Bitcoin betting is a new form of sports betting that’s now gaining a lot of popularity. It’s no wonder, as Bitcoin is now bigger than ever before. Players now use it to transact online and even use it as a medium to bet on online sportsbooks. Our top Bitcoin sportsbooks now accept BTC as a deposit and withdrawal option.
Bitcoin is a popular cryptocurrency that first showed up in 2008. The founder of Bitcoin is a chap by the name of Satoshi Nakamoto. Bitcoin is special because it’s a decentralized digital currency that intends to circumvent traditional central banks and currency regulators.
Moreover, it provides users with secure and almost anonymous Bitcoin payments. The blockchain records every single Bitcoin transaction. This ensures security even without a central authority.
Nowadays, Bitcoin is a staple in mainstream news and widely accepted for both investments and payments. You can pay with Bitcoin at many shops, both offline and online. Online entertainment now accepts Bitcoin as well. This includes Bitcoin online casinos, Bitcoin sportsbooks, and more.
Sports bettors use BTC to place bets at the best sportsbooks online instead of a fiat currency. They can decide how much Bitcoin (or BTC) they want to wager. Betting with BTC at sports betting sites is convenient because it’s fast, and it’s cheap.
At some Bitcoin sportsbooks, there’s only one currency available. No prizes for guessing which one, it’s Bitcoin. That means that there are no dollar transactions, Bitcoin fully replaces them in every way. Needless to say, it’s better than having more currencies to care about.
Why should you use Bitcoin betting instead of classic sports betting? The most important advantage is the privacy that comes with Bitcoin transactions. They are anonymous and there are no bank statements for you to care about either. Bitcoin transactions are quick, private, and leave no paper trail.
That’s ideal for many players, but there’s more. Some Bitcoin sportsbooks are pseudonymous. You don’t have to fill in your personal details at any point. Even payouts can be anonymous and without any KYC checks – how about that!
Many Bitcoin sportsbooks then offer competitive sports betting services. Competitive odds as well, even if compared to the best online sportsbooks on the market. Live streams, sports betting bonuses, sports betting promotions. It’s all there for you to enjoy, so Bitcoin betting is by no means a minority form of entertainment anymore.
Next, Bitcoin betting doubles as betting on Bitcoin. That sounds counter-intuitive, but it’s easy to see in practice. The price of Bitcoin fluctuates all the time. Holding Bitcoin means that the value of your sports betting bankroll fluctuates as well.
If you keep betting in Bitcoin, you’ll also bet on Bitcoin rising over time. If you don’t think it will, you shouldn’t use Bitcoin at all. Instead, you should sell it as possible before it drops in value!
Also, many Bitcoin sportsbooks offer generous sports betting bonuses. You can get more out of them than you can get out of regular online sportsbooks. Even better, there are many new Bitcoin sportsbooks popping up all the time. It’s easy to bonus hop and get all kinds of promotions then!
Bitcoin betting has a lot of advantages. Does Bitcoin betting have any cons as well? It does, but there aren’t many.
The main reason why some bettors don’t use Bitcoin is that BTC’s price fluctuates a lot. For some, it’s great that the price fluctuates. Casual players might feel that it’s risky to bet with Bitcoin because of its store of value. Essentially, BTC has the same value as property or any other valuable commodity.
Another good reason why bettors don’t use Bitcoin betting is that it requires knowledge. They don’t see the need to bet with BTC because it sounds like a rigorous process to them. Furthermore, obtaining bitcoin is like trying to catch an eel. It’s impossible to obtain and it might as well be on the moon. This couldn’t be further from the truth.
Setting up an account at a Bitcoin exchange is easy; it will only take you a few minutes. Many bettors feel that it’s a rigorous and complicated process, it’s not. Once your BTC wallet is up and running. Popular bitcoin wallets for USA players are Coinbase and Kraken. The next step is to purchase bitcoins.
How does Bitcoin banking work in Bitcoin betting? Are there hoops to jump through or is it simple?
Truth is, it’s a bit complex at first. If you’ve never used Bitcoin before, you’ll need some time to set it up. Our top Bitcoin sportsbooks online have helpful Bitcoin tutorials to help you out. If you haven’t made a Bitcoin transaction yet, no worries. You can use a Bitcoin walkthrough and get through your first Bitcoin deposit quickly.
It works like this. If you want to make a Bitcoin deposit for Bitcoin betting, you have to enter the Deposits menu. Then, you’ll receive a Bitcoin address for your deposit. You’ll have to go to your Bitcoin wallet or cryptocurrency exchange and send your Bitcoin to the given address. Once it gathers enough confirmations, it credits the bitcoins to your account. Then, you can start using it for Bitcoin betting.
For a Bitcoin payout, all you need to do is enter the Payouts menu. Then, enter how much you want to withdraw and your Bitcoin address. It can be your Bitcoin wallet or the one that you have on a cryptocurrency exchange. There’s no difference – if you want, you can even get a payout to the Bitcoin address of someone else.
Once the Bitcoin payout goes through, you can easily track it and see how many confirmations it has. After you get through the required confirmations, it will show up in your Bitcoin wallet. This can take from minutes to hours. Depending on how quick or slow the Bitcoin network is at the time. The Bitcoin sportsbook bears no responsibility for that. All it can do to speed things up is send the payout as soon as possible after you request it.
In case of issues, you can always get in touch with the sportsbook’s customer support. You can do so via e-mail or live chat at most Bitcoin sportsbooks.
Bitcoin betting might not replace standard sports betting anytime soon. At our top Bitcoin sportsbooks, you can do everything in Bitcoin. Sports betting, online casino games, banking, you name it. You can leave your cash behind and operate fully in Bitcoin if you want to. That’s ideal if you want to bet anonymously and enjoy top-notch security.
Note that some Bitcoin sportsbooks operate without licenses. That’s the price that you have to pay for no KYC checks and more anonymity. Licensing bodies require sportsbooks to check their customers and adhere to standards that rule out anonymity. Always read Bitcoin sportsbooks reviews – they’ll tell you the necessary info in this regard!