Bitcoin Sports Betting
Even if you are not interested in crypto-currencies, we are confident that you heard of Bitcoin: It is rapidly moving towards becoming the world’s most valuable virtual currency. Bitcoin is not just a currency or a money transfer method: It affects and changes every industry with its own characteristics. Online casino and sports betting industries are of course affected too; moreover, the changes in these sectors are more noticeable than others. Bitcoin sports betting can change your betting habits forever – gambling with BTC is a completely different experience and offers many advantages.
Top Bitcoin Sports Betting Sites 2018
What Is Bitcoin Sports Betting?
To understand what Bitcoin sports betting is, you must first have an idea of what blockchain means. This is because all BTC transfers are completed on the blockchain. You can think of blockchain as a database stored on a peer-to-peer network. When you want to make a transaction, for example, send money, your request is being sent to the nodes on the blockchain. These nodes validate the transaction with various algorithms. When the verification is complete, the transaction is added to the database and create a new “block”. That’s where the name comes from: Each transaction is represented by a block in the database and all blocks are “chained” to each other.
Bitcoin is both a currency and a money transfer method. So it has a real-world “value” – for example, when this article was written, 1 BTC was worth 14,156 USD. In other words, you can use Bitcoin as a currency like USD or EUR and you can play sports bets with it, for example. In this respect, Bitcoin sports betting is the same as regular betting: You are betting like you always do, but use BTC as currency instead of others. But because of the features that Bitcoin has, you get many advantages.
How Does Bitcoin Sports Betting Work?
So, what are these advantages? What benefits do you get at Bitcoin sports betting sites? You can see them on the following list:
- Speed. BTC transfers are being completed much faster than other payment methods. In other words, you can complete the deposit and withdrawal transactions in the betting sites very quickly and easily. In general, we can say that all transfers are complete within a few minutes. But if the blockchain is trying to process a large number of transactions at the same time, this can take up to several hours. In any case, you do not have to wait for days.
- Anonymity. Sports betting may be illegal in the country you live in. You may even be banned from sending and receiving money to and from betting sites. Do not worry: You can get rid of all these limitations by using Bitcoin. BTC is an anonymous system, which cannot be controlled by governments and tax offices. Nobody can follow the money transfers and the recipient and sender information are always kept confidential. If you are tired of the ID verification process, we have more good news: Bitcoin sports betting sites do not want you to verify your identity at any stage. You can sign up to Bitcoin betting sites with just an e-mail address and nothing else is needed to deposit and withdraw money – no questions asked.
- No Commissions. You do not have to pay a transaction fee or commission for any transfer you make on the BTC blockchain.
- No Banks. Do not have a credit card? Do not want to share your bank account information with betting sites? You do not need any of them to use Bitcoin. You can complete all money transfers by staying outside the banking system.
Making Deposits & Withdrawals with Bitcoin
Using BTC at betting sites is a lot easier than you think. Everyone who joins the Bitcoin blockchain gets a wallet and a unique 33-digit address. (This address cannot be used to identify you and consists of numbers and letters.) The only thing you need when depositing or withdrawing money at a betting site is this address. Simply put:
- To Make a Deposit: Enter your account page at the betting site, select “deposit” and choose Bitcoin from the available payment methods. You will see the blockchain wallet address of the betting site. Then, switch to the mobile or desktop software that you use to send money and complete the transaction using this address.
- To Make a Withdrawal: Enter your account page again and select “withdrawal” this time. After selecting Bitcoin from the available options, a screen will open asking what your blockchain wallet address is. Enter your address here and set the amount you want to withdraw.
That’s all – your transaction will be completed within a few minutes (or a few hours maximum).
US Sports Betting with Bitcoin
Americans are not so lucky when it comes to sports betting: The number of betting sites that accept them as members is very few. This is due to the fact that online gambling is prohibited in the US. In other words, even if you manage to become a member of a foreign betting site, you will experience various problems when sending or withdrawing money. Because the US banks and institutions such as VISA/MasterCard do not allow transfers to sports betting sites. You cannot even use PayPal – in other words, your options are very limited and you cannot have an ideal gambling experience.
Using Bitcoin allows you to get rid of all these problems. By using betting sites that accept Bitcoin, you can easily place online bets wherever you live in the world. These sites are not interested which country you live in – to them, you are only a part of the BTC blockchain. You can send and withdraw money by staying “outside” of the US banking system. Bitcoin is considered a legal currency in the United States, and it is not possible for it to be supervised by the government. In short, Bitcoin sports betting sites truly liberate you: Whether you live in the US or in another country where gambling is prohibited, you can still enjoy a safe, secure, and anonymous betting experience by choosing Bitcoin.