The Internet has changed all of our lives permanently. Be it the access to information or the possibility to store in stores around the clock. The net has not even stopped at currency. We are talking about Bitcoin, of course.
The digital currency is becoming more and more mainstream, which can also be seen in the development of Bitcoin sports betting. Admittedly, this is still a niche, but it is attracting more and more betting fans.
What exactly is Bitcoin betting about and which betting provider is the best? We will answer these and other questions here. For a comparison you should visit BestBitcoinSportsbook¹.
How Bitcoin sports betting works
Let’s start with the commonality that Bitcoins and currency such as the Euro or US dollar have: You can use them to pay for goods and services in stores. So you want to buy something, in return the seller receives Bitcoins for this.
Unlike a dollar bill or a €2 coin, however, you do not hold any real money in your hand at any time. Bitcoins are a pure digital currency that you can only use via the Internet.
Your wallet is also digital, a so-called eWallet. You can use it to receive and send Bitcoin payments. Another special feature: Bitcoins are forgery-proof. They consist of encrypted data records that can be sent around the world in a few seconds and are anonymous.
Their speed naturally makes them interesting for Bitcoin sports betting. After all, the funds are immediately available to you at the bookmaker and can be used there.
The best Bitcoin betting provider
If you are looking for Bitcoin sports betting among the payment options of well-known betting providers like Interwetten or bwin, you will be disappointed. As mentioned at the beginning, tips with the digital currency are still to be found in a niche.
However, Sportsbet.io² fills this niche splendidly. At the young bookmaker, you can pay with cryptocurrencies and are rewarded with a welcome bonus. This is especially practical for those who like to bet on the go: You can also pay with Bitcoin in the Sportsbet.io App.
Instructions for Bitcoin sports betting
Even though Bitcoin differs from conventional currencies due to its purely digital nature, you don’t have to worry with regard to sports betting. How uncomplicated the betting works is explained quickly and easily understandable in three steps.
First, you need to register with a bookmaker that allows you to make payments via Bitcoin. The fastest way is to click on the blue “Bet now” button, which you can see above. This will take you directly to sportsbet.io.
There you will see a green button called “Register” in the upper right corner. With it you start the registration process. Fill in all fields truthfully and you will have opened a free account in just a few minutes.
Log in and you will see a green button “Deposit” in the upper right corner. With this button you can open the payment menu. Select Bitcoin and the amount you want to deposit. By entering your personal data, you will complete the deposit.
Since Bitcoin are sent very quickly, they are immediately available in your betting account. To use them, you proceed as usual with sports betting. Click on the odds to place them in the betting slip. There you enter your stake and then place the bet.
How does the payout work with Bitcoin sports betting?
When it comes to withdrawing winnings from your betting account, you don’t have to get used to anything. In your betting account, open the withdrawal menu, which is often found in the payment menu. There, select Bitcoin as the payment method.
Note: Even with Bitcoins, the principle applies that you will be paid out the way you deposited. If you want to receive the winnings of your Bitcoin sports betting via Bitcoin, you should also deposit via Bitcoin beforehand.
Now you have to enter the amount you want to withdraw. Once this is done, you enter the address of your eWallet and the money is on its way. Keep in mind that although the payment is made in real time, it is still checked by an employee of the betting provider before it is executed.
Is bitcoin sports betting safe?
- Money can be counterfeited, but Bitcoins cannot. As you have learned, they consist of encrypted records that cannot be cracked.
- Bitcoin betting is also the ultimate in protecting your personal data. The only information that the recipient receives is the address of your eWallet³, which has been made unrecognizable beforehand.
- This does not allow any conclusions to be drawn about your identity, nor can the recipient of a payment see any other personal information such as your address or date of birth.
Advantages of Bitcoin betting
The deposit via Bitcoin is executed in real time, also payments to the other world are posted immediately. Especially for fans of live betting, Bitcoin sports betting is highly interesting: If a game is in the hot phase and your account is empty, this can be changed in no time with the cryptocurrency.
When paying via bank transfer or credit card, the betting provider learns your bank details, and via eWallets your email address. If you want to remain completely anonymous, you should use Bitcoins. Here, software encrypts the address of your eWallet. Thus, no conclusions about your identity are possible.
If you appreciate anonymity, but prefer a larger selection of betting providers, then you should look into paysafecard sports betting. The handy prepaid card is accepted at many bookmakers.
Your personal data such as name and address are also protected with MuchBetter sports betting. Here your cell phone becomes your wallet, for the payment process you use your mobile number and confirm it via an app.
It has been a difficult year 2020 for soccer⁴, the sports industry in general as well as the betting sector. Even though Bitcoin sports betting is comparatively still in its infancy, it is highly interesting. A bit complicated at first glance, deposit and withdrawal are not only fast, but also easy to do.
If you place the highest value on anonymity, then cryptocurrency is your best port of call anyway. However, we do not want to sweep under the carpet the fact that the selection of bookmakers offering it is still manageable.
Risk Warning: Price drops of 20 percent or more for BTC are not uncommon
Not long ago the price had climbed to over $42,000, having first surpassed $20,000 in December. Numerous analysts and crypto experts are now issuing six-figure price targets, including renowned money houses such as JP Morgan Chase. However, the bank emphasized that the price target only applies “in the medium term”. Bitcoin is likely to fluctuate violently several more times until that point is reached. Most recently, it fell 80 percent in 2018 after scraping the $20,000 mark in late 2017. That’s in the back of many investors’ minds, which is why they sometimes react violently when Bitcoin threatens to crash, accelerating any decline – triggered by profit-taking. Bitcoin is seen primarily as a store of value, as it is capped at 21 million. Critics say that something that fluctuates so violently cannot be a store of value. Fans counter that the cryptocurrency is still in a price discovery phase. It is also still a small market in which a few big players can make a big difference.