All You Should Know About Using Bitcoin Betting Sites
Since its introduction in 2009, Bitcoin has slowly risen to disrupt the entire way we think about financial payments. A decentralised system that requires no regulator to make payments to somebody else, it can be viewed as one of the most exciting developments in finance in the past ten years. In recent years, the cryptocurrency is now slowly being accepted at a wide variety of bookmakers. We here understand that because bitcoins are such a new thing it can be quite hard to comprehend. This is why we have created this complete review in order to make absolutely everything clear to both professionals and first-time users. Please read the guide we have created for you below to learn absolutely everything you need to know about the unique world of bitcoin betting.
The Finest Betting Sites That Accept Bitcoin
When looking for sites that accept bitcoins, it is worth looking around to find the best site for you. There are just a few things you should consider before you start: There are a lot of sites that claim to be bitcoin-friendly, but some haven’t been regulated by the UK Gambling Commission. Therefore, we will not recommend them here and you should peruse them at your own risk. Nevertheless, there is one site that does accept the cryptocurrency legally, and we fully recommend it. Take a look at the table we have created for you below showing our favourite site!
As the above element shows, the bookmaker we have picked for you is an especially good one to use when you are paying with Bitcoin. The rest of this review will explain exactly how the payment method works in more detail. Read on now in order to get the full scoop!
How Do I Use Bitcoin for Online Gambling?
Bitcoin gambling can be a little tricky: This is why we have created this guide in order to help you understand exactly what to do. While we will go into more detail later on in this review, we will explain how it works in a broad sense now. If you have a wallet, and own some bitcoins, then head on over to your bookmaker and ask to use bitcoin as a deposit option. Here they will ask you how much you want to deposit, and then you will probably be asked to fill in your details. This will be expanded in later sections of our review.
- Step 1Use your debit/credit card or bank account to deposit into your Bitcoin wallet
- Step 2Select Bitcoin as an available payment option at your favourite bookmaker
- Step 3You can now use Bitcoin to make deposits into your online betting account
How Do I Deposit with Bitcoin?
Depositing with bitcoin is a little different to conventional deposits. This is because bitcoins are not a conventional currency. It is a cryptocurrency, the value of which can change over time depending on market interest. While a few bookmakers do let you bet with the cryptocurrency itself, we have yet to see any of these bookies regulated by the UK gambling commission, so a deposit usually means converting bitcoin into fiat currency (which is a new term to refer to national currencies such as pounds and euros.) There are a number of ways that you can do this, which we will explain below.
Convert It Into Fiat Currency
Payment services are growing more and more sophisticated with every moment, with new ones each day accepting bitcoins. One that accepts Bitcoin gambling and even processes it for bookmaker deposits is Neteller. This is considered one of the best ways to do it, but do notice that the usual Neteller processes will apply. Additionally, although this way is rather protracted, you can also just turn it into fiat currency through a bank transfer, and then deposit in a conventional way.
- Add Bitcoin Payment MethodFind Bitcoin available as a payment method.[1/3]
- Type in Your Wallet DetailsDeposit as much money as you would like into your account[2/3]
- Deposit Into Your AccountComplete your deposit by filling in your personal details and your b=Bitcoin wallet number[3/3]
Deposit Directly from Your Bitcoin Wallet
A bitcoin wallet stores the information needed to contain them. By using your wallet you can deposit directly into a betting site. This wallet can either be stored on hardware or with a trusted internet provider, something that we will expand on later in this review. Please note that so far no UK regulated bookmakers that accept it will process deposits in this manner. We are sure however, that as world payment systems become more decentralised, this will become more popular.
Use a Bitcoin Exchange
Bitcoin exchanges are places whereby you can exchange your fiat currency in return for bitcoins and sometimes other cryptocurrencies such as Ethereum. As sometimes using bitcoin to deposit directly can be a little complicated, an exchange can be a useful middleman between you and the operator. Later on in this review, we will elaborate on which exchanges are the best to use to both purchase the cryptocurrency and to transfer money towards a bookmaker.
How Do I Withdraw With Bitcoin?
