Bitcoin may have only been introduced back in 2009, however this does not mean that the cryptocurrency has not made a significant impact upon how online payments are made, with a number of Bitcoin betting sites now being available to punters too.
Bitcoin works using a decentralised digital currency, in the absence of any bank or administrator, allowing transactions to be made on its peer-to-peer network instead. It is now estimated that there are around 6 million unique Bitcoin users, meaning that it comes as little surprise that betting sites that accept Bitcoin are increasing.
The main advantages of using this form of payment are the fact that a Bitcoin payment cannot be declined, payments are processed quickly and transactions are hugely secure. This page will take a detailed look at Bitcoin bookmakers, including how punters can use this new form of payment. Let’s start by looking at the current list of bookmakers that accept Bitcoin.
While the number of bookmakers that accept Bitcoin is growing, it cannot be said that all betting sites offer this form of payment at present. As a result, the following are among the most popular betting sites that accept Bitcoin, with each differing slightly when it comes to speed and limits.
Bitcoin via Skrill offers customers at 888Sport an alternative to the traditional payment methods, however this option is only available for deposits, with withdrawals being unavailable. Deposits made via this method take a maximum of 10 minutes, however it is worth noting that they will not qualify for the 888Sport welcome bonus.
When it comes to Bet365 Bitcoin options, customers can only deposit using the cryptocurrency through Neteller. Transactions again take just a matter of minutes to complete, however withdrawals are once again unavailable using this method. With their vast array of sports markets and competitive odds, depositing using Bitcoin is just another factor behind the success of Bet365.
When it comes to using Bitcoin gambling sites, the following are the main benefits and limitations:
For sites where Bitcoin is available, the process for depositing and withdrawing is relatively similar across the board. Using 22Bet as an example, the following steps must be taken in order to deposit using Bitcoin:
Meanwhile, the steps needed to process a withdrawal on Bitcoin gambling sites is likely to be very similar:
The subject of fees when it comes to Bitcoin remains inconclusive in many areas, due to the fact that a scaling system is used in order to determine how much transactions will cost punters. However, it is generally understood that deposits and withdrawals made on betting sites that use Bitcoin will be processed free of charge. Bitcoin transactions are often complete within just 10 minutes, however the fluctuating value of Bitcoin can cause confusion, with the crypto market as a whole having a major impact on this.
The fact that transactions do not have to be authorised by any third party or centralised bank ensures that Bitcoin is one of the safest methods of processing payments online today. However, punters must still ensure that they keep their Bitcoin account details secure at all times, whilst only buying Bitcoin from regulated exchangers.
Bitcoin was set up by an unknown individual back in 2009, with the cryptocurrency now being available to send between users across the globe. Unlike traditional transactions, payments via Bitcoin are verified by network nodes, before being recorded on a public distributed ledger, known as a Blockchain. Betting sites that accept Bitcoin have only started to appear in recent years, with criticism regarding illegal transactions still putting off some bookmakers.
Despite still being in its infancy as a method of payment on betting sites, Bitcoin is seemingly not going anywhere, meaning that the number of bookmakers offering it is only set to grow. Bitcoin offers one of the quickest methods of depositing and withdrawing funds online today, while it is also hugely secure. Those in the know or with the time to do their homework should certainly consider using Bitcoin, with the potential rewards being great.
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