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What is Bitcoin betting?

May 18, 2022

With the growing popularity and prevalence of cryptocurrency, it is not surprising that a number of online casinos and betting sites accept bitcoins as a transaction method.

What is bitcoin?

Bitcoin is a digital currency, or cryptocurrency, created in 2006 by Satoshi Nakamoto. Nakamoto's whereabouts are unknown, and no one knows who he is.

Bitcoin was created so that one person could send money to another person without the middleman that banks are in today's world. This is called a peer-to-peer transaction.

There is a limited number of bitcoins. In fact, there are 21 million. This is an advantage over conventional fiat money, which can be printed on demand.

We will not go into how bitcoin works because it can be quite complicated, but the main advantage of this cryptocurrency is that there is no obligation for intermediaries such as banks or e-wallet providers to make transactions, and no one, such as governments, has control over it. Because bitcoin cannot be controlled and is currently unregulated, many large organizations are reluctant to accept bitcoin as a payment method. However, as the cryptocurrency grows in popularity fast, regulations will emerge, and already we are seeing more and more major companies, including betting sites, accept bitcoins.

Bitcoins can be bought by anyone using regular fiat currency on sites like Coinbase or BitPanda. The price of bitcoin is currently fluctuating a lot because the cryptocurrency is still in its infancy, but it is expected to stabilize when it is widely used. Read also "Is CSGOROLL legit?"

How to bet using bitcoin

Some online casinos and betting shops allow players to place bets using bitcoins. Since bitcoin has many advantages over conventional fiat, bitcoin holders consider it a logical option for betting transactions.

The bitcoin betting market is growing very rapidly, with nearly £4 billion staked on betting sites since 2014.

As the cryptocurrency industry evolves, more digital currencies are emerging, and online betting sites are accepting more and more of them. Some betting sites have begun to accept alternatives to bitcoin, such as Ethereum, Litecoin, XRP, EOS, Stellar, Cardana, NEO, IOTA and Bitcoin Cash.

To play with bitcoins, you must first buy them. This can be done on various sites such as Coinbase, Coinmamma, Bitpanda and many others. Once you purchase bitcoins, they will be stored in your account. You can also store Bitcoins offline on your hard drive.

After you purchase bitcoins, you can send them to any other bitcoin wallet of your choice, including online betting sites. Not all betting sites accept bitcoin, so you need to look for those that accept this cryptocurrency and those with a good reputation. At the end of this article, we will list a few that are worth considering.

Pros and cons of using bitcoin for betting

Using bitcoin for online betting has many advantages, but because it is still relatively new in the big online betting world, it raises a number of concerns.

You can also check this article "How to start a Bitcoin Casino?"

Advantages of bitcoin betting

- Speed - Withdrawals from a betting account usually take 3-5 business days to reach your bank account, which is not ideal as these funds could be better used elsewhere rather than kept in limbo for days. Using e-wallets for betting speeds up this process and reduces it to less than 24 hours. However, bitcoin withdrawals are much faster and can arrive in your bitcoin wallet in a matter of minutes, so you can use those funds elsewhere if necessary.

- Security of personal information - Depositing with Bitcoin does not require you to enter any personal information, such as your credit card number or bank account details, so you can be sure that your information is not used by anyone else.

- Expenses - Some bookmakers and casinos charge fees for deposits and withdrawals in certain ways, and these fees can reduce your profits. "Bitcoin transactions are free, so this problem is solved.

Reliability - Bitcoin can be used anywhere in the world. Since your transactions are not processed by a bank, there is no risk that your transactions will be rejected.

- CONFIDENTIALITY - Many players and bettors don't like having endless betting-related transactions appear on their bank statements. This is especially true if you're applying for a mortgage or loan. "Bitcoin transactions don't go through your bank, so privacy is guaranteed.

Against bitcoin betting

- Price Volatility - The price of bitcoin is currently very volatile. Every day there are price changes that can be significant. Since bitcoin is not yet widespread for everyday transactions, this volatility is likely to continue for some time, putting bitcoin players at risk for gambling. For example, you might buy £100 worth of bitcoin to bet on a betting site, but when you just exchange bitcoin for fiat currency, it might only be worth 70% of the amount you bought it for. Of course, the price of bitcoin can rise during this period and you can make additional profit, but owning bitcoin is a gamble in and of itself.

You can also check our new article "What is CSGOROLL?"

- PRIVACY - We have identified privacy as an advantage of using Bitcoin, but it can also be seen as a disadvantage. Because bitcoin transactions do not go through a bank or credit card company, you are not protected if something goes wrong. For example, if you deposit bitcoin into an unauthorized betting site, there is no protection. Bitcoin is currently unregulated, and support for problems in cryptocurrency transactions is rare. When choosing a bitcoin betting site, always do your due diligence to make sure you are using a reputable company.

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