Bitcoin and other cryptocurrencies used to have those uninterested in making it a payment option for betting. However, in recent years, sports betting and cryptocurrencies have started to merge. The way many betting sites started accepting cryptocurrencies as payment methods excite cryptocurrency users as they know how many advantages cryptocurrencies hold as a payment method.
Not every punter wants to bet with Bitcoin, but if you’re looking to know more, you’ve come to the right place. Let’s get into the world of Bitcoin sports betting with our betting guide and understand more about it.
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It’s not hard to bet with Bitcoin as long as you have your digital wallet ready. To make a deposit in Bitcoin sport betting sites, here are several things you must know.
Before depositing with Bitcoin, you must first prepare your Bitcoins so you can easily access them when depositing. Here are the steps you can take when depositing with Bitcoin:
After you bet with Bitcoin and want to withdraw your winnings, you can also cash out using Bitcoin if the betting site allows you to do so. Here are the steps you can follow to cash out using Bitcoin:
Every sport betting site has a certain limit for players depositing and withdrawing from their accounts. These limits would usually give minimum and maximum amounts for each transaction, and here are the limits to Bitcoin transactions in Bitcoin sport betting sites.
Depositing in Bitcoin sport betting sites is the same as other sport betting sites that accept other payment options. Deposit limits vary from one site to another, but Bitcoin tends to have a lower minimum limit compared to other deposit methods. For the maximum deposit limits, Bitcoin can also offer a much higher limit or even give no limit to how much you can deposit.
These limits are usually written right next to the payment options so that you can find your limits with ease. If you can’t find it, check the Bitcoin sport betting site’s terms and conditions before depositing or contact the site’s customer support team for more information.
Like depositing, cashing out with Bitcoin has limitations, and each betting site has different minimum and maximum limits. Again, like depositing, the withdrawal limits of Bitcoin are much bigger in range. The minimum limit to cash out is usually around 50% lower compared to other payment methods, and the maximum can be 100% or higher than other payment methods.
There are some reasons why more and more people bet with Bitcoin. If you’re still weighing out your options and want to know why punters choose to play in Bitcoin sport betting sites, here are some advantages Bitcoin holds over other choices.
The most annoying thing when making payments to and from betting sites is the time it takes for the process to finish. E-wallets are indeed fast, but there are cases where you have to wait for 24 to 48 hours for the payment to finish. Bank cards and credit cards take even longer to finish. You might have to wait five to seven business days for your withdrawals to arrive in your account.
Bitcoin and other cryptocurrencies solve this problem. They’re known to be faster than other methods while also safer in terms of security. When you want to play quickly or are usually restless if your withdrawals aren’t arriving instantly, Bitcoin is an excellent choice.
Besides speed, Bitcoin is very secure due to the blockchain technology implemented in its system. The blockchain works similarly to a public ledger that will record every transaction that goes through the Bitcoin network. This way, after the system records a transaction, the history can’t be changed or deleted. Hackers will have an extremely hard time manipulating the data.
Still, it’s essential for you always to be meticulous when making payments using your Bitcoin. Check the address carefully and be aware of phishing schemes to avoid scams.
One of the most common reasons to bet with Bitcoin is anonymity. Cryptocurrency transactions can help its users secure their personal and financial information from any third party. This way, it’s easier for players to avoid any potential fees or restrictions often attached to traditional payment methods.
Even if they’re called Bitcoin sport betting sites, these sites often accept other cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Tether (USDT), and others. If you prefer using cryptocurrencies than fiat to fund your betting account and receive winnings, Bitcoin sport betting sites can help you explore your cryptocurrency options.
Even if you haven’t used Bitcoin or any other cryptocurrencies before, betting with Bitcoin can give you an opportunity to gain exposure to the world of cryptocurrencies. Learning about cryptocurrencies can be valuable knowledge about the evolution of the economic landscape.
For example, the Naira has been weakening due to inflation and economic recession. Because of it, Nigerians started turning to cryptocurrencies for investment opportunities and to balance the unstable economy. Betting with Bitcoin can help you learn the basics of cryptocurrencies and how to use them for long-term investment.
Other than that, cryptocurrencies are also one of the best ways to provide payment gateways to those without access to traditional banking services. Be it to help you get alternative financial transactions or diversify your investment portfolio, Bitcoin and other cryptocurrencies can be a good choice.
Many Bitcoin sport betting sites that only accept Bitcoin and other cryptocurrencies for payment are spreading like wildfire. This won’t happen without demand from the customers, which is enough to tell us how popular cryptocurrencies are between users in Nigeria and worldwide.
Bitcoin is convenient and can be a long-term investment, these two reasons alone already convinced us of how much potential Bitcoin sport betting sites have for the future. If you’re familiar with Bitcoin and other cryptocurrencies, we recommend you try several top betting sites which accept Bitcoin and see if it suits your preference.
However, if you’re still completely new to Bitcoin, we recommend you learn more about Bitcoin and cryptocurrencies before jumping in. Optimizing cryptocurrencies can be hard for beginners, and beginners might make mistakes that can be costly. Once you’re sure and confident in your knowledge about cryptocurrencies, you can try practicing more through Bitcoin sport betting sites while having fun!
Bitcoin is available in Nigeria, and Nigerians can easily buy BTC online nowadays. There are several trustworthy exchange platforms online that serve Nigerian users with a competitive conversion fee.
The minimum deposit with Bitcoin varies from one betting site to another, so to know for sure, you must check the betting site directly. Usually, Bitcoin’s minimum deposit is lower compared to other payment methods, and you can deposit your Bitcoin in fractions.
Yes, there are sportsbooks dedicating special betting bonuses for players who choose to bet with Bitcoin instead of fiat. Bitcoin sports betting sites can reward you with bonuses like free Bitcoins for a deposit match bonus and many other types of bonuses.