Bitcoin and Sports Betting

Bitcoin and Sports Betting

The relationship of Bitcoin sports betting has grown rapidly in recent years. More and more sports betting providers relied on the world’s leading cryptocurrency and offer their clientele the benefits of this anonymous payment method. Most bookmakers who have included Bitcoin in their existing portfolio of deposit and withdrawal offers offer the digital currency as a convenient deposit method, but change the deposited Bitcoins directly into the account currency used, thus Bitcoin sports betting has an enormous potential on the market.

What is Bitcoin?Fees are often incurred for the voluntary currency exchange, which are only partially covered by the betting providers. Pure Bitcoin betting providers that also offer sports betting with Bitcoin on their platform are currently still a minority in the industry.

Bitcoin (BTC) is a virtual monetary unit that carries out peer-to-peer transactions by means of a database, the so-called blockchain. In other words, the digital units are only moved between the payment sender and the payment recipient. All Bitcoin transactions are executed redundantly and decentrally and are continuously updated in the blockchain. Unlike the classic banking system, the major advantage of cryptocurrencies is that no central administrative unit is needed to implement the movement of money.

The Bitcoin concept is based on a 2008 white paper written by Satoshi Nakamoto. Exactly who or which group of people is behind this name or pseudonym remains a mystery to this day. Digital currencies such as Bitcoin and other cryptocurrencies have been experiencing a real boom in the financial world for several years. Currently there is another BTC bull run. If you are new to trading and want to profit from bitcoins volatility, a trading bot will help you – find one at bestbitcoinbot.

A major problem that goes in line with all digital means of payment is the extreme price fluctuations that Bitcoin owners, among others, have to make do with. It is not uncommon, therefore, for Bitcoins to be acquired for speculative purposes rather than for the use of their actual origin. Not surprisingly, then, some bookmakers offer Bitcoin bets on rising and falling rates on their platforms.

One of the frequently asked questions regarding Bitcoin sports betting is the issue of security. Due to the decentralized way it works, Bitcoin transactions are much safer than comparatively bank transfers. The transaction process of a Bitcoin transfer relies on the computing power of many computers at the same time, which process the encrypted work order independently and record it in the blockchain. This completely eliminates the need for a centralized entity such as a bank or government to receive and process the transfer request. However, cryptocurrency holders also always need a digital wallet for which they are responsible and which they must protect themselves. Most Bitcoin wallets can be managed online in the style of an online banking account. Even more secure than an online wallet is a so-called hardware wallet, which makes cryptocurrencies available outside the Internet. In both cases, it is advisable to take good care of your digital assets, because if you ever lose access to your wallet, the assets are often lost.

What are the advantages of bitcoin sports betting?

Bitcoin deposits and withdrawals not only have the advantage of being anonymous and secure, but also that the money deposited and withdrawn is quickly available in their account. The transfer of the digital money position is associated with a small fee, the so-called GAS price, which must be borne by the customer himself.

Insofar as the bookmaker is forced to convert the cryptocurrency into real money (Euro, USD, etc.), conversion fees are mostly due, which are partly borne by the providers. With pure Bitcoin bookmakers, the aforementioned conversion fee is of course omitted, and you can use the betting interface completely with the deposited Bitcoins.

In order to deposit at a pure Bitcoin betting provider and place bets with Bitcoin, registration with an email address is sufficient in most cases. The offer of the betting sites can thus be used completely anonymously. You should check the BBSB rating of bitcoin betting sites that are trusted, before you open an account. One of the most popular provider is Nitrogensports.

Sports betting bonus

Betting enthusiasts who prefer to make a deposit using Bitcoin are not at a disadvantage when it comes to sports betting bonuses, rather the opposite is true. Crypto lovers are often welcomed by bookmakers with a kissing hand, as there are hardly any transaction costs for the providers.

In most cases, the sports betting bonus is granted in the amount of the welcome bonus offered, whereby the money exchange to be made must always be taken into account. Of course, this is only the case if it is a betting provider where the betting account is kept in Euros or USD. Pure Bitcoin bookmakers, on the other hand, offer significantly more flexible welcome bonuses, which sometimes far surpass the offers of conventional sports betting providers.

Bitcoin sports betting fees

Bitcoin sports betting feesA Bitcoin transaction is always associated with a small fee. For each payment transaction within the blockchain, a gas price is charged, which the payment sender can set on his own. Most often, a default value is used for the variable gas price, which is how the payment order is incorporated into the blockchain.

Entering a non-market gas price that exceeds the default value can speed up the transaction. Further fees are incurred insofar as Bitcoin is exchanged for another currency. These exchange fees (e.g. from Bitcoin to Euro) are currently still quite high, which is why many users prefer to use conventional payment methods. On the other hand, Bitcoin owners are used to the highly fluctuating exchange rates anyway, which has already hardened many crypto fans with regard to the costs of a voluntary money exchange.

Limits on Bitcoin and other digital funds should be considered a bit differently from common currencies. The sometimes violent fluctuations in the exchange rate often make the limits vary between thousands of euros. This makes it very difficult for providers to set exact limits. Anyway, limits of 1 or 2 BTC seem rather ridiculous compared to a limit of €10,000 or more.

Especially with regard to responsible gambling settings, it is difficult to properly classify Bitcoins. It is not uncommon for Bitcoin betting providers to advertise high deposit limits that do not specify any real limit, which is mainly due to the fact that, from the provider’s point of view, there are significantly lower costs than when transferring money with conventional currencies.

Frequently Asked Questions

What is Bitcoin?

Bitcoin (BTC) is a virtual monetary unit that carries out peer-to-peer transactions by means of a database known as the blockchain. In other words, the digital units are only moved between the payment sender and the payment recipient. All Bitcoin transactions are carried out redundantly and decentrally and are continuously updated in the blockchain.

What are the advantages of Bitcoin?

Bitcoin deposits and withdrawals not only have the advantage of being anonymous and secure, but also that the money deposited and withdrawn is quickly available in their account. The transfer of the digital money position is associated with a small fee, the so-called GAS price, which must be borne by the customer.

What are the limits on Bitcoin?

Limits on Bitcoin and other digital funds should be considered a bit differently than on common currencies. The sometimes violent fluctuations in the exchange rate often cause the limits to vary between thousands of euros. This makes it very difficult for providers to set exact limits. In any case, limits of 1 or 2 BTC seem rather ridiculous compared to a limit of €10,000 or more.