Gambling with BTC – Things You Need To Know

The enthusiasm around cryptocurrencies and especially in relation to bitcoin is not diminishing, not even in 2021 – but quite the opposite. Also in 2021, the most famous cryptocurrency is chasing one record after another and has moulted to a value of more than $57,000 – which is mainly due to Elon Musk’s tweets.

Thus, more and more companies are getting to grips with the benefits of Bitcoin & Co, which also includes gambling providers. They have long offered Bitcoin casino games and sports betting and thus enable their customers to pay anonymously.

If you want to place sports bets with Bitcoin but haven’t found the right bookmaker yet, you will find it here in our list. We will show you the best Bitcoin sports betting providers that have been tested by our editorial team.

What is bitcoin all about?

What is bitcoin all about?To answer this question, we need to dig a little deeper. Bitcoin – BTC for short – is a virtual currency unit. This performs peer-to-peer transactions by means of a database – the so-called blockchain. This means that the payment units are merely moved between the sender and the recipient.

The great advantage of cryptocurrencies is that no central administrative unit is required to carry out a transaction, unlike the classic banking system. The concept of Bitcoin is based on a whitepaper written by Satoshi Nakamoto in 2008, but it is still a mystery who is behind this name.

For a few years now, Bitcoin, as well as all other cryptocurrencies, has been experiencing a real boom. However, there is one problem: Bitcoin owners have to live with strong price fluctuations. For this reason, Bitcoins are mostly bought for speculative purposes and not for the actual purpose. Therefore, it is not surprising that online betting providers even offer bets on their platforms, betting on whether the Bitcoin rate will rise or fall.

However, not only bets can be placed on the Bitcoins, but with them it is even possible to place your bets.

Betting goes Bitcoin

Certainly, the question of security is important when it comes to placing sports bets with Bitcoin. The fact that Bitcoin transactions are much safer than, for example, a bank transfer or payment by credit card, due to the decentralized mode of operation, is interesting. The reason is that here no sensitive data is needed for the transmission of the payment, as for example with the credit card, where card number and other details are necessary. In bitcoin transfer, the entire transaction relies on the processing power of computers. These independently process the encrypted order and record them in the blockchain.

However, a digital wallet is necessary when it comes to paying with cryptocurrencies or depositing with an online sportsbook. This digital wallet is subject to your management and you yourself must protect it.

Advantageously, most of the Bitcoin wallets are managed in the form of online banking accounts. If you want to rely on the highest security, you can use a so-called hardware wallet. This makes the cryptocurrencies themselves available offline, i.e. outside the World Wide Web.

However, it is always advisable to pay attention to the digital assets, because as soon as access to the wallet is lost, then in most cases the assets are also lost.

How to place a sports bet with bitcoin?

How to place a sports bet with bitcoin?If you want to place Bitcoin sports bets, then some preparation is necessary. This goes beyond creating the digital wallet.

The first step is to choose a reputable and trustworthy Bitcoin betting provider. We are here to help you, because we have tested the best Bitcoin betting providers 2021 for you and present them to you in separate test and experience reports. It is also helpful to take a look at the provider’s licensing. Licenses from Malta and Gibraltar are a sure sign of seriousness, and now also from Curaçao. You should immediately distance yourself from dubious license details or if they are not available at all.

If you do not yet have any Bitcoin in your possession, then it is necessary that you first open up a Bitcoin marketplace. At this you can then acquire the cryptocurrency quite normally. In most cases, a simple transaction is offered:

  1. You choose a provider and register there
  2. Select the number of Bitcoins you want to buy
  3. Pay for them and the bitcoins will be credited to your wallet

From this wallet you can make deposits and withdrawals at the bookmaker. You deposit the data from the wallet at the online sportsbook and after everything has been verified, you can make the first deposit at the Bitcoin betting provider.

In this context, it is necessary to explain something else: As a rule, the deposit at the bookmakers is not made in Bitcoins. What does it mean? The transaction is made via the e-wallet and afterwards the value of the Bitcoins is converted into a physical currency – for example, Euros. This is the only way the bookmaker can place the bets regularly. This conversion takes place within seconds and you will not notice anything.

However, there are now also Bitcoin betting providers where you manage your account in Bitcoins and you even receive a corresponding bonus.

Is there a bonus?

The reason why many betting enthusiasts look for a new betting provider is the bonus offers. After all, a sports betting bonus ensures that extra money is added to the betting account, thus increasing the chances of winning. Should you prefer Bitcoins as a payment option, then you do not have to do without a bonus, but quite the opposite.

Often, bookies welcome customers who prefer cryptocurrencies with a kiss hand, because there are hardly any or no transaction costs here. The highest welcome bonus in the entire sports betting sector is available at Cloudbet.

In most cases, the sports betting bonus for new customers is granted in the amount of the regular bonus. What always has to be taken into account is the value of the bitcoin. Of course, this is only the case if the betting account is kept in Euros or USD and not in Bitcoin.

The situation is different with the pure Bitcoin bookmakers. With these, you benefit from more flexible welcome bonuses and these often surpass the offers of bookies with conventional bonus offers.

However, it is also true here that a look at the bonus conditions. Because it should ultimately not be the bonus amount that encourages to use the bonus, but fair turnover conditions. After all, what good is the best and highest bonus if it expires at the end, including the winnings, because it was not possible to fulfill the turnover requirements.

Behave correctly when dealing with Bitcoins

The previous sections have already shown that dealing with Bitcoin sports betting is not difficult. But still, there are some rules of conduct that everyone should follow when placing sports bets with Bitcoin.

Storing the Bitcoins & access data

Either the credit is stored in a cloud or directly on the PC or a USB stick or memory card. Only you should have access to the respective wallet. Thus, the security is guaranteed. But the Bitcoins are irrevocably lost if you forget your login data. This is also the case if you lose the USB stick or memory card on which the Bitcoins are stored.

Check the entries several times

Once you have initiated a deposit, then it cannot be stopped. Also, you can no longer undo it. Therefore, before each transaction, you should carefully check whether the address of the wallet is correct. The best thing to do is to check each digit individually. If a typo has crept in, then especially with high payouts of winnings can be more than annoying.