Long gone are the days when Bitcoin was seen as a new thing in online betting. Nowadays, more and more punters use it for deposits at the online betting sites of choice. Bitcoin became such a popular payment method for online betting thanks to the processing speed, increased anonymity, and even the possibility of boosting your win if the Bitcoin price spikes all of a sudden. Bitcoin’s beginnings can be traced back to 2009 when Satoshi Nakamoto – could be one person or a group that goes under this name – released the code for it as open-source software. This cryptocurrency comes as a decentralized alternative to the standard currency used by governments and it offers a dramatically improved security compared to any other payment option out there. Intrigued about Bitcoin being used in online betting? For more info on how Bitcoin works in this environment, how to use Bitcoin for placing online bets and online bookmakers accepting the cryptocurrency for payments, check out the article we prepared.
Of course you can. Bitcoin deposits are not targeted with any kind of restrictions towards being able to claim the first deposit bonus or any other offer for that matter. Unlike ewallet deposits, every Bitcoin transaction can be verified in real-time by the bookmaker so there’s no reason for bookmakers to restrict access to the first deposit bonus. So, not only that you can enjoy the first deposit bonus or welcome offer, but since all transactions can be easily verified and Bitcoin bookmakers promote this payment option, you can even get some extra facilities.
Even though Bitcoin is still not as popular as traditional currency and other payment methods such as ewallets or cards, making a deposit via Bitcoin is not at all complicated. The steps to be followed are pretty much the same as with any other deposit option out there. Firstly, you need to log into your online bookmaker account of choice and locate the “Deposit” or “ Cashier” button on the homepage. We’re starting this step by step guide on how to deposit with Bitcoin considering that you already have the funds available and an account at an online bookmaker that accepts Bitcoin deposits. However, if that’s not the case for you, there’s a list of Bitcoin bookmakers on this page and you can choose any one of them for a great experience. Also, if you’re not sure how to get Bitcoin to deposit, we’re going to cover that aspect as well. So, once you’re logged in and spotted the “Deposit” button, you need to:
Getting your winnings from an online bookmaker using Bitcoin is just as easy as adding them. The process is very similar to what you did when depositing, but this time you will be looking for the “Withdrawal” button. Since Bitcoin transactions can be easily verified, there’s a big chance you won’t need to verify your account to be able to make a withdrawal. Once you open the withdrawal page, just input the amount you want to withdraw and click Next. Once again, you will be asked to enter the address of your Bitcoin wallet before the transaction is finalized. No matter if you have a physical cryptocurrency wallet or an online account with a Bitcoin exchange, generating a unique address is a very simple process. There are absolutely no fees involved when withdrawing funds via Bitcoin.
Once you input the address and confirm the amount you wish to withdraw, the transaction is instantly processed by most bookmakers. And that’s one of the biggest advantages that Bitcoin brings to the online betting landscape. Almost instant transactions when talking about withdrawals are something that every punter dreams about.
When talking about getting Bitcoin so you can deposit in your online sports betting account, you have two options. You can either mine for Bitcoin and store it in a Bitcoin wallet, or create an account on a Bitcoin Exchange and buy Bitcoin in exchange for standard currency. Mining Bitcoin is no longer an accessible activity since you need very expensive equipment and the mining process gets more complicated as more Bitcoin is mined. So, unless you have a GPU farm or want to wait for a very long time to mine a fraction of a Bitcoin, your best bet is to exchange fiat currency to crypto.
Once you have an account with a Bitcoin Exchange, you can choose from a wide list of payment options to transform fiat currency into Bitcoin. You can either buy a larger amount and keep it with the hope of also making a profit from an eventual spike in prices or exchange exactly what you want to deposit. Even though having to buy Bitcoin using traditional payment methods isn’t as private and secure as just transferring the Bitcoin from the ewallet to the online bookmaker, the exchanges use top-notch security so you don’t have to worry about a thing.
Most of the platforms that allow you to buy Bitcoin will ask you to verify the account before being able to make purchases. It is a standard procedure that is often required by law since Bitcoin transactions are basically untraceable once initiated. The verifying process differs from one exchange to another, however, you usually need to confirm your identity through a photo ID, passport or driving license, your address with a utility bill and also send a selfie with you over them. The process is very similar to what you would have to do to verify an ewallet account.
When you make a deposit or request a withdrawal with Bitcoin to and from an online bookmaker, there should be no fees involved. However, if you don’t have Bitcoin available and you need to buy them through an exchange, you can expect to encounter some fees in the process. The fees vary from one cryptocurrency exchange to another, however, the ranges should sit between 1,49% and up to 5%, depending on the volume of the purchase.
Since 2009 when it was introduced to the world, Bitcoin enjoyed quite a lot of attention from the general public. Admittedly, it wasn’t positive attention all the time since many voices and even governments were quick to criticize it for making payment anonymous and facilitating underground trading. However, from a betting perspective, Bitcoin has always been praised thanks to its incredible processing speed for deposits and withdrawals, lack of fees and privacy it offers.
Since we’re talking about a decentralized currency, identifying core markets for this cryptocurrency isn’t quite possible. However, it is used predominantly in countries where citizens have a high living standard and the possibility to invest or trade Bitcoin. The Scandinavian Peninsula, the USA, Germany, and even the UK are known for countries that have plenty of Bitcoin users.