A Comprehensive Guide to Bitcoin Betting
Bitcoin is another currency that does not exist physically. Commonly referred to as a cryptocurrency, there are no bills or coins.
Although not physical money, its popularity prompted bookmakers to add this as another mode of payment. Despite no institution regulating it, bitcoin has become valuable, especially when purchasing things online.
Using bitcoin like actual money could be challenging, especially if they are a newbie. This is why this article will discuss the guide to bitcoin betting.
Using Bitcoin for Betting
Bitcoins also have an electronic wallet called “Bitcoin wallet.” Acquiring one creates anonymity since no personal information can be attached to it.
Depositing your Bitcoin on bookies is just like typically making other deposits using other methods. Players who want to use their Bitcoin can simply select the deposit option and follow the instructions on how to deposit using bitcoin. Once processed, the funds will automatically reflect on your account.
There is no complexity in depositing Bitcoins. Users who prefer this method are also not forced to use blockchain transfers.
There is also no deposit charge for some Bitcoin bookies. Instead, they would require a small amount for the withdrawal. At times, Bitcoin betting sites would charge their users to pay for currency conversions. Other than that, there are no additional fees.
Safety of Bitcoin Sports Betting
Bitcoin as a wager for sports betting is safe. Users are subjected to utmost privacy when it comes to their personal and financial information.
Sites that offer Bitcoin betting are also very secure. Unlike the traditional bookmaker, bitcoin bookies do not need a physical server or individuals to make financial decisions.
Since Bitcoin runs on the blockchain, all the transactions using this currency also run on the same blockchain, meaning all user holds a copy of the cryptographic ledger. They also host the website of the bookmaker.
For this to work, Bitcoin betting operators first deposit the payout to the blockchain before the beginning of the event. The blockchain then acts like an escrow account, and once the conditions are met, it will automatically release the fund.
Making Withdrawals
Making withdrawals in Bitcoin betting is similar to its traditional counterpart. Simply give your blockchain address instead of the site’s URL to withdraw. Sign in to the betting site and go to the banking section. Click on “withdraw,” then enter the information required. Select “bitcoin” as the preferred payment option.
The Pros and Cons of Bitcoin Betting
Because it is physically inexistent, Bitcoin transactions are swift. Users also have the anonymity they can enjoy due to Bitcoin’s extra privacy feature. Fees are not too burdensome for users due to the minor charges.
When it comes to bonuses, Bitcoin has good offers. For instance, at 1xBit, every deposit can give a user 1 BTC. Meanwhile, up to 20 BTC can be received as a deposit bonus in Fortune Jack. These are just some of the best Bitcoin bookmakers.
But because Bitcoin is not a physical currency, there are fluctuations in its value. Moreover, bookmakers still prefer something other than bitcoin as payment, leaving users fewer options for using their bitcoin to wager.
Most people are also not aware of bitcoin or any other cryptocurrencies on the internet, with some not trusting it.
Another con of Bitcoin is that due to its anonymity, the governments of Vietnam, Ecuador, Russia, and China prohibit it as a mode of payment.
Conclusion
In total, Bitcoin betting is still in its early stages. Few people know about this method, and time can only tell whether bitcoin can gain more popularity as an alternative betting mode.
