Bitcoin has made a soaring entry on the worldwide markets since its launch in 2009. Although no one can tell for sure who created the virtual currency, it allows the completion of millions of everyday transactions, ranging from ordering food, buying everyday products or betting on renowned online bookmakers. Despite the low exchange and transaction rates, bitcoins are shrouded in a mist of controversy, given that they are extensively used for certain illegal activities, such as purchases in the darkweb and money laundering. Additionally, frequent government campaigning against their use takes place, given that it is almost impossible to impose taxes on these kind of transactions. On this guide, we aim to show how you can use bitcoin while betting, plus a few tips on what you should look out when dealing with lesser known bookmakers.
Is it safe?
Before we get started as to why you should try punting via bitcoin, we need to mention a couple of things that every bettor needs to know regarding the virtual currency. First of all, its more of a community regulated currency, instead of having the typical central bank structure, physical money has. This basically can lead to three things: Crippling inflation due to uncontrollable circulation (although certain measures are taken), Cyber attacks where hackers might get their hands on your money and finally, cases of fraud where there is no moneyback guarantee.
Obviously these cases are extremely rare, however during the first years of bitcoin’s circulation, there had been instances of leveraging and hacking, that gave the virtual coin a bad name. In order to stay one step ahead you need to make sure to keep your personal information private and always deal with respected bookmakers that are thoroughly checked by strict regulations. This also means that you should buy bitcoins from legitimate exchangers, while having a quality anti virus program can prove to be invaluable.
The good thing though, is that it can offer unparalleled security given that your transactions are not monitored from a third party, while if you’ve done your homework, there is no way a scam bookie can cheat you, if for example you happen to share your credit card information. Additionally, every transaction you make will not leave a trace to any financial authorities that may be heavily taxing winnings from gambling, meaning that you can save significant amounts of money.
Bet with bitcoin
Why choose bitcoin and how to use it
Bitcoins are so popular due to two aspects: Privacy and low fees. There is no need to share your financial information (e.g. bank account) with a bookie, while if you do a little research, you can find profitable exchange rates, especially if there is a high demand for the crypto currency. Additionally, bookies will usually charge you with a rate ranging from 0-2% on your withdrawals, which is quite low compared to other payment methods. Finally, what really makes bitcoin stand out, is the fact that every transaction is completed extremely fast. These types of payments take place explicitly between the bookie and the bitcoin database (blockchain), which allows them to be completed in no time.
Concerning the use of bitcoin, its actually the same as exchanging euros to dollars, or any other currency on your bank. First of of all you need to create a bitcoin e-wallet. There are many options, each one with their advantages and disadvantages, so make sure to undergo a thorough investigation. Following that, you should find a reputable website that completes physical-to-cryptocurrency exchanges and create an online account. Then simply deposit the desired amount of money and complete the transaction by providing your bitcoin wallet’s details.
Deposit and withdrawals
In order to top up your betting company’s account, you basically must proceed as with any other e-wallet, such as Skrill or Paypal. Log in, go to the payment section, select bitcoin, state the required amount in physical currency and confirm the transaction by filling in your e-wallet address and password. Your account will be instantly credited with the requested amount, with no added charge.
If you wish to withdraw money from your bookmaker, you once again must follow the similar steps as with regular e-wallets. Go to the payment section, locate bitcoin, state the required amount, once again in a physical currency and enter your bookie password to confirm the payment. The charges are insignificant and the transaction time, usually lasts no more than one day.
How to find the best e-wallets and exchanges
Getting the best exchange rate can be a daunting task when dealing with unregulated currency. Although we do not promote or advertise any specific website, blockchain.info and bitpay.com are two excellent choices, with low rates and a user friendly environment. In order to find the best services you should compare the various e-wallets based on your operating system, your needs and obviously, the exchange rates.
Pros & cons
The nature of the crypto currency and the fact that it is still being received with mixed feelings, means that despite its many positives, certain factors still deter it from attaining mainstream usage. Despite that, bitcoin can be summed up to the following.
+Low fees. When you make a withdrawal from a bookie to your bitcoin e-wallet, you will only be charged with a 0-2% fee.
+Quick withdrawals. Given that transactions don’t require a third party authorization from a banking or financial institution, you will usually receive your money the day after your request.
+Maintain your privacy. No bank account info, no credit card numbers and no need to let your country’s financial authority know you are making money from betting.
+Make some added money. If you’ve got the know how, or don’t mind doing a little research, you can sell your bitcoins for added value on certain exchange websites. Make sure though that you are dealing with a legitimate vendor.
–Not widely accepted. Many regulatory authorities and bookmakers still remain sceptical about accepting bitcoin, although the trend is currently on the cryptocurrency’s favor.
–No moneyback guarantee. Although this mostly concerns the betting company you are dealing with, you should note that if a bookie cheats you on your money, it’s really hard to prove it when using bitcoin.
–A bit hard to get the hang of. Maintaining a bitcoin e-wallet and using an exchange website can prove to be a complex task for certain bettors. If you happen to find your self struggling to comprehend the bitcoin use, then you should either ask for some help, make a more extensive research or use a different payment method.
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