It is now a tangible fact that Bitcoin can be described as an enormously secure payment method. In times of weakening FIAT currencies, the cryptocurrency is thus an interesting alternative and by no means only for regular trade or online shopping. Instead, there are also numerous Bitcoin betting providers on the Internet, all of which promise an attractive and versatile portfolio. But of course, this cannot be offered everywhere.
Of course, the seriousness plays an important role when evaluating a provider, after all, every bettor really wants to receive his winnings. But beyond that, the Bitcoin bookmaker should also convince in other areas, such as the diversity in the portfolio, the customer support or the bonus offers. We make the whole thing a bit easier, because here we have simply listed a whole range of trustworthy and well-positioned betting providers. One of the best bitcoin betting providers is Nitrogen, read more why you should give Nitrogen a try.
Bitcoin betting providers in check: scam or reputable?
Of course, it is completely understandable if every bettor first wonders whether payments at Bitcoin betting sites can be called safe at all. The good news is that they definitely can, as several protection mechanisms and safeguards are used. For example, the principle behind bitcoin is formed by blockchain technology. Every single transaction is therefore recorded in a kind of chain and can be found here forever. At no time can the payments be falsified or altered, so fraud can be ruled out on both sides of the transaction.
In addition to this, a payment with bitcoin can be made simply by entering a wallet address. Sensitive information such as bank details or credit card information is not entered. In addition to this, it should not go unmentioned at this point that Bitcoin bettors use a whole range of other protective mechanisms, which include SSL encryption or two-factor authentication, for example. Read more what that means at Cloudflare.
Are there any fees for the bettors?
It should certainly not come as a surprise to anyone that the best Bitcoin betting providers waive fees for processing payments. So, every deposit and withdrawal can be made without any additional costs, which can be described as enormously pleasant. In general, however, it is of course the case that charging fees is up to each provider. So, it may well happen that bettors have to pay a fee to a bookmaker for their payments.
Should this actually be the case, however, almost all providers on the market can convince with a high level of transparency. This in turn means in detail that the possible fees are all recognizable on the website or in the payment area. Thus, every tipper can see the fees in advance of the transaction and does not have to fear any additional deductions afterwards.
Bitcoin deposits: How they work
One of the main reasons for the popularity of Bitcoin payments is the fact that the transactions can be carried out without any problems. Each payment is easy to handle and can be made without much experience with alternative currencies. In detail, the first step is to open your own account with a betting provider in Germany. Once this is done, the cashier area can be accessed, where the Bitcoin payment method must be selected.
Often, bitcoin is also the only payment option, so that bettors are directly redirected to the provider’s wallet address. Another important note: Opening an account with a Bitcoin betting provider is completely free of charge. In order to then transfer the deposit to the betting account, the bookmaker’s wallet address simply needs to be copied and entered into the player’s own Bitcoin wallet. Afterwards, the transfer takes place and every bettor can access the amount after just a few moments.
Overview of the advantages and disadvantages
What catches the eye during a closer check are the numerous advantages that come with bitcoin payments. Every transaction with the betting provider can be carried out without sensitive bank or credit card information. This is a huge advantage in terms of security, because without the transmission of this data, criminals naturally have no way of obtaining this information. In addition, the cryptocurrency scores with the speed of payment processing. If a transaction is commissioned, the credit is where it should be within a very short time. Also not completely unimportant: Most Bitcoin betting providers additionally protect their users by using SSL encryption and two-factor authentication.
A possible disadvantage for one or the other user may be that a separate Bitcoin wallet has to be set up first and thus an intermediate step is still required. However, we can assure you: The wallet is set up enormously fast and thus this aspect can only be rated as a half point of criticism. Those who would still prefer to get by without an additional “wallet” must fall back on the offer of the classic betting providers, where payments can be made with the Paysafecard or bank transfer, for example.
Paying out winnings
Between the deposits at a Bitcoin betting provider and the payouts, there are in principle no major differences. Of course, here too, the cashier area must be navigated to first, where the payment can then be made in the payout sector. This time, of course, the game is reversed and your own wallet address is entered as the recipient address.
In terms of speed, however, deposits and withdrawals are the same. That is to say: even when withdrawing from the betting account, the amounts paid out can be accessed within a few moments. Another small note: It may be that a bookmaker requires an identity check from its bettors and they must therefore submit a copy of the ID card, passport or other official document. Should this be the case, however, this step may also be due before the first deposit is made into the account.
Bitcoin at a glance: General information about the currency
Bitcoin, as a so-called cryptocurrency, has been able to make numerous headlines in recent years. The currency first appeared in 2009, but in recent years its popularity has increased significantly, which is likely to be mainly due to many currency crises around the world. Bitcoin is described as a decentralized currency, so banks or other institutions have no control over the transactions. This is exactly what has caused the price of the currency to increase in value permanently in recent times. Bitcoin is nowadays used in many areas of life, so that, for example, it is also possible to pay with the currency in some online stores.
It will be interesting to see how the sports industry will react on the pandemic 2021, but betting providers are going to become more popular anyway. There is a good article about it at el heraldo de saltillo. Those who want to bet with bitcoin are spoiled for choice and can rely on an enormously large selection on the market. The providers provide interesting portfolios, although the services cannot be described as equally strong everywhere. Our Bitcoin betting providers here, however, can all be described as highly professional, trustworthy and safe.
Those who bet with these providers do not have to fear fraud at all, as numerous protective measures are taken. The blockchain technology also protects against fraud by the provider itself, so that you can assume that the Bitcoin betting providers have an all-around secure framework.