There has been a massive interest in the bookmakers that accept bitcoin recently. The anonymity provided by cryptocurrencies has intrigued millions of bettors around the world. Think about the idea of betting online on your favorite sporting events without the hassle of bank formalities, limits and fees! That is exactly what betting online using cryptocurrency means. Bitcoin is the most popular and most widely-accepted cryptocurrency which offers quite a lot of opportunities. In this article, we’ll talk about how and where to bet online with bitcoin.
Before we get into the details of buying and using bitcoins to bet on sports online, we need to clarify certain points. First of all, bitcoin is money. It is a legitimate non-centralized currency which is accepted even by some governments at the moment. Free market rules apply when it comes to the value of bitcoin. As the interest increases and decreases, the value of bitcoin fluctuates. Stability-wise it is not as reliable as fiat currencies. However, it is unprecedented in terms of anonymity and flexibility. We’ll talk more about it in the advantages and disadvantages of betting with the bitcoin section. Now let’s dig deep into the magical world of online bookmakers that accept bitcoin!
- How to Bet Online with Bitcoin
- Setting up a Bitcoin Wallet to Bet Online at the Bookmakers that Accept Bitcoin
- How to Withdraw Your Betting Earnings to Your Bitcoin Wallet
- Advantages and Disadvantages of Betting Online with Bitcoin
- Best Bitcoin Bookmakers to Bet on Sports
- Best Bitcoin Betting Bonuses at the Bookmakers that Accept Bitcoin
How to Bet Online with Bitcoin
Betting online with bitcoin has become easier and more widespread thanks to the best online bookmakers that accept bitcoin as a payment method. You can both deposit bitcoin to your account and withdraw your winnings as bitcoin. Here you’ll find a step by step guide about how to bet on sports online with BTC. But before that, let’s talk about how bitcoin works.
Bitcoin is a decentralized cryptocurrency which is not overseen by an administrator. So there is a bulletproof system which works like clockwork. Bitcoin transfers are done with peer to peer encryption without any intermediary meaning that 2 people can send bitcoins to each other without the need of a middleman. But don’t have the impression that bitcoin is an unlimited source of money which can be mined forever. There are a limited number of bitcoins which are traded in the free market. Thus, it is some kind of a commodity that you can trade which increases and decreases in value depending on the market movements.
Technically you can carry bitcoins on you in a USB wallet; but you need an online wallet to bet online with bitcoin. (Source: QuoteInspector)
Now that we’ve defined bitcoin in a nutshell, we can talk about how to use cryptocurrency at online bookmakers that accept bitcoin. Although it is technically possible to exchange bitcoins without any intermediary, it is not possible to bet on sports with bitcoin without using a third party bitcoin wallet service. Here are the steps that you should follow to bet online using bitcoins:
- Create a free account at one of the best online bookmakers that accept bitcoin.
- Verify your account.
- Set up a bitcoin wallet account.
- Buy bitcoins.
- Top up your online betting account with bitcoin.
Setting up a Bitcoin Wallet to Bet Online at the Bookmakers that Accept Bitcoin
Setting up an online bitcoin wallet (or Cryptocurrency wallet) is quite easy. There are quite a large number of bitcoin wallet services out there. You can choose one of the reliable ones like Coinbase and Blockchain.com. Creating a bitcoin wallet to bet on sports is totally free. Once you have an active account, you can top it up with the currency that you choose and use your balance to purchase bitcoins.
You need to buy bitcoins with fiat money in order to use bitcoins for online betting
In order to send and receive bitcoins, you’ll need to generate a bitcoin address (a.k.a hash). Each hash can be used only for a single transaction. So, every time you request your online betting winnings to your account, you need to generate a hash. Your bitcoin sportsbook will send your winnings to that hash as bitcoin. There are no names or personal information involved while sending and receiving bitcoins; hence you remain anonymous. Once you have an active wallet account, you can set up multiple bitcoin wallets to send and receive money multiple times simultaneously.
How to Withdraw Your Betting Earnings to Your Bitcoin Wallet
In order to top up your online betting account, you need to send bitcoins to the hash provided in your betting account. The same way, when you’d like to withdraw your online betting winnings to your bitcoin wallet you need to generate a hash and enter it to the bitcoin withdrawal section of the online bookmaker account. Choose the amount that you’d like to withdraw and request withdrawal. It is that simple. Within a few hours you’ll receive your winnings in your bitcoin wallet which you can either keep in bitcoins or exchange to a fiat currency immediately.
Bitcoins are sent as encrypted data (Source: QuoteInspector)
You should keep in mind that despite being free-to-signup services, the bitcoin wallets might charge some money while sending bitcoins. Receiving bitcoins to your account is usually free of charge. Some blockchain wallets provide users with debit cards. That might also be subject to certain fees.
