryptocurrencies accepted at betting sites.
Betting with Bitcoin is legal, as long as you are doing so with a bookie that is fully licensed and regulated. The majority of Bitcoin betting sites will be licensed by the Government of Curacao.
When deciding which cryptocurrency to use, there are a number of factors to consider. Take into account the speed of payments, along with security, availability, speed, anonymity and value.
Many gamblers enjoy sports betting using cryptocurrencies because of its ease of use and convenience. Meanwhile, the bonuses and odds found at such betting sites are often more appealing than offered by traditional bookies.