Bitcoin is nothing new and has been on the scene for several years but for many people, they remain unsure about what it is and how to use it.
Bitcoin is a cryptocurrency or digital currency, which means it does not correspond to any currency you may have used before in your lifetime. You cannot take Bitcoin with you in your wallet or purse and use it to buy goods in a store as you would the Euro, Pound or Dollar.
But this isn't a problem if you know how to use the cryptocurrencies... Especially on the internet. One way that you can use them, is online betting. Just log on to the Bitcoin bookmaker and use your BTC to place the bets, simple as that.
Firstly, you must not confuse Bitcoinwith using an E-Wallet such as Neteller, which uses real money from your bank account to make payments. But there are some similarities of course.
There is no physical element to Bitcoin and you cannot withdraw from a bank like real money. Instead, Bitcoins are blocks of stored digital data and a transaction using Bitcoin will take place when the data is moved from one account to another in exchange for goods or services.
And that's exactly how you use cryptocurrency to bet. You need to deposit it to your bookmaker's account and use it just like the normal money. You'll wager it in BTC and be able to withdraw it the same way you've deposited it.
Pay with bitcoin and start betting today!
2. The Popularity of Bitcoin Boookmakers is On the Rise
There are several reasons why Bitcoin continues to increase in popularity around the digital world. Firstly, the Bitcoinnetwork is not controlled by a single individual or organization. Every machine which generates Bitcoin is working with other machines to create the Bitcoin network. Without one person being in control, an authority cannot simply confiscate or remove Bitcoins.
Bitcoinaccounts are very easy to set-up and in most cases are much quicker than setting up a bank account. You will not be asked any questions or charged any fees.
No personal information is used when setting up a Bitcoin account and they are not linked to names or addresses. In addition, transaction fees are very small in comparison to making bank transfers and it’s a very fast process.
Finally, Bitcoin is growing in popularity due to the number of uses it has and this includes online gambling. Each year there are more and more sports betting websites that enable their users to use this currency. There are of course websites that are created specially for Bitcoin sports betting, such as 1XBIT.
3. Bookmaker’s Accepting Bitcoin
Due to the increase in popularity of Bitcoin, online bookmakers and casinos have started allowing players to use it on their website.
At the time of writing, there is only a small number of casinos and bookmakers accepting Bitcoin but this is sure to expand in the future. Current online casinos and Bitcoin bookmakers 2020 include:
So, why would you choose to use a Bitcoin casino or Bitcoin bookmaker as opposed to a standard one, using ‘real’ money?
The house edge is generally lower when using Bitcoin and this makes gambling with the cryptocurrency more lucrative in the long term. Also, casinos that are using Bitcoin are fair because the transparent nature of Bitcoin makes it difficult for the casino to deliberately pick numbers for you to lose.
However, as you can see from the list above, many of the major online casinos and bookmakers have yet to accept Bitcoin on their website. So, always be careful when using Bitcoin and only play on trusted gambling sites.