Bitcoin has made a rising entry on the globe markets since its launch in 2009. Although nobody can tell for sure who created the digital currency, it allows completing of millions of daliy transactions, ranging from ordering food, buying everyday products or even betting on best online bookies. Despite the low exchange and transaction rates, bitcoins are shrouded in a mist of controversy, given that they are extensively used for certain illegal activities, such as purchases in the darkweb and money laundering. Additionally, frequent government campaigning against their use takes place, given that it is almost impossible to impose taxes on these kind of transactions. On this guide, we aim to show how you can use bitcoin while betting, plus a few tips on what you should look out when dealing with lesser known bookies.
Why choose bitcoin and how to use it:
- Bitcoins are so popular due to two aspects: Privacy and low fees. There is no need to share your financial information (e.g. bank account) with a bookmaker, while if you do a little research, you can find profitable exchange rates, especially if there is a high demand for the crypto currency. Additionally, bookmakers will usually charge you with a rate ranging from 0-2% on your withdrawals, which is quite low compared to other payment methods. Finally, what really makes bitcoin stand out, is the fact that every transaction is completed extremely fast. These types of payments take place explicitly between the bookmaker and the bitcoin database (blockchain), which allows them to be completed in no time.
- Concerning the use of bitcoin, its actually the same as exchanging euros to dollars, or any other currency on your bank. First of of all you need to create a bitcoin e-wallet. There are many options, each one with their advantages and disadvantages, so make sure to undergo a thorough investigation. Following that, you should find a reputable website that completes physical-to-cryptocurrency exchanges and create an online account. Then simply deposit the desired amount of money and complete the transaction by providing your bitcoin wallet’s details.
Deposit and withdrawals:
- In order to top up your betting account, you basically must proceed as with any other e-wallet, such as Skrill or Paypal. Log in, go to the payment section, select bitcoin, state the required amount in physical currency and confirm the transaction by filling in your e-wallet address and password. Your account will be instantly credited with the requested amount, with no added charge.
- If you wish to withdraw money from your bookie, you once again must follow the similar steps as with regular e-wallets. Go to the payment section, locate bitcoin, state the required amount, once again in a physical currency and enter your bookie password to confirm the payment. The charges are insignificant and the transaction time, usually lasts no more than one day.
How to find the best e-wallets and exchanges:
- Getting the best exchange rate can be a daunting task when dealing with unregulated currency. Although we do not promote or advertise any specific website, blockchain.info and bitpay.com are two excellent choices, with low rates and a user friendly environment. In order to find the best services you should compare the various e-wallets based on your operating system, your needs and obviously, the exchange rates.
Advantages and disadvantages:
- The nature of the crypto currency and the fact that it is still being received with mixed feelings, means that despite its many positives, certain factors still deter it from attaining mainstream usage. Despite that, bitcoin can be summed up to the following.
+Low fees. When you make a withdrawal from a bookmaker to your bitcoin e-wallet, you will only be charged with a 0-2% fee.
+Quick withdrawals. Given that transactions don’t require a third party authorization from a banking or financial institution, you will usually receive your money the day after your request.
+Maintain your privacy. No bank account info, no credit card numbers and no need to let your country’s financial authority know you are making money from betting.
+Make some added money. If you’ve got the know how, or don’t mind doing a little research, you can sell your bitcoins for added value on certain exchange websites.
–Not widely accepted. Many regulatory authorities and bookies still remain sceptical about accepting bitcoin, although the trend is currently on the cryptocurrency’s favor.
–No moneyback guarantee. Although this mostly concerns the betting company you are dealing with, you should note that if a bookie cheats you on your money, it’s really hard to prove it when using bitcoin.
–A bit hard to get the hang of. Maintaining a bitcoin e-wallet and using an exchange website can prove to be a complex task for certain bettors. If you happen to find your self struggling to comprehend the bitcoin use, then you should either ask for some help, make a more extensive research or use a different payment method.