Bitcoin (₿) is a digital cryptocurrency which is a relatively new technology. Bitcoin quickly became one of the most popular cryptopcurrency accepted in sportsbetting sites. Although using Bitcoin is really convenient, the transaction might be a little slower than some of the other methods. You do not have to worry about it for a second, because players and bookmakers are all prepared for the short delay.
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The online gambling industry has seen its fair share of innovations. Just as people are getting used to new technologies like mobile and live betting, cryptocurrency gambling is already making the headlines.
Today, punters can gamble at top betting sites using digital coins like Bitcoin (BTC). So, for those looking to get started with BTC gambling, this is the best guide. There are also some helpful suggestions about the best Bitcoin gambling sites.
Bitcoin is a relatively new payment method, having been launched in 2009. But despite that, this digital currency is commonplace at the best sportsbooks. Just visit the bookmaker, go to the “payments” section, and you’ll see Bitcoin among the options.
But before betting with BTC, creating a Bitcoin wallet is a must. Wallets act as bank account in the digital payments world. This is where customers buy and sell coins and even pay for services. Some popular Bitcoin wallets include Coinbase, Exodus, and Electrum. Players can also exchange FIAT currencies with Bitcoin using standard e-wallets like Neteller and Skrill.
It’s vital to note that the Bitcoin wallets require users to complete a short ID verification process before purchasing coins. Usually, they ask for a copy of government-issued ID/driver’s license and proof of residence. Just follow the simple instructions to get it done in a few minutes. Then, use your linked bank account or credit/debit card to purchase some bitcoins.
After getting some coins into the wallet, it’s time to fund the bookie account. Again, the process is fast and straightforward. Just open a sportsbook account and copy the BTC address. Now go to the BTC wallet and transfer some coins to the sportsbook by pasting the recipient’s address.
Deposits are usually instant. Note also that Bitcoin sportsbooks require minimal registration details. This means players can stay anonymous even in countries where gambling is illegal.
Meanwhile, deposit bonuses are quite common among Bitcoin sportsbooks. These rewards mainly come in the form of a match-up percentage for the initial deposit. The objective is to encourage punters to bet using Bitcoins more often. Both the bookmaker and the player stand to benefit a lot from quick and cross-border Bitcoin payments.
Now, this is the juiciest part of this guide. Assuming you’ve made a decent win after betting with Bitcoin. In that case, you’ll want to withdraw the funds as soon as possible. To do that, one must first move the coins from the bookie to the wallet. Simply log into your wallet and copy the address.
After that, go to the sportsbook’s cashier and choose to withdraw via Bitcoin. You’ll see a field to paste the wallet address and enter the withdrawal amount. Withdrawals mostly take around 30 minutes to 1 hour.
Once the coins have been deposited into the BTC wallet, you’ll need to withdraw them in FIAT currency. This can either be USD or EUR, depending on your jurisdiction. You’ll start by converting Bitcoin to the selected currency before cashing out via a linked bank account. Unfortunately, most Bitcoin wallets don’t support withdrawals via credit/debit cards.
Note: When making Bitcoin withdrawal from a bookie to a wallet, a facilitation fee is applicable. But on the brighter side, the fee is much smaller than what standard payment methods charge.
So, is Bitcoin betting safe and secure? It’s an open secret that Bitcoin transactions are anonymous. As said before, Bitcoin bookmakers don’t ask for vital financial information like the ID number and bank account details.
So, unless you disclose your Bitcoin address publicly, nobody, including the most advanced hackers, can track your funds. This is definitely an outstanding technology for those who want to keep their online gambling activities secret.
But just because Bitcoin transactions are anonymous, it doesn’t mean you should play anywhere. In plain words, the safety of your digital coins is also your responsibility.
The thing is to always play at a licensed and regulated bookie, like the ones listed here. Make sure that the sportsbook is licensed by a legal local or international watchdog. All in all, Bitcoin gamblers have nothing to fear as long as they are betting on an approved website.
One thing that Bitcoin traders and players must keep an eye on is volatility. Any long-term gambler will find it challenging to practice bankroll management with the volatile nature of Bitcoins. For example, in 2021, Bitcoin registered extreme fluctuations.
Back in April, BTC was flying high, trading at $64,000 per coin. A month later, it was trading under $30,000 before bouncing back to the initial rate in October. So, don’t buy a truckload hoping to make a kill.
Players often face complex challenges when making BTC transactions. This can be inquiries about transaction fees, phishing websites, wrong payments, and so on. Given all these challenges, it’s common to wonder if Bitcoin offers customer support.
Sadly, Bitcoin doesn’t provide a centralized service desk where punters call and speak to support. This is much expected from an anonymous payment method.
But still, players can speak to their Bitcoin wallet providers about any queries they may have. Most of them will answer questions relating to mining BTC, exchange rates, tracking payments, and more.
In addition, players can join the many online Bitcoin communities and get a first-hand experience from other users. A great example is BitcoinTalk, where Bitcoin users gather to discuss mining and innovations in the industry.
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