Why Should You Use Bitcoin at Bitcoin Betting Sites?

When you bet with Bitcoin you bet knowing that you have a high degree of privacy and security. Transactions are pseudonymous and encrypted, protecting your personal and financial information. This encryption also goes much deeper than traditional payment methods.

Additionally, Bitcoin (BTC) transactions are decentralized and immune to government control or interference. This makes Bitcoin sports betting sites perfect for those who are extra keen on keeping their payment information private.

Moreover, using Bitcoin eliminates the need for intermediaries such as banks, reducing fees and potential delays. The value of your BTC may also go up while you’re betting, further increasing profitability.

How to Bet with Bitcoin

Bitcoin gambling has been a thing for several years now, mainly due to the cryptocurrency’s ease of use online. It’s easy to get started and begin betting with your funds.

Below, we’ll explain how you can both deposit and withdraw funds with Bitcoin on any top sportsbook. It may be a cryptocurrency but there’s nothing cryptic about it. Bad joke. We won’t be doing any standup comedy anytime soon but we will continue to be sports betting experts.

Depositing With Bitcoin

To start online gambling with Bitcoin, you’ll need to follow a couple of simple steps and ensure you have a wallet ready. By wallet, we mean a Bitcoin wallet, these can be easily set up completely anonymously, or set up through brokers such as Coinbase.

Follow these steps to deposit with Bitcoin:

• After creating an account with the bookmaker, navigate to the ‘Deposit’ section and look for the Bitcoin payment method. You’ll find a unique Bitcoin address provided by the bookmaker.
• In your Bitcoin wallet, initiate a transaction and enter the bookmaker’s Bitcoin address as the recipient. Specify the desired amount and confirm the transaction.
• Bitcoin transactions require network confirmations to be processed. Wait for the required number of confirmations, which usually takes a few minutes, before the funds are credited to your sportsbook account.

Withdrawing With Bitcoin

Withdrawing Bitcoin on gambling sites works almost the same as when you deposit. The main difference between the steps is that you need to know your own Bitcoin wallet ID.

Follow these steps to withdraw funds with Bitcoin:

• First, log into your bookmaker account and navigate to the ‘Withdrawal’ section. Look for the Bitcoin withdrawal option.
• Enter the amount you wish to withdraw in BTC and provide your Bitcoin wallet address where you want the funds to be sent.
• The specific processing time can vary depending on the betting site’s policies and workload but expect to wait a couple of hours.
• Once the bookmaker approves the withdrawal, the transaction needs to be confirmed by the Bitcoin network. The number of required confirmations can vary, but typically it takes around 10-30 minutes for a Bitcoin transaction to receive multiple confirmations.

Advantages of Using Bitcoin for Sports Betting

Betting online with Bitcoin brings with major benefits, some of which we elaborated on in the sections above. We’ll take you through our top three reasons to use Bitcoin when sports and esports betting.

Anonymity

One significant benefit of betting with Bitcoin is the anonymity it provides, ensuring that your funds cannot be easily tracked by individuals or the government. Bitcoin transactions are not directly linked to your identity.

This offers a layer of privacy and discretion, allowing you to engage in online betting without revealing sensitive financial information. By leveraging Bitcoin’s decentralized nature, you can avoid potential scrutiny associated with traditional payment methods.

Speed and Efficiency

Bitcoin transactions are processed quickly allowing you to deposit and withdraw funds rapidly at online sportsbooks. Unlike traditional banking methods that may involve lengthy processing times, Bitcoin transactions are typically completed within minutes.

Additionally, Bitcoin’s digital nature eliminates the need for intermediaries, reducing potential delays and increasing the overall efficiency of transactions.

Low Transaction Cost

Another notable benefit of betting with Bitcoin is its lower transaction costs. When compared to traditional banking methods or credit card transactions, Bitcoin transactions often involve lower fees.

This can be particularly advantageous for frequent bettors or those making larger transactions, as it allows more of their funds to be allocated.

Bitcoin Security

Bitcoin is renowned for its air-tight security features, making it a safe and secure payment method on all the best Bitcoin gambling sites.

The underlying technology of Bitcoin, known as the blockchain, ensures transparent and tamper-resistant transaction records. The decentralized nature of the network eliminates single points of failure, reducing the risk of hacking or unauthorized access to funds.

Additionally, Bitcoin wallets employ advanced encryption methods to protect private keys, providing an added layer of security.

That is all to say, if security is your main concern, you can’t do any better than Bitcoin.

Bitcoin Customer Service

Due to the anonymous nature of cryptocurrency and its decentralized structure, Bitcoin does not have any customer service. If you are looking to gamble with Bitcoin, ensure you are using a trusted sportsbook.

Bitcoin operates on a peer-to-peer network, where transactions are validated by network participants rather than a centralized authority. Therefore, there is no governing body or company that can set up any form of customer service.

For any issues that may arise, your best bet would be to see if your specific Bitcoin wallet provider maintains any customer service avenues.