Bitcoin sports betting – information about betting and BTC
Sports betting with Bitcoin – this is a topic that is becoming increasingly topical for more and more sports bettors. Those who want to deposit and place bets with the cryptocurrency Bitcoin, BTC for short, already have the opportunity to do so at some handpicked sports betting providers. Simply buy Bitcoins and deposit from the wallet at the bookmaker. Bitcoin sports betting is still a rarity, however, and by no means a matter of course. Before you make deposits for sports betting with Bitcoins, you should also read bitcoin sports betting platform reviews.
The cryptocurrencies Bitcoin
Bitcoin is a virtual currency that, strictly speaking, does not exist in reality. It is a product that the online world has created for itself. Today, the Bitcoin and with it other cryptocurrency formats are not dependent on any financial institution. Thus, the Bitcoin is also resistant to financial crises. Bitcoin is – according to many observers – still in its infancy.
The exchange rate is considered to be very vulnerable and hardly calculable. The Bitcoin is stored as a virtual currency of the Internet community in so-called online wallets or software wallets.
From here, it can be sent to the relevant entities. Thus, an imaginary currency becomes more and more a presentable means of payment, which is used by more and more people who want to pay on the Internet.
Where can one currently buy Bitcoins?
If you want to buy Bitcoins – or rather your share of the Bitcoin fund – you have to exchange real money for the virtual currency, of course. This is possible on some portals that sell cryptocurrencies and also buy them back. Anyone who wants to buy Bitcoins via the said providers should pay attention to the respective applicable limits.
Also, a favorable time in the price development of the Bitcoin can contribute to the fact that the customer or the customer can save considerable sums when buying Bitcoins. For buying and selling Bitcoins, providers charge fixed fees that are passed on to the customer.
The function and process in detail
The process of betting with Bitcoins is playfully simple and does not differ from the procedure that is common when bookmakers’ customers bet with conventional, established real currencies. Before a bet is possible, customers have to deposit Bitcoins from the wallet into the operator’s member account. Afterwards, simply select the respective sporting event and bet the preferred event with the Bitcoins. The winnings are then also credited in the form of Bitcoins with most providers.
Costs for deposits and withdrawals
Whether and what fees are incurred for deposits with Bitcoins is determined by the provider itself. However, since no credit institutions are involved in Bitcoin transactions, fees on Bitcoin transactions are considered very unlikely. What customers betting with Bitcoins need to know, however, is that every Bitcoin transacting should be charged with an appropriate fee based on the market and rate. This transaction fee determines how fast a transaction from the wallet to the sportsbook is actually settled and processed.
The fees vary greatly and are based on the activity of the network. If you don’t apply a transaction fee, you risk a Bitcoin transaction getting “stuck” and taking days to weeks to complete.
The processing time
Processing time is very closely related to the issue of fees in the context of Bitcoins. As has already been mentioned, the transaction fee, the so-called fee, is responsible for how quickly or with priority a transaction is processed and posted. This is because each transaction requires a certain number of confirmations from the Bitcoin network before it is considered verified. The processing time of a Bitcoin transaction can therefore not be named across the board. Under usual circumstances, where the network has an average activity and the Free is adjusted to market standards, the average transaction time is about one hour.
Extra betting bonus
Additional betting bonuses on selected deposit methods are nothing new: For example, some providers offer special deposit bonuses on wallet deposits or credit card deposits, which are based on the amount of the deposit made as a percentage. However, a Bitcoin deposit bonus is not yet known and common among the corresponding providers that offer Bitcoins as a deposit option.
The payment option at the bookmakers
If you are looking for a betting provider that also accepts Bitcoins as a deposit, you will quickly realize that finding such an offer is not that easy: so far, there are only a few providers in the industry that also accepted Bitcoin deposits and, on the other hand, also pay out the winnings in the form of Bitcoins. Since the development of cryptocurrencies and also the future significance of cryptocurrencies are still questionable, many established operators of sports betting offers have so far still shied away when it comes to also offering Bitcoins as a deposit modality.
Those bookmakers that already offer Bitcoins allow their customers to gamble and bet anonymously in the sports betting and casino sector, so to speak. Since the licensing bodies would like to put a stop to anonymous gambling, some bookmakers that offer Bitcoins are not licensed by the well-known reputable licenses.
All the advantages and disadvantages
Bitcoins as a payment method have advantages and disadvantages. One major advantage is certainly the one that customers using Bitcoins are not dependent on any financial institution. Those who like can even place bets anonymously and bring the winnings from sports betting anonymously for payout: So far, Bitcoin transactions are not monitored.
Betting completely anonymously
What is the reason that you can remain anonymous in the field of Bitcoins? This is quickly explained: if you want to create a wallet, all you have to do is open a software wallet or an online wallet, which requires nothing more than a mail address. Bitcoins are based on mutual trust and are confirmed and thus verified within the Bitcoin community. Bookmakers that support Bitcoin are committed to the principle and accept the terms and payment procedure of the cryptocurrency.
Final conclusion on sports betting and BTC
Bitcoins open up many new opportunities, but also harbor potential dangers: For example, the fact that money can change hands anonymously can be exploited by criminals as a basis for unlawful schemes. The volatile exchange rate can also be to the customer’s disadvantage: Sure, if the rate rises, the customer automatically makes a profit. However, falling prices also mean losses. Losses can even occur even if sports bets have previously been won.