Unless you have been living under a rock in the past few years, you have probably heard of Bitcoin. This is a decentralized currency which many believe is the future of money and has become a widely-spread way to handle online payments. The cryptocurrency has also become a commonly-used payment solution at virtual sportsbooks as it allows bettors to easily handle their betting funds.
Bitcoin was first introduced to the public in 2009 and, in a couple of years, it started gaining popularity. Nowadays, it can often be seen as a supported payment solution at various online merchants which also include virtual sportsbooks. With numerous advantages and barely any disadvantages, Bitcoin has become a preferred payment option for numerous bettors which is why there are also betting sites that specifically cater to Bitcoin users.
The very convenient thing about Bitcoin is that it works anywhere, at any time. You can easily use it on mobile devices, which means that you can also fund your betting account on the go. You can use your Bitcoin wallet like any other digital wallet and handle your sports betting payments with ease. It is extremely easy to obtain a wallet and if you take the needed steps, your money will always be protected.
There are two types of Bitcoin betting websites as some accept only the cryptocurrency, while others allow you to convert Bitcoin into a fiat currency which is typically used for your payments. Provided Bitcoin can be also used for withdrawals, the second type of betting sites will convert your money from a sum in a fiat currency into Bitcoins.
Obtaining Bitcoins and Using Bitcoin Wallets
Generally speaking, there are two ways to obtain Bitcoins. These include mining bitcoins and exchanging fiat currencies for bitcoins which can be done online. The process of mining is adding transaction records to the blockchain of Bitcoin. This, however, has become a very difficult and time-consuming task as the mining of the bitcoins that are left requires seriously high-powered computers. This is why many Bitcoin users have resorted to the second way of obtaining bitcoins. In order to purchase bitcoins on the Bitcoin exchange, you will need to create a Bitcoin Wallet.
There are several types of Bitcoin wallets that you can obtain and each of them is suitable for different types of users. Luckily, if you head to the official website of Bitcoin, you can choose the right wallet for you by answering several questions. You can pick from a Mobile Wallet which is available for Android and iOS users, a Desktop Wallet for Linux, Microsoft and iOS users, a Web Wallet and Hardware Wallet.
Once you have settled for the type of wallet you want to use, you can see all of the Bitcoin wallets that will be available to you. You can download the wallet you wish to prefer from websites such as Blockchain.info or Chainbase or you can find the wallet app for your Android or iOS device, using the dedicated App Store. Once you have set up your Bitcoin wallet, you can use traditional payment methods to purchase bitcoins on the Bitcoin exchange.
Depositing with Bitcoin
If you have decided to top up your betting account via Bitcoin, you will have no issue doing that in a few simple steps. Before you proceed with the deposit, however, make sure that you have a Bitcoin wallet that has been funded. As it was mentioned earlier, some sportsbooks will allow you to make the payments directly in BTC, while others will transform your bitcoins into the fiat currency you have chosen for your betting account.
When you are ready to deposit money via Bitcoin, head to the Cashier and choose the “Deposit” option. Select the amount you would like to upload to your betting account and pick Bitcoin from the available payment options. Depending on whether you are using a mobile Bitcoin wallet or a desktop one, you will have two different options for your payment.
If you have installed your Bitcoin wallet on your mobile device, you will be able to simply scan a QR code which will be provided by the virtual sportsbook. The other option is to click on a button that says “Pay using Bitcoin” which will open your desktop wallet and will ask you to confirm the payment. If you are using a web wallet, you can also make a manual payment which will require you to copy the Bitcoin address that the sportsbook has provided. Then, open your web wallet and paste the address in the “Send To” section of your Bitcoin web wallet. Enter the amount you wish to deposit and confirm the transaction by clicking on “Send”. Whichever Bitcoin wallet you are using, you can be sure that your money will be instantly available in your betting account.
Withdrawing with Bitcoin
Many betting websites will allow their members to also use Bitcoin for their withdrawals. The process is just as easy as the depositing one and it takes just a few minutes. One of the biggest advantages of using Bitcoin for withdrawals at online sportsbooks is that the transactions are carried out in a very secure manner and are processed in no time.
To initiate a cashout, you will have to head to the Cashier page of the virtual sportsbook and select the “Withdraw” option. Enter the amount you wish to withdraw and choose Bitcoin from the list of supported payment options. The next step is to provide your Bitcoin wallet address which can be generated from your mobile, browser or web wallet.
If you are using a mobile Bitcoin wallet, just open the app, select the option “Receive” and tap on the QR code which will be generated. This will allow you to copy the address so that you can paste it in the field required by the sportsbook. If you are using a desktop or web Bitcoin wallet, you simply click on the address that has been generated and it will be copied. Once you have provided the betting website with your wallet address, you can complete the cashout request.
Fees Related to Bitcoin Betting
Many bettors prefer using Bitcoin for their payments at sportsbooks as this is one of the most pocket-friendly solutions. When you are resorting to this payment method for your sportsbook deposits, you can be sure that the website will not impose any surcharges. This also applies to the withdrawals via Bitcoin at online sportsbooks as they also levy no fees.
Using Bitcoin wallets is also extremely cost-effective as most of the services are free or impose very reasonable surcharges. Mostly, user-to-user transactions between individuals who utilize the same Bitcoin wallet are free of charge.
One of the advantages of using Bitcoin for your payments is that you will determine the fees that you will pay for your transactions. This is due to the fact that the Bitcoin users can choose how fast their payments can be processed and the faster they want to be the process, the bigger their fee will be. This being said, even the fees for the faster transactions converted into USD are less than $1.
