Recently, Bitcoin has changed the way we invest and spend online. It offers faster transactions and better security. Yet, how much do you know about betting with Bitcoin? What are the benefits? Well, our ultimate guide to Bitcoin betting will clear all your doubts. Here’s a chance to learn about Bitcoin slots and much more.
What is Bitcoin?
Bitcoin serves as a digital currency for purchasing products and services. It is a cryptocurrency which has a finite supply, worldwide. Bitcoin gets stored in wallets, which serve as virtual bank accounts. These are incredibly secure and store the information required for spending and access your Bitcoin. The different types of wallets include online wallets, desktop wallets, mobile wallets, and cold wallets.
How can you get Bitcoin for sports betting?
The best way to get Bitcoin is by purchasing them through a regulated exchange. Some exchanges also serve as online bank accounts and allow you to store Bitcoin. Kraken and Coinbase are two popular exchanges. The best exchange for you may vary based on your location and deserted payment method. You can convert fiat currency into Bitcoin by setting up an account. Peer-to-peer exchange can also provide you with Bitcoin for sports betting. However, exchanges prove to be more efficient and secure, comparatively. Bitcoin wallets store a private key needed for signing off transitions.
Advantages of Bitcoin Betting
Betting with Bitcoin has five key benefits when compared to betting with fiat currency. The same are listed below in detail.
- No Rejection of Bitcoin Transactions
A single entity does not control Bitcoin. It runs on an open ledger, which is decentralized. It means that Bitcoin transactions are not subject to approval from a third-party. You are free to spend in any way or on any business you desire. Mathematical equations on the blockchain secure all transfers and withdrawals.
On the other hand, fiat transactions are not decentralized. It implies that the bank may block funds you intend to use for online betting. On the other hand, Bitcoin directly moves from your account to that of the sportsbook. You also don’t need to provide address or ID proof. All you need is your private key and Bitcoin address. It helps prevent casual chats and follow-ups about why your funds haven’t yet hit your account.
- Extremely Secure
The wallets and sites dealing in Bitcoin are incredibly secure and safe. Like all other businesses, sportsbooks face hacking attempts often. All it takes is a single successful attempt to break in and steal your financial as well as personal information. While betting with Bitcoin, you don’t enter any such information. All you need is the required keys and a Bitcoin address.
The best part is that keys and addresses undergo random generation. It makes hacking a mammoth task. Additionally, once a Bitcoin translation is done, it’s irreversible. Hence, once a transaction confirms on the blockchain, hackers cannot manipulate it.
- The Associated Fee is Low or Zero
Several fees charged by fiat currency transactions don’t apply in Bitcoin transactions. These include the conversion fee and banking fee. The decentralized nature of Bitcoin allows for this. No third parties are involved, and hence, they cannot charge you for their services. Instead, an open ledger confirms all transactions.
There are ‘miner fees’ involved with Bitcoin transactions, charged for the maintenance of blockchain and Bitcoin. However, the costs are so low that you may not even realize them.
The lack of banking fees also allows you to choose your maximum or minimum deposits, offering another exciting prospect for bettors. As far as withdrawals are concerned, the gambling site may charge you a flat fee, but this is common across different payment methods, regardless of what currency is in use.
- Priority Transactions
Withdrawals and deposits using fiat currency are usually slow. Wire transfers can take weeks to complete. If incoming transactions are deemed fraudulent, your bank may flag your account. It happens more often than you would imagine.
Bitcoin helps avoid banking interference for smooth and usually instant deposits. As the transactions need to get confirmed on the open ledger, they take a couple of minutes. Sportsbooks may pay additional fees to Bitcoin miners to speed up the process. Nevertheless, it does not cost you anything extra.
Withdrawals can complete within a few hours to up to two days. In comparison to weeks it takes for concluding wire transfers, Bitcoin seems to be lightning fast!
- Great Bonuses
Since no deposit fees are involved, sportsbooks can afford generous bonuses for Bitcoin players. You can get these bonuses in the mail or via casino updates. For instance, Bspi has a promotions page, where all prizes are listed.
The bonuses range from deposit to reload bonus in addition to VIP access and cashback rewards. Compared to a single deposit bonus with fiat currency, you can expect two deposit bonuses as a new player.
How to deposit Bitcoin for betting?
First and foremost, create an account on the site where you wish to bet. Next, choose your game, either Bitcoin slots, Bitcoin poker, or even live sports betting. Next, head over to deposit the desired amount into your account.
You will get a QR code, Bitcoin address, exchange rate, and transaction ID. You can either scan the QR code or copy the Bitcoin address into your online wallet provider. Enter the amount you wish to deposit and choose between high or low priority fees. Finally, confirm the transaction.
How to withdraw Bitcoin and winnings?
All you need to do is choose to make a withdrawal in the form of Bitcoin. Choose the amount you wish to withdraw. You need to enter your Bitcoin address, and you will get a transaction ID. Make sure you enter the correct Bitcoin address as Bitcoin transactions are irreversible. Once you confirm the transaction, your withdrawal is final. You’ll also receive an email confirming that the process is complete.
Hopefully, this guide cleared your doubts about Bitcoin betting. Now, why wait any longer? Start playing today!