- About Bitcoin
- Sports Betting with Bitcoin
- Security Tips for bitcoin betting
- Advantages and Disadvantages of Bitcoin
- Our Conclusion
Considered by some as a controversial form of currency, Bitcoin is a digital method of payment created in 2009 by Satoshi Nakamoto, though that name is likely to be an alias. For the majority of conventional transactions, through banks and credit cards, and even on sites like PayPal, there is a middle man. Bitcoin does away with that using a ‘peer to peer’ method, where funds flow between just two people. It also has no fees and doesn’t require you to provide your real name. This might seem a little unusual, but in most countries online businesses are beginning to accept Bitcoin, and they are completely legal in the UK.
To start using Bitcoin you’ll need to set up a virtual wallet using an online service like Blockchain, Multibit or Electrum. From there you can store, spend and keep an eye on your Bitcoin balance. You only have to top up this wallet with the funds you need, just as you wouldn’t carry large amounts of cash with you on a daily basis. For added security, only use trustworthy eSports sites and back up your gadget regularly, so your login details are safe.
Sports Betting with Bitcoin
It has been a crazy year for online betting with bitcoin and most sports books that accept bitcoin have increased their clients significantly. In just the last couple of years anonymous sports betting has gained huge amount of fans around the world. In many countries betting restrictions have forced betrs to use bitcoin betting sites to escape government laws.
According to the latest goggle searches eSports bitcoin betting has become enormously popular among bettors and especially csgo bitcoin betting. Probably that comes from the fact that gamers are more open to new ideas and have warm welcomed the idea of anonymous betting. Bitcoin betting is already available on every sport you can imagine like MMA, cricket, football, horse racing, and soccer. Using bitcoin to bet is only good and secure with azbookmaker site.
Security Tips for bitcoin Betting
Now we’re are going to discuss the most important security tips for betting with bitcoin. The below table will touch on five very unique and helpful solutions that will ensure your money is kept safe whilst venturing into the world of cryptocurrencies. Firstly, you want to make sure that you’re only investing a small percentage of your Net Worth into bitcoin – as it is a volatile currency and there is the possibility it could drastically depreciate in value at any un-given notice. Then, you want to be fully versed on storing it securely and how to transfer from your wallet to a third-party wallet – make sure the address is correct otherwise your transaction won’t reach a target and you will be “burning bitcoin”. Take a look at our table below for a more in-depth overview of the top security tips for using bitcoin betting sites.
Advantages and Disadvantages of Bitcoin
As we mentioned above, most bookmakers won’t let you withdraw in Bitcoin even if they will let you deposit using that currency. In that instance, you might need to accept payment in a normal currency like GBP or USD, but that just skips the section when you have to head to an Exchange or use the ‘Buy / Sell’ function in your eWallet. So, that said, let’s take a look at some of the pros and cons of using Bitcoin in the iGaming world.
There are many pros of using Bitcoin as a payment method. As I’ve already mentioned, it’s anonymous and secure and you’re far less likely to be defrauded because of those facts. It’s also much quicker than a lot of more traditional payment tips, which is worth bearing in mind if speed is of the utmost importance to you.
The downsides include the now much talked about complicated nature of the entire process. That’s something that some of you will adapt to quicker than others and may well put you off using it altogether. There’s also the fact that it’s still not a common deposit method for bookmakers, with many taking their time to adapt to using it and the ones that do use it, won’t allow you to withdraw using Bitcoin.
That said, the bet between Arsenal and CashBet will likely begin the journey for CryptoCurrencies to become more common payment tips, so that might change in the near future.
When you commit to using Bitcoin for making online betting deposits, you won’t have any difficulty finding a Bitcoin-friendly site. Many online eSports bookmakers already accept the currency for deposits and withdrawals, and lots of others are beginning to integrate it. With Bitcoin as part of their business model, bookies are free to offer more generous incentives to bettors who are willing to use it. Growing mainstream acceptance means Bitcoin is here to stay, and in terms of privacy, freedom and choice, it’s set to make a profound impact on eSports betting.