Bitcoin itself acts in much the same was as your money within a bank account does. Bitcoins are stored in what’s known as a “Bitcoin Wallet”, and this is like your personal checking account. If you want to receive bitcoins, you give out your Bitcoin Wallet address, which people can use to send money to you – and if you want to send money, you need someone else’s Bitcoin Wallet address, which you can then use to send funds.
Bitcoin transactions are instant – meaning they appear within just a few seconds of them being sent/received, but a system called “confirmations” means that it can be between 20 and 60 minutes before the funds are fully ‘cleared’ in a Bitcoin Wallet.
As with any payment method, Bitcoin comes with a number of pros and cons, and while the pros generally far-outweigh the cons, it’s worth being aware of both the up and downsides to using the cryptocurrency.
Below, we look at reasons for and against using Bitcoin when betting for real money online:
Pros of Using Bitcoin:
The biggest advantage of using Bitcoin arguably comes from the speed at which transactions can be made. Unlike conventional payment methods (which can often take up to 7 days, when making withdrawals, before being available in your bank or checking account), Bitcoin withdrawals are available in your Bitcoin wallet just a few minutes after the sportsbook have processed your withdrawal, and this ensures that you’re not waiting around long to get your hands on any winnings!
Bitcoin is, by default, also incredibly privacy-centred, and this allows you to make online gambling transactions without worrying that your bank or other financial institutions will ‘nosey-in’ on your personal business. While this isn’t generally a concern for most punters, it is something worth bearing in mind, especially when considering that things like credit checks can sometimes look for gambling transactions.
Cons of Using Bitcoin:
Pretty much the only downside of using Bitcoin, is the time it takes to actually purchase or sell the bitcoins. While there exist a number of online exchange where you can readily buy and sell, it can take time to find a suitable seller/buyer that is offering the payment method you want to use – and this could slow you down.
It’s also worth being aware that if you choose to buy/sell bitcoins using so-called “high-risk” payment methods, like PayPal or Visa and Mastercard Debit/Credit cards, you may well find the fees are quite high.
This is to prevent fraud, and cut-down on the amount of times customers initiate a charge back, so while this shouldn’t be an issue for the majority of players, it’s something to be aware of.
As you can see, Bitcoin sports betting is now easier than ever – and while the cryptocurrency is still in its early days, in terms of being recognized as a legitimate payment method – it’s clear that more players and operators are beginning to see the benefits; which are, in fairness, plentiful.
If you want to take advantage of Bitcoin sports betting sites playing with real money, it’s worth spending a bit of time to familiarize yourself with how the cryptocurrency works. You don’t need to know the ins and outs of the currency, and mathematics behind it – but it can help to have a basic understanding of how it works, as this will enable you to avoid confusion when you begin using it yourself.
Above all else, just remember to ALWAYS check the wallet address before making a deposit/withdrawal, as if you enter the wrong one, you could end up losing real money – but as long as you just copy and paste, you should be fine.