Withdrawing with Bitcoin is like depositing but in reverse. The first step is to visit your bookmaker and request a withdrawal. Then you can withdraw directly to your wallet, or via an exchange. In some cases Neteller can be used to process your bookmaker balance back into bitcoins. Please note that this is still in a beta stage, so some bookmakers may allow you to deposit via Bitcoin but then will require you to use another payment method in order to withdraw. Admittedly this is a lot easier with unlicensed bookmakers but we would urge extreme caution if you wish to use them.
Are There Any Fees for Using Bitcoin for Betting?
When you use this payment service there are some fees that will occur at different parts of the process. Firstly, if you choose to buy bitcoins at an exchange or transfer other cryptocurrencies into them, fees can be levied to process the transaction. Additionally, if you use a third party to deposit bitcoins into a bookmaker then there may be extra charges on top. Do also note that if you use Neteller to process your bitcoin payments, you will be subject to all of the fees that are usually associated with that payment process. Nonetheless, if you do find a decentralised bookmaker, this could be a good way to deposit directly – but we wouldn’t recommend anything that isn’t fully regulated by the UK Gambling commission.
What Exactly Is Bitcoin?
If you know what Bitcoin is, you can skip this part. But if you have been scratching your head all this time, here’s a quick overview. Bitcoin is a digital currency which has been described as decentralised as it works without any single administrator. It is an open-source software that anyone can take part in, and allows transactions to take place between users without any middlemen. These transactions are then verified and then put in a public distributed ledger, known as a blockchain. The software behind these transactions are extremely sophisticated. When people buy them they store it in a wallet, which is the information which is needed for transactions. These wallets are encrypted – with both a public key and a private key – something which we will explain to you later. The owner, Nakamoto, has stated that there will be a limit of 21 million in total, but this will only be completed by 2140.
How Are Bitcoins Created?
New bitcoins are added to the blockchain by people known as miners, who have to solve a very complicated puzzle before they can succeed. Once they solve this puzzle, they are rewarded with 12.5 bitcoins, which is quite a lot! This is why when you purchase them you may be subject to miner’s fees. In order to achieve the success with mining, miners need very expensive hardware. This work can also be very time-consuming, but has already been pounced upon by both Russia and China as they seek to move away from traditional industry and make large pots of money.
How to Create a Bitcoin Wallet
A wallet is a randomly generated code that is used to both store and process your bitcoins. There are many different types of wallets that you can get. There are software wallets which are connected to the central network and allow spending, online wallets, which are provided by somebody else, and physical wallets, which store your bitcoins offline. For all intents and purposes, we will show you how to create a wallet via an exchange.
First of all, sign up on the website of one – such as Kraken, BitPay, Bitpanda or Coinbase – and type in your personal details. Next, verify your account. After that your wallet should be verified, and then backed up by using a second key which is a 12-strong collection of randomly generated words which can be used if you forget your password log in. Take a look at our table below in order to learn more.
- Step 1Sign up for them via a Bitcoin exchange
- Step 2Fill in the necessary verification details
- Step 3Keep your wallet number completely secure
How Do I Get Bitcoins?
As Bitcoin is a decentralised currency, there are many points of access that can be used in order to obtain them. It is not technically a physical asset – like gold or land – or even a true substitute of wealth, unlike cash which is given to the user and guaranteed as a value asset by a centralised government. Therefore its wealth depends upon how value people are willing to give it – the trust of which seems to be rising all the time with its current performance against the US Dollar. Nevertheless, like cash, Bitcoins are obtained in return for work, services or other currencies. This can be done by buying it from a bitcoin exchange, getting them in exchange for work or form or friend, or even from mining them yourself. Read the three steps we have provided for you below to get the full and absolutely complete overview of this process.
Buy From a Bitcoin Exchange
Buying from an exchange is a really simple process, whereby you use your fiat currency – whether that is pounds, euros or dollars – and convert it into bitcoins. The amount of bitcoins you will get will be reflected in the market price it is at the moment. For users in the United Kingdom, the bitcoin exchanges that we recommend are Coinbase, Kraken, Bitpanda, and Bitpay. Then if you don’t want to use your bitcoins anymore, you can sell them, perhaps at an increased price!
