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Online Betting with Bitcoin

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Introduction

Online Betting with Bitcoin
In this day and age, the likelihood is that you’ve already heard the name “Bitcoin” floating about. Whether that be in terms of online sports betting or not, it’s hard to disagree with the fact that this cryptocurrency is the largest and most well-known of them all. Over the years since its arrival, Bitcoin has grown to become a large force in the financial world, and in more recent years, it has arrived in the online gambling sphere. Operating as an alternative to everything else that came before it, the uptake of sportsbooks now accepting Bitcoin deposits has been considerably large.

It’s quite a nice turnaround, considering that Bitcoin only began operating as a functional cryptocurrency in 2009. Yes, it’s had its ups and downs over the years as well, but one thing is for sure: it has remained at the heart and center of everyone’s minds when the cryptocurrency industry is mentioned. This staying power has led to Bitcoin growing considerably, not only as a cryptocurrency but also as a payment method at online gambling sites.

What Is It That Makes Bitcoin Unique?

Today, there are several cryptocurrencies available to purchase, so it doesn’t exist as a specifically unique entity within the cryptocurrency field. However, it does hold the distinction of being the very first of such to be created. You could say that it forged a sort of mold that other virtual currencies followed in the footsteps of, so it’s kind of the origin of where it all began.

Because of this, Bitcoin is known throughout the world, and it has already become the most popular virtual currency. This is a status that it has maintained throughout the years, and it continues to reside atop the cryptocurrency ladder, which brings forth its unique standing. So, while there are alternative cryptocurrencies, also known as altcoins, they haven’t yet reached the lofty heights that surround the Bitcoin product. The main advantage that Bitcoin holds over these altcoins is that it has proven security and network effect.

The security of Bitcoin has been proven on a much grander basis than that which surrounds the younger altcoins. So, this is also something that brings a certain level of uniqueness to the cryptocurrency. Plus, with Bitcoin also being a lot more accessible – more exchanges holding the currency, more merchants accepting it, etc., – the coin is further propelled into its top spot that it doesn’t look to be losing out on any time soon.

Your Initial Sportsbook Deposit with Bitcoin

Initial Sportsbook Deposit with Bitcoin
So, you know about Bitcoin, but how do you use it to make a deposit at your chosen sportsbook? Well, the process is actually quite simple and doesn’t require you to do a huge amount of work. You will, of course, first of all, need to be in possession of the Bitcoin cryptocurrency. To do this, you will need to visit an online exchange. As noted earlier, though, Bitcoin can be found at just about all online exchanges, so locating some won’t be an issue. You’ll then to exchange some of your standard fiat currency (or an alternate cryptocurrency) for Bitcoin. Check on the exchange rates of the different sites and proceed with whichever one appeals to you the most.

From the moment of purchasing the Bitcoins, they will be held in the wallet of the exchange site. However, it isn’t advisable to allow the currency to remain there. Instead, it’s always good to utilize an exterior wallet – of which there are many to select from. The most-recommended sort of these are the external wallets, as these are not always connected to the internet. Instead, you just connect this to your computer, transfer the cryptocurrency, and then disconnect it until you need it for depositing.

So, you now have the Bitcoin in your possession, and you’re ready to make a deposit into your chosen sports betting account. To begin with, you’ll need to know the ID of your own cryptocurrency wallet, as well as the ID of the sportsbook’s Bitcoin wallet. So, click on the “Cashier” page of the platform and select Bitcoin as your preferred payment method. This will then present you with the relevant wallet information that you need to be able to transfer funds. This information is what you need to use via your own cryptocurrency wallet.

From there, you need to select the option for sending funds from your Bitcoin wallet. This will then request the wallet details of the sportsbook, which can be utilized in one of two ways. First of all, you will find a QR code that can be scanned with a mobile device. This will then copy the address directly into your wallet. Alternatively, if you don’t have a mobile device that can do this, then you will need to copy and paste the wallet address. Then, just input the amount of the cryptocurrency that you would like to deposit and proceed with the transaction. Fortunately, Bitcoin transfers take place instantly, so the funds will appear in your sportsbook account straight away after this process occurs.

Any Associated Fees?

Very Low Bitcoin Fees
The great thing about Bitcoin transfers is that the vast majority of the time, they do not have extra fees for users to pay. While more conventional methods, such as credit and debit cards, do sometimes have these, Bitcoin deposits aren’t very frequently found to impose extra fees. That’s not to say that they never occur, because from time to time, you can find sports betting sites that charge you extra fees for transactions with Bitcoin.

If this is something that your chosen sportsbook imposes on you, then it will normally only be a very minimal fee – potentially something like 0.1% of the amount that you’re trying to send. Yet, these are fairly rare occurrences, so it’s more likely that you will sign up to a sportsbook that allows free deposits and withdrawals through Bitcoin.

