Bitcoin exploded in importance and worth, leading to advances in many financial services on the Internet. It grants you anonymity, instant movement of funds, and lower fees. Why wouldn't you use this currency to support your online activities?
This development didn't escape bettors, either. More are seeking Bitcoin gambling sites where they'll place wagers risk-free and more conveniently.
Today, we'll explain the benefits of declining traditional currencies. You'll learn how going for a more modern approach could improve your experience in the long run. We'll also go through the basics of getting started.
Using Bitcoin for Betting
A Bitcoin wallet is necessary to use this currency for any crypto-funded activity, including betting.
Wallets are online systems that function as your bank accounts for cryptocurrency. You can use them to buy and sell Bitcoin, pay for goods and services, and even trade on exchanges.
There are many crypto wallets available nowadays. So, do a bit of research and choose an arrangement that works best for you. You'll then open an account and go through the verification process.
Compared to traditional payment methods, the procedures behind cryptocurrency wallets show how security-oriented this type of financing is.
The identity confirmation processes are comprehensive and full-proof. Most services include two-factor authentication before you can access your funds, too.
Once you set up your cryptocurrency wallet, the service will give you a list of payment methods.
Choose one and deposit real money to your wallet, which you use to purchase Bitcoin. These transaction details depend on your place of residence, wallet, and the method you choose.
Once your funds are available, the service lets you purchase Bitcoin, charging a small fee. Buy as many as you need, and you're ready to start crypto betting.
How to Bet With Bitcoin
Once you have your currency, all you need to do is find a bookie. You'll register your account as you would at any other operator. Most other processes, such as claiming bonuses, placing wagers, and participating in tournaments, take place in the same way, too.
The only considerable difference is the process of funding your betting activities. Once you choose crypto as your currency, the bookmaker provides you with a gambling Bitcoin address.
You'll use this code to send cryptocurrency to your gambling account. The best part is, the transactions happen almost instantly.
When it comes to taking out your funds, you'll have to go through two steps before you can use your winnings outside the betting site.
First, choose the 'withdraw' option on your bookie's website. You'll move the Bitcoins you earned to your wallet employing the address you used for depositing. This transaction should also be instant.
Then, you'll receive Bitcoin to your wallet. If you plan on using the funds for other activities online, keep it there.
However, if you'd want to convert it into traditional currency and get your hands on the money, it's time to sell your Bitcoin. Luckily, wallets make this process simple, providing you with a fair rate and quick transfers.
Bitcoin Betting Sites 101
Betting sites that accept Bitcoin are straightforward. They tend to operate on the same principles as other online operators, with the small exception in their payment section.
However, if you're looking for a bookmaker to start betting with cryptocurrency, it might feel overwhelming to differentiate between good and bad offers.
As a rule of thumb, remember that your quality requirements don't have to change. It's the market that needs to adapt to this new demand.
As with betting financed by traditional means, you can choose between the two available ways of placing wagers.
Bitcoin Betting Exchanges
A Bitcoin betting exchange allows people to place bets between themselves. It operates like regular betting exchanges, only using a different currency.
In this case, you get the same benefits of better odds and acting as the bookie yourself, but you'll lack the convenience of a betting website.
If you have experience with online gambling, you'll choose a Bitcoin betting site just like any other, only with a smaller pool of available options. However, if you're new, pay attention to the following:
- Bonuses. The average betting site offers a welcome package for new players and rewards existing ones with regular promotions. Learn how to recognise a generous offer or go elsewhere. In such a saturated market, there's no need for you to settle.
- Variety of games. Some sites let you bet on anything from the Olympics to the elections, while others limit your options. Check the available wagers, and then see whether you can use Bitcoin on all of them.
- Banking limitations. Apart from accepting cryptocurrencies, the website should have a minimum and maximum deposit and withdrawal limits that meet your needs. Security standards should also be high.
The odds might be more favourable with Bitcoin bookies, too, although it's not always the case.
Casinos have to keep their odds at a level that keeps them profitable. However, the reduced costs of using crypto can make the potential payouts move slightly to your advantage.
Of course, many other factors come into play. Still, the operator must meet these three conditions to be worth your time.
Best Bitcoin Betting Sites
As more operators are accepting this payment method, the still-limited list of options is getting longer. Various reputable operators let you bet with your Bitcoin. Most prominent names include:
- Cloudbet - massive first deposit bonus.
- 22Bet - a fantastic welcome bonus offer for sports betting.
- 1xBit - an excellent welcome offer for sports betting and casino games.
- Cloudbet - good odds and a loyalty program.
- mBit - broad betting limits and many markets.
Though there are fewer options for crypto bettors at the moment, and using the currency requires some technical know-how, the benefits of Bitcoin betting outweigh the drawbacks.
The transaction speeds, higher limits, and even better odds can do wonders to the profitability of your wagers. Plus, the transparency and anonymity of betting this way can make you feel much safer and more comfortable.
We hope that this guide sets a solid foundation upon which you'll build your knowledge and understanding of Bitcoin betting. Who knows, you might even give it a shot yourself soon.