What is common between Barcelona vs Real Madrid “El Clásico”, the Azerbaijan Grand Prix and the handball team competitions of the local University? Each of these sporting events becomes a little more interesting if you bet on the outcome of the competition. This rule works even if you are not a big fan of El Clásico.
In the past, you would have to go to a bookmaker if you want to bolster your prediction with money. Now all you need is an internet connection. You bet on a result, you feel comfortable in front of the screen, you open a pack of chips, and that’s it, you can observe the destination of your bet.
And if you bet on sporting events in cryptocurrencies, it even offers you additional advantages.
Bitcoin in online sports betting: why it is profitable
With Bitcoin, a player has the opportunity to touch the future; It is no secret that technology is ahead of its time. But even now, this virtual currency is known to have obvious and tangible advantages:
- Anonymity – your personal information remains undisclosed even for an online casino
- Savings – The Bitcoin blockchain enables faster and cheaper transactions compared to traditional transfers
- Independence – Domestic limitations become useless as cryptocurrency makes you a citizen of the world.
Also, there is a belief that when a person bets on sports with bitcoins, their predictions come true more often. We haven’t tried to verify that yet.
More and more people use Bitcoins for all kinds of activities, including online gambling. This famous cryptocurrency has a wide range of benefits for bettors, such as an unprecedented level of anonymity, absolute independence from the traditional financial system and privacy when playing.
You may think that betting with Bitcoin is complicated, although it is actually as easy as opening an account on any other payment gateway. Next, we will explain what to do to take advantage of the new generation of money.
Are there betting bonuses with Bitcoin?
Online payments with Bitcoin
Since Bitcoin is a virtual currency, but not a payment company, there are no specific bonuses. However, as long as you use this cryptocurrency, you can claim all the promotions offered by your bookmaker.
While certain payment gateways create restrictions to claim bonuses (as is the case with Skrill and NETELLER), with Bitcoin you will not have any problem to enjoy the best betting promotions.
Positive aspects of Bitcoin
Besides gambling, Bitcoin has many practical applications ranging from online shopping, investing, fund transfers, and more:
Are payments by credit card or Bitcoins the best option?
|Safety||5/5: The cryptographic algorithm on which Bitcoin is based is practically incorruptible. You can only lose your funds for the social engineering modality.||3/5: There is always the risk of hackers stealing your card details from gambling sites.|
|Deposit time||5/5: Both deposits and withdrawals are processed instantly. At most, transactions take a few hours while the checks are being performed.||5/5: Deposits with credit cards are usually instantaneous.|
|Commissions||5/5: The commissions of direct transactions with Bitcoins are negligible.||3/5: When you use your credit card you incur maintenance costs and interest.|
|Convenience||3/5: Bitcoin is an increasingly accepted medium around the world. You can find several businesses that accept it.||5/5: The convenience of credit cards is unmatched, allowing you to make purchases at millions of online and offline businesses.|
|Availability||2/5: Only a few operators offer bets with Bitcoin.||5/5: Credit cards are an accepted method in all bookmakers.|
How does Bitcoin work – Registration process?
- Visit a recognized cryptocurrency exchange. Some of the most famous are: Coinbase, Binance, Bitstamp, Kraken.
- Create an account on the exchange platform. Prepare some information such as your names, surnames and email.
- Most likely, you will need to turn on two-factor authentication. That means, whenever you log in, you will have to enter a code that you receive over the phone.
- The platform will send a code to your phone to activate two-factor authentication. Enter this code on the website to continue.
- Once you create your account, you will have an electronic wallet that contains Bitcoin addresses. These addresses are a sequence of 34 characters that, for practical purposes, are like a bank account number.
- Now you have to buy Bitcoins. Payment methods vary by platform, although you can usually use credit cards and bank accounts.
- In the corresponding menu within the platform, select the “Buy” option and indicate the amount of Bitcoins you wish to acquire.
- Enter the data corresponding to the payment method (for example, if you chose “Credit card”, enter the card details).
- Once the transaction is processed, you will receive the Bitcoins to your Bitcoin address.
That’s all! You can now start making sports bets with Bitcoin.
Note: Some exchange platforms verify your identity in order to prevent theft and scams. In this case, you have to upload a photo of a personal document (such as your ID or passport) to continue.
How to fund your gambling account with Bitcoin?
After you have your e-wallet, you can place sports bets with Bitcoin in the same way as with any other form of payment:
- Enter your favorite bookmaker
- In the “Deposits” section, select the cryptocurrency and the value to deposit.
- The bookmaker will generate a Bitcoin address and a QR code for your payment. At this point you have two options:
- With the Bitcoin address: copy and paste the address into your e-wallet, and send the funds.
- With the QR code: scan the code with the mobile application of your exchange platform.
- Wait for the funds to be credited to your account.
- Log in to your exchange platform and search for your Bitcoin address to receive funds.
- Copy this address.
- Look for the “Withdrawals” section at your sportsbook.
- Paste the Bitcoin address and specify the amount to withdraw.
- Wait for the cryptocurrencies to arrive in your electronic wallet.
Note: Once the Bitcoins arrive in your electronic wallet, you can exchange them for traditional currencies and withdraw them to your bank account. This process varies depending on the exchange platform.
The level of security of Bitcoin
Bitcoin is the safest method that exists to make payments, both for sports bets and for any other type of online purchase. Cryptocurrencies are based on the blockchain, a complex technology that is impossible to corrupt or control.
Furthermore, the design of Bitcoin makes it completely immune to economic crises and government manipulations. Bitcoins theft cases occur because malicious people steal the passwords of unsuspecting users through hoaxes and scams.
How much does a transaction cost?
- Deposits to exchange platforms: around 6% (depends on the company).
- Deposits to bookmakers: negligible.
- Withdrawals from bookmakers: negligible.
- Withdrawals from exchange platforms: depends on the selected method and the company.
Deposits and withdrawals with Bitcoins have a commission of a few cents on the dollar that does not have a major impact on the total value of the transaction. E-wallets automatically calculate this fee.
On the other hand, you should not forget that exchange platforms charge commissions for recharges and withdrawals. Be sure to check the rate table of any company you are looking to buy from.
Frequently asked questions about Bitcoin
Because it is the safest and most versatile method that exists for online payments. Cryptocurrencies are a new class of money that protects your identity and privacy, while shielding you from the influence of corrupt governments. In addition, transactions with this virtual currency are fast, irreversible and have a considerably lower cost than traditional options.
Bitcoin is legal in Colombia and in most of Latin America. Countries such as Uruguay, Argentina and Mexico have favored the adoption of this virtual currency, so the number of users tends to grow. Some notable exceptions are Ecuador and Bolivia, where governments have tried to ban cryptocurrencies.
In theory, the verification process is not necessary to use Bitcoins. However, exchange platforms (where you buy Bitcoins) usually carry out verification processes to avoid scams and criminal activities. If you acquire your Bitcoins by other means (such as purchases in person or mining) you do not have to verify your identity.