Get Bitcoins for Work or from a Friend
As the world becomes more technologically advanced, we can expect more and more people to get paid in bitcoin for essential goods and services. In a way this is already happening, with up to 100,000 merchants already accepting it. Therefore its conceivable that you could get paid in bitcoin for something you do for someone else. Additionally, you can request them from a friend and they can send it directly to your wallet – a transaction that should happen instantly.
Mine It Yourself
If you are so inclined, you can mine them yourself. We would only recommend this if you have a deep and pervasive knowledge of how it works. You will need a lot of electronic power, hardware which is very expensive, and a lot of spare time. Therefore, if you are looking to mine yourself then you will need to have a lot of money and to be very clever. Also bear in mind that each problem gets harder the more bitcoins that are released into the system.
Where Can I Store My Bitcoins?
As Bitcoin is an emerging technology, it can be prone to hacks, but there are some ways to use them in order to make sure that everything you do is completely safe. The first is to always know you wallet number and your 12-word back up code. We would recommend writing these down offline so nobody can have access to your money. As written above, there are a variety of different wallets that come with the territory – but they can be broken down into two main categories: Online and Offline. Please read below to find the best and safest option for you.
Having an online wallet is a smart idea because it allows you to use your bitcoins electronically between one space and another. These online wallets can be provided by an exchange, which works as an intermediary between you and your bitcoins. There are a wide variety of wallets available online – we would recommend you to shop around and find the safest one for you. You can also download wallets that work as programs to visit on your desktop itself.
A wallet doesn’t need to be online. As the bitcoins are on a ledger, you can remove all remnants of any company you used to buy bitcoin and simply keep the unique code on a piece of paper or even engraved onto a ring. The benefit of this is being able to use it no matter where you are in the world; making it perfect for emergencies. You can also store your code on a Trezor – considered to be one of the most secure keys in the world.
Advantages and Disadvantages of Gambling with Bitcoin
The Bitcoin concept was something that only cryptography and engineering enthusiasts were aware of back in 2012 when the currency and blockchain were released. Since then, the capability of this new technology and the implications it brings are being realised across various industries and sections of society. Today the advantages are widely known and the market place for blockchain technology has become clustered with entrepreneurs and innovators looking to land the next hot cryptocurrency. So what are the primary advantages of using Bitcoin for internet payments?
Anonymous and Safe Transactions
If you do not want anyone to know you have been betting, using bitcoin to deposit into your account completely takes out the middleman. As all the transactions are encrypted you remain mainly anonymous. Do be aware however, that you do need to fill out personal details when joining a bookmaker, and when verifying payments. This does mean that the bookmaker doesn’t know any of your financial details. It is also incredible safe.
Extremely Fast Transfers
When you bet with Bitcoin you can rely on very quick transfers to the betting site of your choice. As it isn’t regulated by any central authority, these transactions go through with ease. As a result you can expect your transfers to go through almost instantaneously. Additionally, withdrawals should only take around a day to go through. Please also note that if the withdrawal takes place with Neteller, expect it to take the time a Neteller transaction usually takes.
Not Subject to Inflation
As there are only a certain amount of bitcoins available at any current moment, and the owner says that the market will cap at 21 million, the market is free from inflation. This means that, unlike conventional currencies the value of which can change depending on what the nation decides, bitcoin prices will not be affected like them. The value could change however, in relation to other major currencies such as the euro and the dollar.
- Anonymous transactions
- Completely safe to use
- Fast transfers
- Not subject to inflation
- Not much real world use
- The fluctuation in markets
- Not widely accepted
- Complicated to use
Not Very Useful in the Real World
Bitcoin is getting more and more accepted across the world as more financial markets buy into what its selling. As of right now, however, if you took them to the high street and tried to buy something, you might find yourself a little out of luck. The widespread belief in Bitcoin as both a currency and a payment method isn’t quite there yet, meaning that its use in the real world is currently quite limited.
