In the past, placing a bet required you to divulge your banking details. It was all well and good until you decided to apply for a loan, and the lender frowned upon your gambling history. Or you wanted to gamble, and you lived in a country where gambling was illegal. These were some of the setbacks that came from linking bank accounts to betting sites. Let’s not even mention the threat of getting hacked while you were at it. Bitcoin came at just the right time and worked to solve all these setbacks in the betting industry by offering a streamlined payment solution. We’ll cover what makes it a good bet (pun intended) and how you can use it to secure your next wager.
Placing a Bet with Bitcoin
Bitcoin remains the strongest cryptocurrency in the market. Even as others pop up, this digital currency maintains its lead with a market cap of more than $800 million. It’s probably why the best esports bitcoin betting sites have stuck by it and continue to offer this payment solution to their loyal players. Of course, new players may have difficulty understanding how they can get their hands on some Bitcoin and start wagering. It’s easier than you may think.
Transacting in digital currencies requires you to invest in a wallet that can receive the coin in exchange for fiat currencies. The good thing is that the market has tons of wallets. Shop around and see what other players use and choose one that matches your needs. While buying and transacting in bitcoin is generally safe, you must practice some safety measures to cement this aspect. Do not share your private keys and invest in bitcoin mixers to make it hard for anyone to trace the origins of the transactions. Also, rather than exchanging fiat currency via wallet, some people choose to transact with others for cash in exchange for Bitcoin directly.
Of course, each option comes with key considerations. The point is to load your wallet, which you can as well do from a bitcoin exchange. Don’t send the money straight from the exchange to the site. There have been several cases where such exchanges have been hacked. Store the currency in your wallet and transact from there.
The next stage lies in depositing the bitcoin on a site that accepts bitcoin. You can find a wide selection of betting sites accepting Bitcoin on www.esportsbettingwebsites.com. The chosen site will give you an address to which you can send the funds, which should reflect in a matter of minutes or hours. Once the money shows, you can start betting on esports like you would with fiat currencies. Bets like prop bets, money lines, and outright winners will all be accessible to you.
Withdrawing in Bitcoin
Generally, bitcoin withdrawals should take a matter of hours, and you can then have the Bitcoin back in your wallet. Easy! Most sites process withdrawals immediately, but it’s always good to check with a site if you need to undergo more checks.
See how easy that was?
Benefits of Using Bitcoin in eSports Betting
Here are the top reasons why both eSports betting providers and players are drumming up support for Bitcoin betting:
If you’ve ever waited for a bank-to-bank transaction to clear, you know it can take as many as five business days. Bitcoin transactions take minutes to hours to complete. So, you can start playing almost as soon as you set up an account and send the payment.
Ever wanted to cut out the middleman and reduce the chances of getting hacked? That’s what you get with Bitcoin. You can rest assured that any monies sent or received are sure to get to their destinations. No fees, no delays – just a smooth transaction.
As much as many betting sites are now implementing measures to get to know their customers better, most have not. You can play anonymously on most betting sites, enabling you to keep your identity a secret and still make money. Some sites even allow you to play without registering an account!
Here’s what you should keep in mind. The issue of legality often comes up when transacting in Bitcoin. If authorities would frown upon you betting with fiat currencies, you can bet they would disapprove of Bitcoin betting as well. While you can always ensure your anonymity by using digital currencies, you may want to consider the implications of illegal betting.