Learn the Basics on Sports Betting with Bitcoin

sports betting bitcoins

Is it your goal to pay for your sports bets with Bitcoin? Then you can stop looking. Because this guide will help you to understand bitcoin sports betting sites.

Paying sports betting with cryptocurrencies like Bitcoin can have advantages and disadvantages. With the help of author Kate Richardson, a specialist in sports betting here, we’ve created this guide for bitcoin betting. 

In addition, we explain to you what really good bitcoin betting sites have to offer besides the popular cryptocurrency so that you can get more out of your sports betting in the future. 

Now read on quickly!

What Are Bitcoin Bookies?

When you deposit credit at a bookmaker, there are various options to choose from. In addition to the established methods, such as paying with a credit card or PayPal, Bitcoin is now one of the approved payment methods for some of the betting providers. 

Bitcoins are a cryptocurrency. In other words, we are talking about a digital, virtual currency that works in a decentralized manner. In contrast to a classic currency such as euros or dollars, Bitcoin does not have a central bank that controls the currency. 

That’s the first big difference and one of the main reasons bitcoin sports betting became so popular. Because of this decentralization, we are talking about an anonymous currency. 

It is possible to pay anonymously with Bitcoin. The currency Bitcoin experienced a real hype two years ago. 

Their prices exploded, a large number of traders appeared on the market, and to this day trading in cryptocurrency is one of the most lucrative ways of making money with currency fluctuations. And because of that, many bitcoin sports betting sites appeared in the betting market.

How do sports betting Bitcoin payments work?

If your betting provider supports Bitcoin, you can use it like any other payment method.

Which means you just have to make sure the sports betting bitcoin is available at said bookmaker and then make a deposit using this payment method by accessing the deposit page of your account. 

However, it is good to see which are the best options for bitcoin sports betting sites. You can do that by checking a few things, such as:

  1. Minimum deposit amount
  2. Welcome bonus
  3. Variety of sports
  4. Cash-out function

After choosing a bookmaker that pleases you, the first step to start sports betting bitcoin is registering. On most betting sites, it won’t take more than a couple of minutes and you will soon be able to make your first deposit.

Open the deposit page and choose bitcoin as the payment method. Then you choose the desired amount and the bookmaker will give you a bitcoin wallet for you to transfer the deposit.

What are the advantages and disadvantages of sports betting Bitcoin?

That’s a good question. Let’s start with the advantages that await you when bitcoin betting. For one, we’re talking about a quick transfer option. Even if the confirmation via the blockchain sometimes takes time, your credit is usually available to you quickly. 

The second advantage would be that there are usually no additional fees. The price fluctuations can be a blessing and a curse. If the price develops to your advantage, it rises and your coins are worth more, that would be an advantage.

However, this could also be a disadvantage in our bitcoin sports betting reddit, because if the price drops, the value of your coins will decrease. 

How can I win more with Bitcoin betting?

Now we want to give you a few tips on how you can maximize your profits when using bitcoin sports betting. If you intend to bet with a provider that supports Bitcoin sports betting, then you should orientate yourself on the specifications of our ranking for best betting providers 2021. 

You are not only looking for a provider who supports payments with cryptocurrency for you. You also choose according to your personal specifications. In short, you make sure that the bookmaker suits you perfectly.

If you prefer to bet with your smartphone, you choose the bitcoin betting sites that offer a good mobile experience, with a good mobile website or even an app.

If you prefer to work with live multiple displays, then you need a bookie that supports this. 

Let these guidelines flow into your selection. If you choose a bookmaker not only according to having bitcoin, but also according to personal specifications, you are laying the foundation for your long-term betting there. That is the basis for gaining more in the future.

Conclusion

Enough of theory. With the help of our comparison, you can now find a betting provider with Bitcoin that suits you perfectly. 

Use our guidelines as a guide and, if possible, use an alternative if the disadvantages of bitcoin sports betting reddit seem too risky for you. We believe that Bitcoin bets are more for those who like to take risks. 

Anyone who has ever experienced a drastic drop in the price of their coins where the investment was only worth 1/4, in the end, knows what we are talking about.

If you don’t feel like this additional risk factor in your sports betting, you can simply use one of the alternative methods, such as e-Wallets or credit cards. Differently from Bitcoins, these other methods are usually accepted by all bookmakers out there.

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