The Fluctuation in Bitcoin Markets
A single coin started at around a price of £0.06 and is now worth thousands of pounds. The market is incredible volatile, and although shows signs of moving up the scale quite quickly, is still prone to rather large jumps downwards. This means that the value of your bitcoins can change almost daily, which isn’t brilliant if you know exactly how much money you want to bet on something. Additionally, there are fears in the wider community that this cryptocurrency might be in a bubble and could collapse in the future.
Legality and Safety
The question you may be asking yourself when reading about this payment method today is: Is it safe? Here we can thankfully tell you that Bitcoin is just as safe as you want to make it. Although, as it is a decentralised currency, there is no central financial regulation, this doesn’t mean that they aren’t rigorous when it comes to protecting people’s money. If you are wondering how to secure your money, please read back up the page to our guide of the different wallets you can expect to have with bitcoin. As a general rule, there are a lot of steps that can be taken in order to make bitcoin as safe as it can possibly be. Additionally, when it comes to its legality, this does differ from country to country. The United Kingdom’s position on Bitcoin is that it is an unregulated foreign currency and is treated as such. As a result, it is still subject to capital gains tax.
History of Bitcoin and Info About the System
Bitcoin was started by an unknown man who goes by the name of Satoshi Nakamoto. Claiming to be from Japan, this person or persons, is said to own one million of them himself. The domain name bitcoin.org was registered in 2008, with Nakamoto writing a paper entitled “Bitcoin: A Peer-To-Peer Electronic Cash System” later in that year. The bitcoin came online in January of the next year. Once Satoshi mined 1 million of them himself, he founded the Bitcoin Foundation – a nonprofit which has been used to promote the ethos of Bitcoin worldwide. In the wake of it, many new cryptocurrencies have also sprung to the fore, including Ethereum, Litecoin and the bitcoin derivative Bitcoin cash. The value of a single coinhas gone from a few pence to over several thousand dollars, and is expected to rise even more in the future. As it is a new currency its hard to say how this story will end up.
What Are the Wider Ramifications of Cryptocurrencies
The influence of cryptocurrencies threatens to go way beyond the world of betting, and potentially disrupt the entire financial industry. Its innate power relies on being able to make transactions without any oversight from banks or nations. This leads some to believe that it will become the future for paying other people as it is free from any outside influences. This is a particularly libertarian thinking that crypto-payments could lead to global change; especially in nations where paper currency is completely devalued thanks to inflation. In fact the concept of a decentralised payment system also leads some people to believe that the nation state will be done away with altogether, which is either a good or a bad thing depending on which way you lean. As for online gambling, we can expect more decentralised and unregulated bookmakers and casinos to pop up: we would recommend you use them at your own peril!
Alternative Payment Methods
If all of this talk about Bitcoin has been a bit too confusing to you: We don’t blame you. Thankfully, there are a lot of other payment methods that can still be used for depositing and withdrawing at betting sites. If you are more of a traditionalist, then you can just use your Visa card or MasterCard, or if you like easy electronic payment methods, why don’t you use PayPal? In addition to these payment methods, you can also pay with your phone, courtesy of Apple Pay, or via a third-party source such as Neteller or Skrill. Take a look at two of our other favourite picks below.
Conclusion: the Best Gambling Site for Bitcoin
Now we have come to the end of our review. We have evaluated everything that you need to know about Bitcoin, including how to deposit and withdraw, the kinds of fees you can expect when using it, and how to actually get the cryptocurrency themselves. In addition we have tried to give all the extra information that you need in order to understand it. We understand that it is an exhaustive page, but this is because the world of Bitcoin can be a confusing one.
Why Netbet Is Great for Bitcoin Bettors Great odds Simple to use Brilliant betting platform Lots of different markets Read our NetBet review
Nevertheless, we would fully recommend it for all of your betting needs. Firstly, bitcoin does have the potential to rise exponentially in value, something that could make it a solid investment in and of itself. Secondly, all transactions are remarkably quick and done without any regulatory oversight – potentially giving you greater control over your payments. It is our hope that in the future more bookmakers will start accepting it. Look at the best bookmaker for Bitcoin we have included below! To learn more about betting in general, head on over to our main home page now!