- 1 What is Bitcoin?
- 2 Is it legal to deposit on betting sites with Bitcoin?
- 3 Pros and cons of Bitcoin in betting sites:
- 4 Best sports betting sites that accept bitcoin deposits
- 5 Depositing with Bitcoin- What you need to know.
- 6 Withdrawing With Bitcoin: What You Need To Know
- 7 In conclusion
Cryptocurrencies are the future of finance. Every industry is hopping in on using cryptocurrencies to make the transaction more secure. With the right strategies and wagering habits, Bitcoin gambling can produce substantial profits; the recent spike in the record-breaking value has been stimulating crypto casino players to act fast. Bitcoin betting is not as straightforward as fiat currency gambling. Despite their structure closing each other, Bitcoin gambling is not obligated to operate within the same guidelines as traditional virtual casinos. The right strategies and information enhance the chances of reaping impressive rewards. Many websites have started to use crypto as a form of payment now.
What is Bitcoin?
The world’s first decentralized cryptocurrency, a type of digital asset that uses public-key cryptography to record, sign and send transactions over the Bitcoin blockchain, without the oversight of central authority, was launched in 2009 by an anonymous programmer or a group of programmers under the pseudonym of ‘Satoshi Nakamoto’.
A peer-to-peer electronic payment system uses cryptocurrency to transfer value over the internet. Even though Bitcoin is highly volatile, it has become one of the top-performing assets. Without a physical form, Bitcoin cannot be accessed without a cryptographic key. It has a definite supply of 21 million, and no more can be created or destroyed. Bitcoin remains one of the most popular digital assets.
Is it legal to deposit on betting sites with Bitcoin?
If you think that buying cryptocurrency is difficult, expensive and perhaps even illegal? You are not alone. Using cryptocurrency is simply cheap and perfectly legal. Anyone can buy a cryptocurrency and deposit it on a betting site without restrictions.
Pros and cons of Bitcoin in betting sites:
It is decentralized- There is no central authority for the regulation for the flow of Bitcoins.
It is secure and private– the information and data cannot be stolen; there is no requirement to submit any personal data. The transactions are immutable, and the transactions cannot be reversed or altered in any way.
Bitcoin has a low transaction fee- because of the absence of any middlemen, those charges get eliminated
It is not subjected to inflation- Since only 21 million bitcoins can ever be generated, it cannot be subject to churn into fiat currency and pour out at random economy.
Bitcoin is volatile- the price fluctuates up and down every day because of the limited number of Bitcoins in circulation and increasing demand for them.
Bitcoin is untraceable- Though it has a lot of advantages, there is a flip side to it- illegal transactions. Using bitcoin for criminal activity and committing fraud.
Best sports betting sites that accept bitcoin deposits
One of the biggest sportsbooks in the country is Bet365; though you cannot directly deposit bitcoin into a Bet365 account, it is possible to send money from a bitcoin wallet to a Bet365 wallet. (read more)
is also a virtual wallet suitable for depositing and withdrawing money for gambling. Create a Neteller account; log in and click on the deposit link. Here you can see the Bitcoin deposit option and transfer the funds.
Link your Neteller account with a Bet365 account, enter email and pin. Click on submit for your deposit to go through.
One of the biggest names in the sports betting industry, Betway is a premier online sportsbook that has made it possible for Indian players too, safely enjoy online betting.
The best way to deposit and withdraw from Betway are-
UPI, IMPS, Netbanking, ecoPayz, Skrill, Much Better, Credit/Debit card, and Neteller accept cryptocurrency as a form of payment. (read more)
One of the best betting websites, it directly allows you to deposit and withdraw funds using Bitcoins. Betting with cryptocurrencies can be a bit time consuming and complicated. How to deposit 22Bet-
- If you are a cryptocurrency user with a crypto wallet, it is highly recommended. It is fast, easy and cheap.
- Head to the deposit menu, select from any of the 28 cryptocurrencies available. Select the desired crypto you want to deposit.
- A new window will link you to your crypto-wallet details that you need to make a transfer.
- Send money to the corresponding wallet; a few moments later, money will be instantly available.
Depositing with Bitcoin- What you need to know.
The first step is to buy bitcoins and buy bitcoins, and you need to create an account on any cryptocurrency exchange website. Top Indian crypto-exchanges are-
The signup is identical on all websites. Depositing cryptocurrency on a bookmaker is simple. Here are the steps to deposit bitcoins in a betting site-
- Find a betting site that accepts cryptocurrency
- Create an account and head to the ‘Depositor Payment’ menu
- Select the specific cryptocurrency; for example, Bitcoin, Dogecoin, Ethereum or other acceptable currency.
- The site will generate a link with necessary information about where to send money, insert this link into your crypto wallet and specify the amount you want to deposit.
- Send the confirmation, and the money will be instantly available in your betting account and start betting.
The minimum deposit amount for the betting account is 1mB, which values around Rs.600. There is no maximum limit.
Withdrawing With Bitcoin: What You Need To Know
The same process allows you to withdraw winnings in Bitcoin and other currencies.
- Choose Bitcoin as the preferred payment method
- Input the amount you wish to withdraw
- Provide your wallet address and other information details, and you can successfully deposit the money directly to your crypto wallet.
Cryptocurrencies are spreading across all industries, betting sites are unwilling to be left out. It has made betting so much easier and convenient for everyone. Using cryptocurrencies to place online bets comes with numerous advantages but at the same time has its drawbacks also. But here, the benefits outweigh the cons. There are plenty of other payment gateways that can be used for betting, but none is safer and private than Bitcoin.