Pros and Cons

Pros and Cons of Betting with Bitcoin
So, why exactly would you choose to make a deposit through Bitcoin, rather than any other payment method? Well, as just noted, Bitcoin is usually able to provide a free transaction to you. So, you won’t need to worry about finding any additional charges on top of the amount that you’re intending to deposit at your chosen sportsbook. This works as a great advantage to using Bitcoin, as nobody really likes having to pay transaction fees for depositing money at their favorite sportsbook.

Not only that, but you’ll find that Bitcoin transactions are instant, too. This means that you don’t have to wait around to be able to start placing bets on the different sports events. As soon as the transaction completes through the sportsbook, the funds will show in your account balance. The same is usually the case when it comes to withdrawals, too. This is a large perk for users utilizing the Bitcoin option, because for many other withdrawal methods, there’s a waiting period after the site approves the withdrawal. With Bitcoin, you’ll usually find the funds appear instantly in your cryptocurrency wallet. In some cases, there may be a minor wait of up to 15 minutes, although this isn’t so common.

Something else that makes Bitcoin a very appealing method to use is the fact that it provides you with total anonymity. Whereas with other options, you need to input personal details into your sportsbook account when making a deposit, this isn’t necessary with Bitcoin. Instead, your cryptocurrency is kept within an anonymous wallet, sent through an encrypted format via a wallet address, and withdrawn in much the same way. Nothing about you is exchanged with the platform, which makes it one of the most secure payment methods to exist today.

One final thing to make quick mention of is that Bitcoin has opened up doors for American players to involve themselves in online sports betting. Not many sportsbooks were able to offer easy payment methods to US citizens, so while they may have been able to sign up to them, depositing wasn’t as easy. Yet, with the addition of Bitcoin to sportsbooks, these players have had a slightly easier time making transfers.

Perhaps the main issue that comes with using this cryptocurrency, though, is that it can be exceptionally volatile. This is what has caused the most problems for Bitcoin throughout the years, as it can soar sky high one minute and sink the next – and these movements aren’t usually steady rise and falls, either. So, you could purchase Bitcoins at a certain level, and then when it comes to you wanting to sell them, you may end up losing out in the end. So, it’s quite important to keep an eye on the Bitcoin exchange rate while you’re using it so that at least you’ll be in the know over how valuable it is.

For the time being, not a huge number of online sportsbooks accept deposits via this method. Of course, it is growing – that can’t be denied. Yet for now, you won’t find it available at a mass of sites. This may work against you if Bitcoin is one of your only potential depositing methods. However, the idea with this is that you probably just need to wait a couple more years to find that Bitcoin will most likely be available to use at a larger number of platforms.

One thing to make mention of, finally, is that if you haven’t used Bitcoin in any capacity before, then it may seem quite odd and difficult to get the hang of. Granted, there is a learning curve to understand and get used to when something is new to you. Perhaps the largest issue that may face you in this instance is getting to understand the exchange rates and purchasing the cryptocurrency in the first place. Yet, after you have used it a few times, things do get simpler. The key to this is perseverance, and if you need assistance, you can always find help with using Bitcoin.

FAQs

Are There Any Bitcoin Restrictions?

Actually, Bitcoin is flowing quite freely when it comes to the online world of currencies. It’s a decentralized currency, so it’s not being operated and ruled over by a government or a specific financial institution. This makes it a lot more accessible overall, and there aren’t restrictions in place regarding who can use it.

Are Bitcoin Withdrawals Free?

As with deposits, most of the time, Bitcoin withdrawals are free of charge to process. So, you simply need to request it, wait for the site you’re withdrawing from to approve it, and the funds should be back with you straight away after this time period.

Will I Be Charged for Exchanging My Fiat Currency into Bitcoin?

Consider it this way – if you go and visit a foreign country, and you need to convert your national currency into another one, you’ll generally find a commission fee in place. Exchanging your currency for Bitcoin works in the same way, although the amount that you have to pay isn’t huge.

Can My Bitcoins Be Converted Back to Fiat Currency?

Yes, absolutely. This won’t be something that you’re able to do at the sportsbook you’re betting at, though. You must do this through an exchange again, although the process is relatively easy to go through.

Final Thoughts on Bitcoin

Bitcoin may look and sound like a bit of a confusing payment method to use if you’ve never read up on it or indulged in using it before. Yet, it does have some very positive features. The fact that it provides an instant deposit and that there aren’t any additional fees that you need to pay on top are its main benefits. However, alongside this, it gives you the benefit of anonymity, and therefore, extra security. Nobody wants their personal details to be stolen, which is why the fact that you don’t need to use any of this when using Bitcoin is a great plus side.

Yes, it’s true that Bitcoin may not be as readily available to use as a payment method at many online sportsbooks for now. However, the number of sites accepting it is growing, so this could be very much a thing of the past in the upcoming years. To put it simply, Bitcoin is something that operates as a modern-day financial option, and it has many benefits for online gamblers to take advantage of.