Updated on November 17, 2019
Now that the Internet currency has gained a foothold in some online casinos, the demand in the sports betting sector is also increasing: Many customers would like to be able to place bets on sports bets with the currency Bitcoin. In fact, betting with Bitcoins is already possible with some providers.
Because: The Bitcoin has now become tradeable for everyone usable by simple Wallet solutions, which can be acquired and/or provided on-line. Here you can find out what you absolutely have to know about sports betting with Bitcoin before you place your first coins as bets. Make sure to know all important events as well, here is a list: https://www.bestbitcoinbetting.com/events/.
Explaining the currency of the Bitcoin is not that easy and difficult in a few words: Internet users have created the crypto currency Bitcoin for themselves for some time. The limited availability of the Bitcoin ensures that the Bitcoin can fluctuate considerably in terms of the value of the crypto currency in euros or US dollars. Bitcoins are kept or stored in so-called wallets, which are all equipped with their own unique addresses which, like an account number in banking, enable Bitcoin amounts to be sent and received.
The Bitcoin transactions are processed and confirmed by the miners in so-called „blocks“. Even if the amounts are usually visible in the wallets‘ own transaction history after just a few seconds, the amounts are only fully available after three confirmations from the network. The duration of a complete Bitcoin transfer with the obligatory confirmations depends largely on the activity in the block chain.
Bitcoins are of course not available at the bank. Anyone who wants to buy Bitcoins must officially exchange them for real money. The daily rate applies. However, the price of the Bitcoin is not very stable. If a Bitcoin was temporarily worth more than 15,000 US dollars, the rate has now fallen by more than 50 percent. If you want to save cash, you should strike at the lowest possible rate and buy Bitcoins.
There are various platforms on the Internet where real money can be exchanged for Bitcoins. Important: You must have a software or online wallet into which the Bitcoins can be transferred and then saved before they can be used in a second step, for example to make a deposit at a bookmaker.
Although Bitcoins are on the rise and more and more people are coming into contact with the well-known crypto currency, this does not mean that all bookmakers also offer Bitcoins as an option for the deposit. In fact, there are so far only a few providers who offer Bitcoins. The reason lies on the one hand in the fact that Bitcoins an anonymous playing and bets within the gambling range make possible, which is not desired on sides of many licensed offerers. On the other hand the crypto currency is considered so far as very unstable in the course and thus as hochspekulativ. However, those who actively search will find one or the other provider who accepts Bitcoins as part of their payments. Cloudbet and Sportsbet.io accept bitcoin.
Whether deposits via Bitcoin are subject to fees depends primarily on whether the provider charges separate fees. Not to be underestimated, however, are the fees that accrue for sending Bitcoins from the wallet to the bookmaker’s member account, irrespective of any fees charged by the provider. The fees may have to be adjusted and vary depending on how active the Bitcoins network is at the time of the transaction.
In principle, it is also possible to make a Bitcoin deposit without a fee. In this case, however, the transactions can take several days to weeks. Basically, the higher the fee is set or selected, the faster the Bitcoin payment is processed in the blocks.
Bitcoin payments could theoretically be processed as quickly as deposits via e-wallet or credit card. In fact, Bitcoin transactions are much slower: Only after three confirmations in the network are the amounts finally credited for free use. Tip: Select the fee for the respective transaction a little higher so that the transactions are processed or confirmed as a priority. If you choose an appropriate fee, which is usually already preset in the online wallets, you will usually have to wait up to 1 hour until the Bitcoins have been posted in normal network activity.
Betting with Bitcoins is not witchcraft. Sports betting with Bitcoins is handled exactly like sports betting with conventional currencies: Simply register with the provider and select Bitcoin (BTC) as your deposit option. You can now transfer the Bitcoins and bet on the corresponding sporting events. Is there an extra bonus for deposits with the crypto currencies?
Customers of the renowned sports betting providers know that in some cases there are special bonuses on selected deposit modalities. Of course, it is conceivable that there will also be a separate bet bonus for Bitcoin deposits. However, this form of bonus is not known to the bookmakers who allow Bitcoins.
Those who pay by credit card or bank transfer must always disclose their own personal data. When paying with Bitcoin, the situation is different: anyone can create a Bitcoin Wallet without having to disclose any special data about themselves. If you value it, you can place bets anonymously in the area of sports betting and pay out winnings with Bitcoins.
Those who pay with Bitcoins are independent of banks and financial systems. Bitcoin payments are not yet controlled and tracked. Anyone who attaches importance to betting anonymously can actually realise this with the help of Bitcoins: There is nothing on the credit card bill or account statement that could be associated with sports betting. Unfortunately, Bitcoins are still very volatile. The prices of the crypto currencies are not very predictable and are considered highly speculative. Transactions can – depending on the activity of the Bitcoin network – take a very long time and can also be associated with high transaction fees. This makes betting with Bitcoins temporarily unattractive.
Opinions differ widely as to whether Bitcoins have a future as a means of payment. There is no consensus as to whether Bitcoins can be used in a practical and everyday way in the long term, although there are already some positive examples which prove that everyday, cashless and fast payment with Bitcoins can also be quite practicable. In order for Bitcoins to have a secure future as a means of payment, the price should calm down and payment modalities should be optimised to the extent that high fees are a thing of the past and transactions – similar to payments via e-wallets – are accelerated i.e. processed in almost real time.
Bitcoins are only slowly reviving the sports betting market. Although the crypto currency can already be used by some bookmakers, the market-leading, renowned providers sometimes hold back when it comes to offering Bitcoin transactions. For those who value being able to bet anonymously, Bitcoin deposits with the bookmaker are certainly already an attractive option today. However, those who prefer fast deposits in real time and do not want to be exposed to the strongly fluctuating Bitcoin exchange rate, which is also associated with fluctuating fees in the context of deposits, should continue to use the classic deposit modalities and conventional formats.