It is almost impossible to be unaware of cryptocurrencies like Bitcoin in this present day and age. However, individuals familiar with it know it’s the real deal. Bitcoin is topping the list as the most valuable currency today.
Nonetheless, this is not to say some of the biggest BTC enthusiasts may not know the power it holds in bitcoin sports betting. A clear understanding of the digital currency will help minimize losses when staking on sporting events.
Continue to learn valuable tips on how and why you need to wager on bitcoin sports betting sites.
What is Bitcoin Sports Betting?
If you aren’t already aware, bitcoin sports betting deposits and withdrawals are the way of the future. The new trend involves placing wagers on sporting events online. This idea and bookies seem rather primary on the surface, but interests begin to grow when you find out all the perks.
Advantages of Staking Sporting Events with BTC.
In case you are skeptical about bitcoin betting, these benefits might be able to persuade you:
Many bitcoin sports betting platforms already exist, and they are willing to offer bettors enticing bonuses. These platforms provide welcome offers and bonus packages to their customers.
Bitcoin Top-Notch Security
People often wonder if BTC transactions are reliable. BTC design has financial security in mind, with built-in safeguards against identity theft, fraud, and harmful third-party infringement. Bitcoin sports betting sites doesn’t store your personal financial information when sending BTCs to them.
You might have been hesitant in the past to provide personal information to a sportsbook. If you mind sharing details such as a copy of your energy bill or driving license), BTC is the payment method to pick. Your only tools are a private key and a unique Bitcoin address, and everything is good to go.
Lower Transaction Fees
There will be no more handling, currency conversion, transfer, escrow fees, or other hidden charges with a third-party intermediary. As previously stated, Bitcoin’s decentralized nature eliminates the need for third-party oversight. So instead, what is required is a single charge: the miner’s fee.
Since the “blockchain” confirms transactions on a public ledger, nodes in the network verify and authenticate transactions. This process requires a lot of computing power, and the people who keep the network running are known as “miners.”
Also, a small fraction of every Bitcoin transaction goes to the miners as an economic incentive.
You will enjoy the quickest payouts, whether depositing or withdrawing money from a bitcoin sports betting site. Bitcoin payment takes an average of 4-6 minutes to confirm.
Sadly, several things can go wrong while requesting a check or bank transfer, slowing down the procedure. However, most sportsbooks will let players start wagering before their transaction proceeds to the blockchain.
The longest deposit confirmation wait time for bitcoin sports betting sites is approximately 40 minutes. Remember that this is still faster than going through a bank.
Although BTC withdrawals are slower than deposits, they are still faster than traditional banking methods. Four hours is the usual withdrawal time, which is still quick by any standard. On the other hand, withdrawing in ordinary cash can take more than 300 hours (about two weeks).
How to Wager on Bitcoin Sports Betting Sites
Bitcoin sports betting sites will convert BTCs to USD following your payment. As a result, bets come in US dollars.
When you withdraw the winnings, they will be converted from USD to Bitcoin and sent to your BTC wallet. That works to shield players from Bitcoin’s wild price swings.
How To Make Deposits on Bitcoin Betting Sites
- Enter your login credentials.
- Select “deposit” or “cashier” from the drop-down menu.
- Choose BTC as the transaction method.
- Enter the amount you want to deposit (converted to USD).
- Check for any bonus codes carefully. Make sure to enter the bonus code accurately if one is required.
- Once you have selected how much to pay, click “deposit.”
- You will see a screen displaying a transaction ID, the amount chosen as a deposit (converted), the exchange rate, a scannable QR code, and a Bitcoin address.
- Scan the QR code or copy and paste the address into your wallet.
- Bitcoin’s price may fluctuate between when you send the payment and when a transaction is confirmed. If the price falls, the amount available to gamble reduces slightly. If the price rises, you will have more credits available.
How To Withdraw from Bitcoin Betting Sites
- The process of withdrawal is remarkably similar to that of deposit.
- Go to the betting site’s cash-out or withdrawal section.
- Select Bitcoin.
- Enter the amount you want to withdraw from your bitcoin sports betting site, converted to USD.
- You will receive a screen containing a transaction ID number, the amount you want to withdraw (in USD), the Bitcoin conversion rate, and a blank box for your address.
- Copy and paste the Bitcoin address that your sportsbook should pay the funds to your wallet client. Confirm that your address is correct since BTC transactions are irreversible once they begin.
- Click “Confirm”
- You will then move to a new page stating that Bitcoin withdrawal has begun.
You may be wondering why bitcoin sports betting sites are the future of sportsbooks. A decentralized system like that eliminates many of the problems that bookmakers face when dealing with banks.
Such hassles include high fees, slow transfer times, and outright blocking their service. The latter cannot occur with digital currency because it answers to no control from a central entity. That being said and done, bitcoin sports betting does not only favor bookmakers but also the players.
The security, anonymity, and ease of transaction provided by BTC cannot slide by us. Also, with mouthwatering bonuses between 25-50% higher than regular wagering platforms, the lure of Bitcoin sports betting seems irresistible.