The recent wave of cryptocurrency has swept internet users into the ocean of Bitcoin trading. Despite there being countless cryptocurrencies, the enthusiasm over Bitcoins has never faded. Bitcoins are being used for transactions in various areas of business, gambling, and investments, along with others. Sports betting is one such area where the emergence of bitcoins has mainly been a blessing. The increasing use of Bitcoins for sports betting owes much to the decentralized network of blockchains and various other features that tag along. This write-up is meant to be a brief guide for beginners for Bitcoin sports betting and also brings a few opening remarks and tips regarding the same.
Overview of Bitcoin Sports Betting
Sports betting is not an unfamiliar area for people or the internet, as it has a long history dating back to even a few millennia. The current curiosity about sports betting is about the emergence of cryptocurrencies as a secure and credible way of payment. Several sports betting sites have sprung up to hand-carry the sports betting done through Bitcoins. As sports betting with bitcoin is more likely to yield a better profit and provide a secure environment, the number of people using these sites increased exponentially. Keep reading to learn about the betting sites, bookmakers, and the benefits of using Bitcoin in them.
How do Bitcoin Sports Betting Sites work?
The golden rule of Bitcoin sports betting is to do a thorough background check of the site you intend to bet Bitcoins on. This is because Bitcoins are not regulated under any authoritative body, and there is always someone wanting to manipulate the grey areas to their benefit. Once you have checked out all the essential requirements of the site and have registered there, the users can proceed to make bets.
These online sites are equal to a traditional bookmaker in sports betting. So, one needs to open an account with the bookmaker to make bets, and the process is similar to opening an account with any online platform. After opening the account, the user will access their betting wallet.
The transfer of bitcoins into the wallet can be made from an online crypto exchange, such as Coinbase, Binance, or Paxful. The fund transfer into the wallet does not come with any added charges. The cryptocurrency exchange might charge a nominal fee for exchanging fiat currencies for Bitcoins and vice versa. As soon as the Bitcoins are deposited into the bookmaker’s wallet, the users are free to bet on any of their preferred sports events listed on the site.
Benefits of Bitcoin Sports Betting
Bitcoin sports betting comes with its perks by comparison. The arrival of cryptocurrencies has tenfold changed the way betting sites work for excellent and enhanced operations. Here, we will have a brief look at some of the benefits of Bitcoin sports betting.
- E-Wallet– The betting sites offer free wallet services to put the players in better control of their money while also improving user privacy while making bets.
- Better Tax Rates– With Bitcoins, the users can avoid losing a meaty portion in tax as fiat currency tax regulations do not apply to Bitcoins or other cryptocurrencies.
- Lower Processing Charges– As most parts of Bitcoin betting are done through wallets, the users can avoid other processing and service charges as asked by banks.
- Increased Security– Bitcoins have a network of public and decentralized ledgers called blockchains. These blockchains are immutable, making it difficult for anyone to access details of transactions.
Tips to Earn Big Bonuses in Bitcoin Sports Betting
There are several ways to earn bonuses on Bitcoin sports betting sites. Just like any other business, the bitcoin betting sites offer bonuses to the users for promotional reasons, customer retention, and for inducing user performance on the site. The following are a few ways to get a bonus from a betting site.
- Welcome bonus on sign-up.
- Loyalty bonuses for staying with the platform.
- Referral bonuses for inviting people to the platform.
- Deposit bonus on the first deposit.
- Some sites even offer rebate bonuses to users.
It is true that Bitcoins are neither legal nor illegal and are one of the most controversial aspects of the digital era. The prospect of anonymity in Bitcoins getting misused is as truthful as its ability to bring banking facilities to the remotest places on Earth. Nevertheless, the freedom and the etiquettes of betting through Bitcoins are essentially materialized in the users’ minds. So, the users must be well aware of the responsibilities of betting with Bitcoins as they are of its benefits.