Bitcoin sports betting is a comparatively new trend, but everything indicates that more and more users will bet with bitcoin in the future.
This is mainly due to the tempting properties of this means of payment, because transactions with Bitcoin are particularly secure due to anonymity, can be processed quickly, and only cost a micro amount.
With the help of author Kate Richardson, we show where you can place Bitcoin sports betting today, what advantages this has for you, but also what needs to be considered. We also present what the best site to bet on sports with bitcoin is.
How Can Bitcoin Sports Betting Be Placed?
Cryptocurrencies work with so-called blockchain technology and, unlike the fiat currencies known to us, are decentralized. There is therefore no need for a central office to regulate the number of coins and verify transactions.
This is done jointly by the entire network, in that every user has access to all information. If individual participants in the network fail, this has no effect on the availability and reliability of bitcoin, and no effect on how to bet with bitcoin.
New transactions are processed in so-called blocks, which are then put together like a chain.
The transactions are verified by participants in the network making computing power available in order to find valid hash values for new blocks.
Bitcoin was the first cryptocurrency in 2009 and is still the most common today. That’s why it is more common to bet with bitcoin than with other cryptocurrencies.
Since Bitcoin has long proven to be a practical, reliable, and safe means of payment, Bitcoin is popular with Internet users. Many betting customers also prefer Bitcoin to classic deposit methods.
This has not escaped the bookmakers’ attention, which is why more and more of them are offering deposits and withdrawals via the Bitcoin wallets. In order to be able to play online football bet with bitcoin at bookmakers, a betting account is required on the one hand.
This can be easily opened online. Various methods are then available to the customer for making a deposit, including Bitcoin. Now the user still needs a so-called Bitcoin wallet.
Anyone who already uses the cryptocurrency for other payment transactions will already have such a wallet. If a wallet is not yet available, it can be opened online with just a few details. The deposit is now made by specifying how much you want to deposit into your betting account.
The Bitcoin betting provider then provides a wallet address to which the customer now only has to send his coins to complete the deposit. After the Bitcoin network has confirmed the transaction, the deposited credit appears on the betting account and can be used to bet motogp with bitcoin.
Bitcoin Sports Betting – How It Works?
In order to be able to bet with bitcoin politics at bookmakers, you must of course first have Bitcoin. You then store these on a so-called wallet, which you can set up free of charge with various providers. Management on so-called hardware or paper wallets is even safer than storing the means of payment on an online wallet.
But Bitcoin can also be used fairly safely with the online wallet if you make sure that your own computer or mobile device is well protected from hackers.
At so-called crypto exchanges on the Internet, you can buy Bitcoin and other cryptocurrencies with euros or US dollars. Depending on which payment options the trading platform offers, payment is made by transfer, credit card, or another payment provider.
As soon as the money you paid has been received by the crypto exchange, it will send the corresponding amount in Bitcoin to the wallet address you specified.
Here you can now dispose of the coins and, among other things, bet with bitcoin on online betting sites. Another way to buy bitcoins online is through the so-called exchange platforms. Here, the trading price is not specified by the operator of the platform but rather determined by the users themselves.
You can create an offer with just a few clicks by specifying the amount of Bitcoin you want to purchase and the price in euros you are willing to pay for it. If an exchange partner is found who would like to enter into this trade with you, the trade is concluded.
Regardless of whether you prefer a crypto exchange or an exchange platform, you should always make sure that you only buy Bitcoin from reputable providers. Since transactions with Bitcoin cannot be reversed, it is usually almost impossible to get the lost coins back in the event of fraud.
This is also important on where to bet with bitcoin, as it needs to be a trustable bookmaker.
Get Started Step By Step with the Bitcoin Bookie
There are a few steps required to bet motogp with bitcoin. If you want to use this cryptocurrency, you have to own bitcoins.
Bitcoin can be bought online at the so-called crypto exchanges or on exchange platforms. Before making a deposit, make sure to search what the best site to bet on sports with bitcoin is. The ones with welcome bonuses are usually among the best.
The Bitcoin betting provider will give you a wallet address for your deposit to which you can send the desired amount. In the following we have clearly listed the individual steps on how to bet with bitcoin:
- Create a bitcoin wallet & buy bitcoin
- Find Bitcoin betting providers & register there
- Make a deposit with Bitcoin, using a bonus if necessary
- Use credit as a stake for sports betting
Conclusion
Bitcoin is becoming increasingly important and can be seen as an important alternative to established currencies. This is also reflected in the sports betting industry, where you can play online football bet with bitcoin. This is also due to the fact that Bitcoin offers several advantages over other methods.
This includes, among other things, the high level of anonymity, because no personal data has to be given when making transactions with Bitcoin. In most cases, payment is confirmed within a few minutes.
Because of that, more and more users want to know where to bet with bitcoin. Thankfully, many bookmakers are providing this cryptocurrency nowadays and it is not difficult to find places to bet with bitcoin politics and many other sports events.