The global crypto boom has ensured that the adoption of digital currencies is increasing all over the globe. This is especially true of the cryptocurrency Bitcoin, which is considered the mother of the advanced payment method.
The entertainment industry, especially the online sports betting and casino industry, recognized the advancing trend for the use of cryptocurrencies years ago. While initially only a few bookmakers and casino sites offered the bank-independent and anonymous currency on their platforms, a sharp rise in Bitcoin betting providers can now be observed.
Do I get a sports betting bonus with Bitcoin?
Bitcoin deposits are often rewarded by online betting providers with a hefty betting bonus. Especially Bitcoin-specialized betting sites vie for the favor of crypto sports fans and often entice with significantly higher bonuses, compared to the well-known competition that offer their betting surfaces in Euros or other common currencies. Many well-known bookmakers that follow the cryptocurrency trend and offer Bitcoin as a payment method on their website, but have to change the BTC payment to Euro/CHF/USD first, also grant their offered sports bonus to new customers with Bitcoin preference. You can get a bonus to bet on Baseball for example, see a list of providers here.
Bitcoin is the best-known and the world’s leading cryptocurrency, which operates on the basis of a decentrally organized booking system, the so-called blockchain. Individual transactions are cryptographically decrypted by a large number of computers and processed accordingly.
This has the great advantage that money movements only require the computing power of a computer network, but the transactions are carried out independently of banks. Each individual transaction is recorded and processed in the blockchain, which ensures that the digital monetary units cannot be issued more than once. Underlying the concept of the Bitcoin payment system is a white paper invented by Satoshi Nakamoto in 2007 and published a year later. Shortly thereafter, open source software was added to the publication. To this day, it is not clear whether there is a real person behind the inventor or whether the name is a pseudonym for a certain group of people.
How secure is Bitcoin?
Payment processing with Bitcoins is considered to be particularly secure. The only thing that users need to get used to are the long BTC addresses, which are ultimately always used for payment transactions. It is therefore advisable to always check the recipient’s address carefully to ensure that the digital monetary units arrive at the right place, because a refund of incorrectly sent coins is almost impossible. In order to carry out Bitcoin transactions in the first place, you need a Bitcoin wallet with which you can send and receive your Bitcoins. There are plenty of free wallet providers on the Internet. Again, it is important to take care of your wallet and protect it from unauthorized access. You can make your Bitcoin ownership even more secure by using a hardware wallet, which will protect your assets beyond the Internet.
What are the advantages of Bitcoin?
Besides profits for traders using an arbitrage bot it has a lot more to offer! Digital monetary units like Bitcoin and other cryptocurrencies definitely have some advantages when it comes to payments. Bitcoin payments are processed quickly and securely within minutes. The coins can thus be used again quickly after being sent. Payment processing in the blockchain only requires computing power and no central institution such as a bank through which payment transactions are regulated. The transfer is thus sent from the sender to the recipient without any detours. This efficient method not only saves time, but is also much more cost-effective, as no bank earns money from the transaction.
Another advantage is the anonymity of BTC transactions. It is difficult for third parties to trace the digital transfer of money. However, the high volatility of cryptocurrencies is problematic. The price value of the coins is not infrequently subject to extreme fluctuations, which still deters many consumers from converting real money like euros into cryptocurrency. It can also become expensive for cryptocurrency holders when the electronic currency is exchanged back. In the case of sports betting offers where bitcoin is also used to deposit bets, a currency exchange does not matter. Bookmakers who have preset their user accounts to euros, CHF or dollars must first exchange the Bitcoins for real money, which often involves significant fees.
More and more sports betting providers offer Bitcoin as a payment method for deposits and withdrawals on their sites. However, the offers for Bitcoin sports betting are to be differentiated. There are Bitcoin betting providers where betting with Bitcoin is possible without currency exchange (e.g. Bitcoin soccer betting), and other bookmakers who offer the leading crypto payment method only for the purpose of deposits. Currently the industry is facing issues because of covid, whole soccer leagues are struggeling. The Bitcoins are appropriately exchanged into the used currency of the betting account during the deposit process. Some betting providers that have not yet included Bitcoins in their portfolio of payment offers not infrequently offer their clientele the opportunity to bet on a rising or falling Bitcoin exchange rate on their betting interface.
Are there any fees with Bitcoin?
- There is a small fee for each Bitcoin transaction, known as the GAS price – see rates here.
- This is the price that must be paid for the computing power borrowed to calculate and execute the encrypted BTC transfer within the blockchain.
- The GAS price can be set individually. Basically, a default value is charged for the transaction.
- If a higher GAS price is specified, this results in preferential processing within the blockchain, i.e. an acceleration of the money transfer.
The sender always bears the costs for the money transaction. Accordingly, when making deposits on sports betting sites, a mini-fee has to be paid for the transfer, but crypto fans should be used to that. It can get a bit expensive if a currency exchange is necessary to convert the Bitcoins into real money. Even in this case, no fees are expected to be taken over by the bookmakers. Therefore, the best alternative for Bitcoin betting is to deposit at a bookmaker where the player’s account is also in BTC.
What are the limits for Bitcoin?
Setting limits for Bitcoin is difficult due to the wild fluctuations in the exchange rate. Nevertheless, betting sites like to set deposit and withdrawal limits for Bitcoin in order to somewhat contain the amount of daily payment traffic. Compared to common means of payment, however, the limits for Bitcoin seem almost ridiculous, as the value of a single Bitcoin is already in the five-digit range.