Bitcoin Betting

The beginners guide to betting using Bitcoin

Cryptocurrencies like Bitcoin have become very well-known in recent years. Bitcoin is the oldest cryptocurrency in existence, having started life in 2009. It is becoming increasingly popular as a payment method at online casinos. In this article, we’ll tell you more about the phenomenon of Bitcoin betting and how you can go about it. We’ll tell you exactly what Bitcoin is, as well as how to find good Bitcoin betting sites. If you want to gain some important insights into Bitcoin gambling, read on!

What is Bitcoin?

Before we go any further and discuss the process of Bitcoin betting, it is useful to tell you exactly what Bitcoin is. Bitcoin is a cryptocurrency. What do we mean by that? A cryptocurrency is a virtual currency that functions like an online version of cash. Each individual Bitcoin is a computer file that is stored by its owner in a digital wallet.

People can send Bitcoins or parts of Bitcoins to each other, with each transaction being recorded in a blockchain. There are three main ways that you can obtain Bitcoins. These are:

  • Buy Bitcoins using real money
  • Sell things and allow your customers to pay you using Bitcoins
  • Bitcoins can be created by a computer

Bitcoins essentially function as both a currency and a payment method combined, which is one reason why they are becoming increasingly popular with fans of online gambling. We’ll tell you how Bitcoin betting works next.

What is Bitcoin Betting?

If you’re wondering how to use Bitcoin betting odds then it is pretty similar to conventional betting. Bitcoin betting on sports at an online cryptocurrency casino then you first need to open an account at a betting site that accepts Bitcoin. Visit the site and click on the Join Now tab or its equivalent. You then need to provide the personal details, including a valid email address, to verify your account. You are then ready to enjoy some betting with Bitcoin.

If you have a Bitcoin wallet, you can then use it to fund your account in the same way that you would use a more conventional e-wallet like PayPal. You place bets in the normal way, but when you deposit funds in your account, you select Bitcoin as your chosen payment method. Betting with Bitcoin is anonymous and considered by many people to be even more secure than using a debit card.

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How to find a Bitcoin casino

If you’re looking for a good Bitcoin betting site then you can apply many of the same criteria that you would when looking for a conventional casino. The most important thing to check is that the site accepts Bitcoin as a payment method. If it does, you should check the following features to make sure that the site is right for you. Some betting sites that accept Bitcoin include Unikrn, Stake.com, and 1XBet.

Licensing

You want to use a Bitcoin betting site that guarantees appropriate standards of fairness and safety. Check that the site is licensed by a reputable regulatory body like the UKGC or the MGA.

Range of sports covered

Obviously, you want there to be a good range of markets on which to bet. Check that the site offers markets for your favourite sports. Good esports betting and virtual sports betting options are a plus.

Welcome bonus and other promotional offers

It is always nice to be welcomed to a betting site with a tasty promotional offer. Check what the welcome bonus is before you commit to opening an account. There might even be a specific bitcoin betting bonus.

Is there a mobile app?

Most punters like to enjoy some betting on their phone or tablet these days. A good Bitcoin betting site should offer an app for download for Android and iOS operating systems.

Conclusion

As you can see, Bitcoin gambling is very simple and pretty much the same as using any other kind of payment method to fund your betting account. You should always check that any betting site that accepts Bitcoin covers a good range of sports, is properly licensed, and has a mobile app. A nice welcome bonus helps too!

Bitcoin Betting FAQs

How do I use Bitcoin for sports betting?

You can use Bitcoin for sports betting in pretty much the same way as you would use an e-wallet like PayPal. You need a Bitcoin wallet before you can start betting with Bitcoin.

Is it legal to place a bet using Bitcoin?

It is legal in many countries to bet with Bitcoin. Some countries may not allow it, however, and you should always check local gambling laws before you attempt to enjoy any betting using Bitcoin.

Is betting with Bitcoin anonymous?

Not really. As all transactions are part of a blockchain there is always a way to check your identity. It can give a greater semblance of anonymity, however, as you do not always need to provide personal information to betting sites if you are using Bitcoin.

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