Advantages and Disadvantages of Betting Online with Bitcoin
Probably the biggest advantage of betting online with bitcoin is anonymity. If you don’t want your government to keep an eye on your betting activities then bitcoin is a great option for you. It is like flying over the clouds without being seen by the naked eye. The exchange is done between 2 hashes; therefore, your wallet service doesn’t know who is the sender. It is an encrypted transaction at its best.
Another reason to list bitcoin among the best payment methods for online betting is that it is hassle free. Creating an account at a bitcoin wallet and topping it up is very easy. Sending and receiving money is as simple as copying and pasting a hash from one place to another. Within seconds you can request and send bitcoins.
Bitcoin is an investment opportunity (this is not investment advice). Bitcoin value soars from time to time. 1 BTC was valued around USD 10,764 in September 2020. This value increased to USD 58,734 in March 2021. Thus, it wouldn’t be wrong if said that there is a serious investment potential. But, keep in mind that this potential comes with risks as well, as there are sharp drops in bitcoin value from time to time.
Pros and cons of bitcoin
As we mentioned above, bitcoin value fluctuates occasionally if not regularly. The value of your bitcoins doesn’t stay in the same place for a long time. This offers some sort of instability. Therefore, you should keep an eye on the BTC exchange rate regularly if you’d like to convert it to a fiat currency.
Another disadvantage of betting online with bitcoin is that you may lose lots of money if you make a small mistake while transferring bitcoin between wallets. As we mentioned previously, transferring money between 2 parties is quite easy using only a hash. You only need to copy and paste. But, for some reason, if you change a single number or letter while sending or receiving bitcoins, you’ll lose your money. Since there is no middleman, your money is lost forever. So you have to be careful while transferring money to or from your betting account.
Best Bitcoin Bookmakers to Bet on Sports
When it comes to the best bitcoin bookmakers to bet on sports like football, basketball, cricket, tennis, badminton or whatever sports you like, there are plenty of them out there. And some of them are pretty good. The bookmakers that accept bitcoin such as 1xbet, BetWinner, and Marathonbet allow players to deposit and withdraw bitcoin funds free of charge. Bitcoin depositing time depends on your bitcoin wallet service. It usually takes a few hours. The best bitcoin bookmakers to bet on sports issue bitcoin withdrawals within 24 hours.
Betting on sports with bitcoin is not different from using a fiat currency. You can use all the functions of an online betting site when you deposit funds with bitcoin. However, the bonuses that you can claim might be different when you deposit funds in BTC.
Best Bitcoin Betting Bonuses at the Bookmakers that Accept Bitcoin
As we mentioned previously, the best bookmakers that accept bitcoin offer bitcoin betting bonuses for both new and existing customers regularly. Bitcoin is a relatively new payment method which lessens the hassle of transferring money between 2 parties drastically. Therefore, online betting sites advocate use of bitcoin while betting online.
One of the most efficient ways of promoting bitcoin betting is offering bitcoin betting bonuses. Keep an eye on our sports betting bonuses section to see the latest bitcoin betting bonuses when there is an available one.
Bitcoin Betting Faqs
There are plenty of less popular cryptocurrencies out there. You can use some of them for betting online. Digital currencies like Litecoin, Dash, Monero, Dogecoin and Ethereum are widely used by the online bookmakers that accept bitcoin. They work in the same way as bitcoin. The main differences are their values and the wallets that offer exchange.
Partially. Your bookmaker knows that it is you who handles the betting activity in your account. However, the system cannot know where you send the money once you withdraw your winnings. Bitcoin transfers are executed as encrypted data. The sender doesn’t know where the money goes. Likewise, the receiver doesn’t have any idea where the money comes from. The action of transferring money is known by your bookmaker and your blockchain wallet. However, that is all the info that they have. Since only your bookmaker knows about your betting activity, which it should, you stay as anonymous as possible.
Bitcoin betting dynamics are similar to betting with credit or debit card. You need to open a free account at a bitcoin wallet service such as Coinbase and Blockchain.com. Once you have an active account, you can buy bitcoins using a credit or debit card. Once you purchase as much bitcoins as you wish, you can transfer some or all of them to your online betting account. Some BTC online sportsbooks allow users to bet with BTC while the others require them to convert their bitcoins into a flat currency like USD and EUR.
Bitcoin betting is as legal and safe as betting online with any other currency. Bitcoin is a legal and safe cryptocurrency which is globally accepted and used as a means of barter. Although it is not physical money, it is considered a commodity and carries real money value. Therefore, betting online with bitcoin is safe and comfortable.
There are quite a lot of bitcoin online sportsbooks at the moment. The number of bitcoin online sports betting sites is increasing day by day due to the increasing popularity of the digital currency. It is hard to single out an online betting site as the leader of this competition; however, we can recommend you to bet online with bitcoin at 1xBet, BetWinner or Marathonbet.
You can follow our bitcoin betting sites archive to find out all the bitcoin betting sites to wager bets online. We’ve published detailed reviews on them. You can check the reviews and choose the one which suits you the best.