If you wish for your transaction to be processed by miners on the next block, i.e. in about 10 minutes, the fee will be $0.21. For transactions mined within 3 blocks, which takes around 30 minutes, the fee will be $0.13. For a processing time of up to 1 hour which means that the transaction will be mined within 6 blocks the fee is $0.04.
Benefits of Betting with Bitcoin
It is always very secure to handle your online payments via Bitcoin as it will not require you to share any personal information with the merchant. This is also one of the biggest advantages that virtual bettors who use Bitcoin enjoy.
While residents of some countries may have a limited list of available payment methods at online sportsbooks, resorting to Bitcoin is often their best option. As the service is legal in many countries, it is a payment solution that various online punters will have access to. Due to the wide accessibility of Bitcoin, there are many virtual sportsbooks that accept payments via the cryptocurrency. What is more, some betting sites specifically cater to Bitcoin users which means that you will have an easy time finding an online sportsbook that allows Bitcoin payments.
It is definitely a big plus to be able to manage your betting balance in a budget-friendly way. This is why many bettors prefer using Bitcoin as it almost always ensures deposits and withdrawals free of charge. On top of that, even if there are some fees, they are nowhere near as big as the ones imposed by other payment methods.
The speed of transactions is also a big advantage of Bitcoin. If you use it for your deposits, you have the chance to top up your balance within a few minutes. What us more, if you decide to use it for your sportsbook withdrawals, you will receive your money in no time.
Drawbacks of Betting with Bitcoin
When compared, the advantages of using Bitcoin prevail over the service’s disadvantages. However, it is still important to know the downfalls of this payment method. Thsi will allow you to determine whether it is the best options you can resort to when betting online.
While Bitcoin can often be seen as a supported payment method at many online sportsbooks, some betting sites will limit the use of the service only to deposits. This is quite inconvenient as it will require resorting to another method for one’s withdrawals.
You might notice that some Bitcoin betting websites do not hold any licenses which can also be the reason for certain online sportsbooks to ensure little or no fairness and safety. Unfortunately, Bitcoin betting sites might often be a part of a scam which is definitely alarming. This is why it is a good idea to use Bitcoin only at trustworthy and licensed websites where you can be sure that you and your money will be safe.
One thing to keep in mind is that Bitcoin is a volatile currency which means that it can quickly and drastically change its value. This is why, those who bet online and use Bitcoin for their payments are taking a risk, not knowing for sure the future value of the cryptocurrency.
Regulation and Availability of Bitcoin
The specific thing about Bitcoin is that it is a cryptocurrency which means that it cannot be regulated like any fiat currency. This also means that it provides quite a lot of freedom but can also offer a certain level of risk. Since this is in no way a recognized currency in any country, it does not require any processing of real money and the transactions are processed without the confirmation of any banking institutions.
Since Bitcoin is not your typical currency, it is not regulated by any government or banking institutions. This is why it is a payment service which is available to numerous users across the world, as it can barely be controlled and restricted.
Many online sportsbooks will allow their members to use Bitcoin for their payments but will try to prevent residents of certain countries to register and make any deposits. This is as far as the restrictions of betting sites can go. Since Bitcoin is keeping the payments of its users completely anonymous, it is not possible to track whether a bettor is located in a country that prohibits online betting. This is why it is often difficult to regulate Bitcoin payments and some websites are trying to take other measures to prevent illegal betting activities.
While Bitcoin is not a legal payment option, per say, its service can be used in numerous countries around the world. However, some territories have banned or restricted the use of Bitcoin. Such countries include Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, Pakistan.
As it was mentioned several times, Bitcoin is an extremely secure payment method which many can safely utilize for their online betting payments. There are several factors which contribute to the security that this cryptocurrency provides.
If you have read about other payment options, you have probably discovered that many of them utilize encryption technology to protect sensitive information. Bitcoin is also using encryption which, however, is even more advanced as it is backed up by the system known as blockchain. With the help of an enormous number of volunteers incoming transactions are examined and encrypted while being stored in the blockchain. Thanks to the work provided by the volunteers, it is made sure that all types of sensitive information is protected and even if there is a potential hacking, there will be no valuable information left to take advantage of.
Contradictory to your believes, public transactions can be much safer. Due to the transparency offered by Bitcoin, all transactions are available to the public, even though users remain anonymous while making payments. Ultimately, this means that no frauds or scams are possible in this payment system. What is more, payments via Bitcoin are irreversible and there is no way to ask someone to give your money back but also, no one can demand that from you.
Another factor that ensures that Bitcoin is safe is the fact that it is decentralized. Essentially, this means that the control over transactions is equally spread among thousands of servers and nodes around the world. In such model of a system, even if there is an issue with one of the servers, the rest of the servers and nodes in the network can prevent any problem and carry on protecting transactions.
More online sportsbooks start accepting payments via Bitcoin which is great news for the users of the cryptocurrency. There are plenty of advantages of using Bitcoin for your betting deposits and withdrawals and safety is one of the major ones. Since it is unusual payment solution, it is still hard to define it and regulate it. This is why Bitcoin offers a certain freedom to ist users which cannot be enjoyed with any other type of payment solution.
Using Bitcoin at betting sites is really easy and it allows fast, secure and convenient payments. As many virtual sportsbooks start accepting the payment method, you can easily find a website that will allow you to handle your betting balance via Bitcoin and enjoy your online bets.