Bitcoin has rapidly risen in popularity as the choice cryptocurrency for many transactions. Even people who have never heard of cryptocurrencies now use Bitcoin. Cryptocurrencies like Bitcoin offer users increased anonymity and security when used online. As a result, Bitcoins have become a quite popular currency to use on online sports betting websites. Bettors can make deposits and withdrawals without raising red flags.
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Several prominent sports betting sites accept Bitcoin deposits and allows withdrawals. The world’s largest sportsbook, Pinnacle Sports, Bovada, Betonline.ag and the oldest Intertops Sportbooks accepts Bitcoins. There are many other sites like Bookmaker and Sports Betting that are quite prominent among accepting Bitcoins payments.
There are both positives and negatives of Bitcoin transactions. The cryptocurrency itself has been hailed as the next step in world banking while also denounced as a complete fluke. Keep on reading to find out if Bitcoin betting sites are for you.
Benefits of Choosing a Bitcoin Betting Site
There are many advantages to using Bitcoins. The biggest is the speed of transactions. Bitcoin exchanges online are conducted peer to peer. There is no bank in between the player and the betting site. Therefore, transactions can be processed quickly. The deposit or the withdrawal is between you and the casino, which speeds things up significantly.
Perhaps the second major advantage Bitcoin transactions offer is that there are typically no transaction fees being charged. It’s usually the banks that charge these fees. When the intermediary is removed, deposits and withdrawals don’t cost the players anything extra. However, a fee may be charged if the transaction is made using multiple Bitcoin accounts. If more than typical data is used, then a fee may become applicable. But there are no fees associated with regular, small Bitcoin payments.
How to Choose a Bitcoin Betting Site
First of all, make sure the sportsbook, the poker room or the casino online actually accepts Bitcoin payments. Many advertise if they do. If the words “coins” or “bit” is mentioned in the name of the website, then it could be a Bitcoin exclusive website.
Now there is a difference between sportsbooks and online casinos that accept Bitcoin, which is offered as an additional payment option alongside traditional ones like credit cards. Then there are sites that exclusively only deal with Bitcoins, like BetOnline and Sports Betting.ag. These sites don’t accept credit or debit cards or wire transfers. Only Bitcoins are used, which offers the advantage of a unique gaming experience. Bitcoin only sites are perfect for tech-minded bettors who want to interact with others with similar preferences.
It’s worthwhile checking the payment pages or “about our services” pages to confirm that the websites offer Bitcoins payment options. Bitcoin should be offered for both deposits and withdrawals, so the site is not involved in converting Bitcoins into cash for either.
Also, be wary of the usual safety features consumers should look for in online betting sites. Most sportsbooks online are licensed and regulated by the government. Most Bitcoin sites are not, especially the Bitcoin-specific ones. Unregulated Bitcoin sites may offer players more freedom, but only at the cost of security. Therefore, be cautious when using an unlicensed Bitcoin gambling site.
Don’t forget to read about what other customers have to say about Bitcoin betting sites. As cryptocurrency is not regulated, some sites may get away with all kinds of scams. Therefore, do read what other players have to say about betting with Bitcoins on a particular site. Check whether the site addresses customer complaints promptly as well.
Bitcoins vs. Traditional Online Payment Options
Why do people go to the trouble of using Bitcoins instead of a government-mandated currency? The reasons are several. Traditional payment options like credit cards or checks typically take several days to process at a betting site. A betting site could take anywhere between two days to two weeks to fully process a single cash transaction. In comparison, a Bitcoin payment can show up in a player’s account as quickly as 15 minutes. There are also no hefty bank fees associated. Using Bitcoins on betting sites can save players time and money.
Bitcoins can be closely compared to e-wallet services like PayPal and Neteller, which are also just as speedy. However, payment methods like PayPal may incur hefty transaction fees in some cases. Also, e-wallets only let users pay in some countries, but do not receive payments. Bitcoins do not have such issues. It should be noted that e-wallet services are highly recommended for converting Bitcoin winnings into cash. Bitcoin winnings can only be used at a few sites to buy stuff.
Some bettors may find traditional bank payment options and e-wallets more practical and convenient. Even if fees are associated, these payment methods are widely accepted. Only a few sites accept Bitcoins, and even fewer sites exclusively operate using Bitcoins. Players who want cash at hand should stick to debit cards or wire transfers. Those who prefer anonymity and all things virtual would prefer Bitcoins regardless.