Bitcoin Betting Sites

Bitcoin is a payment method that is becoming extremely popular on betting sites. Before long, it will be a payment option that is readily accepted by all UK bookies. In this guide, we are going to provide you with information about this cryptocurrency as well as the betting sites that accept Bitcoin.

Why Use a Bitcoin Betting Site?

Everything in this life comes with its advantages and disadvantages and we can tell you that Bitcoin is no exception to this. Below we shall have a look at the advantages and disadvantages of playing at Bitcoin sports betting sites (or a Bitcoin casino) so that you can get a good idea as to whether Bitcoin is a payment option that you would be interested in using.

Advantages: Using Bitcoin for Betting

First, we shall take a look at some of the main advantages of Bitcoin as a payment option:

Low transaction fees: When you compare Bitcoin with other payment options such as credit cards or PayPal, it has smaller transaction fees by quite some distance. Bitcoin fees can vary, but it is not often that a Bitcoin transaction that you make will have a fee that is more than 1% of the transfer value. With other digital payment options, the fee usually stands at around 2-3%.

Transactions are much quicker: When you carry out a deposit transaction with your bank card it will usually take a couple of working days (at least) before the payment is processed and your funds appear in your bookmaker account. However, if you decide to make a transaction using Bitcoin, you can complete the whole process in around ten minutes, which is always a nice bonus.

More privacy: Having cash in the bank or carrying out a credit card or PayPal transaction is no more private than handing money or a credit card to a shop assistant. Although you bank account are protected from hackers, there is a clear link to you which means that private merchants and public authorities can easily track how it is that you spend and receive money. However, with Bitcoin, this is not the case as your identity is not linked to your Bitcoin account.

Disadvantages: Using Bitcoin for Betting

Now that we have taken a look at some of the advantages, we are going to have a look at the disadvantages of using Bitcoin as your preferred method of payment at online betting sites:

Can attract cybercriminals: Many law enforcements out there are not really too bothered about the theft of Bitcoin, and hackers are certainly aware of this fact. Therefore, attempting to hack into Bitcoin wallets is something that cybercriminals have now taken up as a bit of a hobby. However, Bitcoin does have its own security measures, so you do not need to worry too much about losing your Bitcoins.

The value of Bitcoin fluctuates drastically: The value of Bitcoin is something that changes all the time, meaning that one day you could go to bed feeling very wealthy, and then the following morning you wake up and the value of Bitcoin has decreased drastically.

Not accepted by all bookies: If you find a bookmaker that you want to register with, then there is a good chance that they will not accept Bitcoin as one of their payment methods. However, with this being said, the odds of you finding betting sites that accept this payment method is always increasing, which is nice to see.

Are Betting Sites That Accept Bitcoin Secure?

As we just mentioned above, one of the main disadvantages of this method of payment is that hackers enjoy trying to break into Bitcoin accounts because they know law enforcements do not really concern themselves with Bitcoin theft because it is a grey area. However, when it comes down to sports betting sites that accept Bitcoin you do not need to worry about losing Bitcoins because once they have been deposited into your sportsbook account, you can be sure that they are safe? Why is this the case? Well, sports betting sites use some of the best security around, which means that your money and personal data will be perfectly safe.

What is Bitcoin?

To put is as simply as we can, Bitcoin is a form of digital currency that you can use on the Internet to purchase products and services. At the time of writing, there are not an awful lot of online shops that accept it, but you will be glad to find out that more and more bookies are accepting it as one of their available payment methods. If you want to buy Bitcoins, then you can purchase them from BTC Direct, and they will then be sent to you right away.

How to Create an Account with Bitcoin in the United Kingdom

Bitcoin is digital money, so there is no such thing as a Bitcoin account. However, you still need somewhere to store all your Bitcoins, and this where Bitcoin wallets come into play. A Bitcoin wallet is like a normal bank account due to the fact that you can go there to manage, send, and receive Bitcoins. There are plenty of Bitcoin wallets out there, with some being better than the rest. Below you can find eight of what we believe are the very best.

• Coinbase
• BRD
• Exodus
• Trezor
• Mycelium
• Robinhood
• Blockchain
• Electrum

All the Bitcoin wallets that we mentioned above can easily be download from the Google Play Store or the Apple Store. All that you need to do is search for the one you want to download, click on it, and follow the instructions. If this is your first time dealing in Bitcoins, we recommend that you download BRD as this one is very suitable for beginners.

Fees and Commissions for Using Bitcoin

When you send Bitcoins, you do not need to pay any fees. However, if you do not send a fee, then there is a chance that your transactions will not be processed by the Bitcoin miners. The miners are technology experts who are there to maintain the blockchain. Miners add new blocks, and when they do, they are rewarded with Bitcoins and a transaction fee. They can choose the transactions they wish to add to each new block, with each block having 1MB of data. Due to the fact that each miner keeps the transaction fees, they will usually prefer to process the transactions that have a higher transaction fee attached.

So, what is the average Bitcoin fee? This is not an easy question to answer as it changes constantly, but it seems to be around $0.30. However, you can choose your own fees, so if you want a transaction processed quickly, then we suggest that you offer a higher fee than average. Although none of us like incurring fees, Bitcoin transaction fees are generally much lower than those you will be charged by your bank or any other payment method.

We must not that when you are depositing some Bitcoins at a bookie that you will not usually be charged any fees by the bookies themselves. However, when it comes to making a withdrawal, there is a small chance that there will be a fee that you will need to pay.

Our Opinion on Bitcoin

Bitcoin, since it first came into being in 2008, has come a very long way. It is now a more accepted method of paying for goods online and more and more bookies are accepting it as one of their payment methods, so the pros must outweigh the cons. However, at this moment in time, if you have a choice between Bitcoin and another payment method that we discuss on this site, then we would recommend you go with one of those as there is not the possibility that you wake up one morning to find that the value of your money has decreased a lot.

Alan has a Bitcoin account, so we asked him what he likes best about it and this is what he had to say.

“The main thing that I love about Bitcoin is the anonymity. I like to bet quite a bit and a few years ago I applied for a loan for a house, but I could not get the amount that I wanted due to the gambling history that was visible on my bank statements. I was not spending more than I could afford, but the bank did not see it this way. Now I make use of Bitcoin, and none of my gambling transactions appear on my bank statement. I have also not woken up to find my Bitcoins have seriously devalued, but maybe I have just been lucky.”

FAQ: Bitcoin Betting Sites Online