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Your Ultimate Online Betting Hub in 2020
Bitcoin betting is on the rise. In this guide we will show you everything you need to know about BTC betting including how to make a bet, the best Bitcoin betting sites and if it is legal.
If you have any questions or aren’t sure about how to start betting with the world’s most popular cryptocurrency, this guide will cover it.
You will find:
If you’re new to Bitcoin betting, our step-by-step guide below explains everything:
1 – Set up a Bitcoin wallet – How to do this is explained in detail below.
2 – Head to one of our recommended sites and set up an account. You will have to provide some registration information such as an email address and create a strong password.
3 – Deposit to your account – get your Bitcoin address from the sportsbook, then head to your wallet and send the amount you want to it. Go to the send/request page in your sportsbook wallet and confirm the payment.
4 – Choose your bet – Find the market you want to bet on, for example, Premier League Football and then find the specific match or bet you want to make. This works in the same way as normal betting sites so just find your bet, check the odds and make the wager.
If you want to buy Bitcoin, you need a wallet to store it. It’s especially important to pick the correct type of wallet if you want to start Bitcoin betting. The main reason for using a wallet is to protect yourself from theft or hacking of your Bitcoin.
There are varying options, and each offers different benefits. Different Bitcoin wallets also work with different operating systems. For example, there are wallets designed for use on Mac, mobile devices or even hardware wallets that secure your private keys offline.
The important thing is to find a Bitcoin wallet that suits your needs. If you’re going to be doing Bitcoin betting on mobile, choose a mobile wallet. If you will be using a desktop, find an appropriate wallet for that device. Once you’ve done this, you’re ready to start betting with Bitcoin.
The ability to move funds quickly and process payments with little to no cost is something that every industry can utilize. However, Bitcoin is especially valuable for online betting sites, especially those that operate in non-regulated markets, such as the United States.
While all sites that process payments can benefit from little or no fees, the fact that Bitcoin is off limits from courtrooms across the world is what it so attractive to online sports bettors and sites.
Over the past few years, Bitcoin gambling sites have been popping up online, and the number is rapidly growing. In addition to the reasons listed above, these sites have a number of advantages compared to their traditional counterparts.
Nearly every Bitcoin transaction is free of charge. There is no fee for sending Bitcoins from one address to another, which means the large overhead cost of processing payments is not a factor for Bitcoin based gambling sites.
Processing payments is the number one expense that online gambling sites face. With Bitcoin, these costs are non-existent. Not only does this mean fewer funds to be set aside for processing costs, but less money for support staff and other payment processing associated costs.
Though the customers do not have to pay the fees themselves, they are paying for them with smaller bonuses, and perhaps fewer promotions or a less lucrative VIP program. The sites pay a fee for every deposit or withdrawal, which can add up to millions of dollars a year for some of the largest bookmakers in the world.
Most BTC betting sites process their withdrawal requests in just a few hours and at the latest in a few days. This is not the case with their fiat counterparts, which can take several business days in regulated markets and even longer for United States customers.
Bettors may have to wait several weeks to receive checks or bank wires, which usually require a fee, as well. Want faster payouts? These are only possible via Western Union or MoneyGram transfers and come with more expensive fees. Depending on the amount requested, this can cost up to $200 per request.
Furthermore, many non-Bitcoin bookmakers require a long list of documentation before bettors are able to withdraw their funds. This may include bank statements, utility bills and scanned copies of your credit or debit card. These are just safeguards to protect yourself and others from fraud, but can be annoying to produce for customers and extend the withdrawal process.
Using Bitcoin is “nearly-anonymous” because transactions can be tracked via the block chain, but this would take considerable effort and even then it would be hard to narrow down where the funds were headed. But, for practical uses, Bitcoins leave no “paper trail.”
Traditional sites need a laundry list of items before they will process withdrawals, even during the sign-up process they require a lot of personal information. Your name, phone number, home address, age, and email are the minimum amount of information they require.
Bitcoin bookmakers require none of this information. At most, they will ask for an email address, but this is usually optional, as well. However, it may be worth signing up using an email as it can be used in case of a lost password.
Since each Bitcoin address is unique, users can simply send the amount they wish to bet to an address assigned to a particular side or total. If they win their wager, the original stake will be sent back to the address it was sent from, plus the winnings.
Due to the decrease in operating costs when running a Bitcoin gambling site, bettors will generally find more competitive odds on Bitcoin betting sites rather than fiat-based online bookmakers. You’ll also find some really generous bonuses and free bets.
While this is not always the case based on each particular book, the industry as a whole offers some of the best odds online.
Because Bitcoin betting is such a new thing, yes it is legal. There are currently no international laws that regulate Bitcoin betting so you can use Bitcoin to bet online legally without any problems.
As with everything to do with Bitcoin, the landscape is changing quickly so be aware that as the currency matures, things may be different. However, for now, there are no legal blockers to using BTC betting sites.
There are lots of differences between cryptocurrencies like Bitcoin and traditional ‘fiat’ money. Fiat is issued by a government and is usually regulated by a central bank.
In terms of betting there isn’t really much difference between BTC and other payment methods. The only thing you need to do is find a Bitcoin betting site. That’s why we have compiled the list of sites above. We only recommend sites that accept Bitcoin.
More and more major companies are accepting Bitcoin as a payment method. However, many of the well-established betting sites across the world are yet to do so. That is why dedicated BTC betting sites have been set up. We researched and tested the market and compiled our list of recommendations.
In the Bitcoin betting sites themselves, everything will function the same as normal betting sites. You can see odds, make selections and choose bets.
Bitcoin is by far the most well-known cryptocurrency, however it’s not the only one. Others include:
Many Bitcoin betting sites, including those in our recommended list, allow you to fund your account using alternative cryptocurrencies, not just Bitcoin. If you’re interested in using an alternative currency to bet, please check the details on your favourite site.
Bitcoin may seem daunting to those who are new to the technology but buying and selling the currency is becoming easier and easier each passing day. Bitcoins can be transferred with little to no fees across the world and can be bought instantly in many cases, through a number of mediums.
Bitcoins are transferred by sending digital signatures to the Bitcoin ‘protocol’ or network. This is where Bitcoin ‘miners’ come into play. These users verify these signatures and receive transaction fees and even new Bitcoins for their work.
The process of mining can be complicated and is best explained here. Mining is crucial because it records the transactions across a public database called the block chain, which is filled with Bitcoin addresses.
On the block chain, transactions across the network are not identified by a name, address or phone number, instead by using these addresses.
In simple terms, a Bitcoin address is similar to an email address. They represent a potential destination for a Bitcoin transfer or payment. Addresses can be generated for free within most Bitcoin wallets or exchanges. One can have many different Bitcoin addresses, and for ultimate security, should use a unique address per transaction.
Bitcoin addresses are the lifeblood of the currency, and it is worth noting that once Bitcoins are sent to a particular address, the transaction cannot be reversed. Chargebacks or transaction reversals are not possible.
Bitcoin launched in January 2009 and has since gone on to become the world’s most dominant and well-known digital currency. 2 years after its launch one Bitcoin was worth 1$ but by 2017 it had risen to an astronomical $19,700.
The price continues to fluctuate, and commentators are torn on what the future holds for BTC, however due to its prominence it is now accepted as legal currency across the world. Big business, governments and even betting sites deal in Bitcoin and it is not going anywhere, anytime soon.