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Betting Sites Payment Options – Bitcoin

Bitcoin & Betting Sites

BitcoinBitcoin (₿) is a virtual cryptographic currency. It is entirely digital, and it is not controlled by any economy, state in the world. The Bitcoin is regulated by a peer-to-peer network with transactions that are recorded on the blockchain. You can buy or sell Bitcoins as you would do with any currency and those are in the form of private keys all stored in digital wallets. Payments can be made online only by knowing the ‘address’ of the recipient.

Bitcoins are a new and secure way of paying for things online, and you can now use Bitcoin also to fund betting sites in the UK: using this payment method also has the advantage to be able to monitor betting transactions better as they are going to be separate from your regular bank account.

Betting Sites That Accept Bitcoin

The majority of betting sites that do accept Bitcoin will convert them into your account currency (for example GBP) so that you can bet usually. When you wish to withdraw you can just do that as your money will be converted back into Bitcoin.

Is It Legal To Use Bitcoin For betting?

bitcoin used for gamblingAs long as you are in a country where gambling is legal, there are no restrictions to fund your betting account with Bitcoin. The pre-requisite, of course, is that the betting site would have to accept this form of payment. Some payments providers like American Express tend to restrict gambling transactions also in countries where gambling is legal: well, this is not the case with Bitcoin as this is a type of money that is owned by the people that have them.

Digital And Anonymous

In BestBettingSites.Online, we only list UK betting sites that have a regular gambling license: those allow players to deposit with any legal payment method and Bitcoin is one of those. Since Bitcoin are fully digital and anonymous be aware as there are lots of rogue offshore betting sites and casinos around: we only offer the legit ones so stick with us, and you won’t have any problems.

Similarly to other forms of payments, you will be required to verify yourself to prove not only that you are over 18 but that you also live in the country. Usually, you can verify yourself quicker with bank card as the bookmaker can do some cross-check automatically without requiring your intervention: as we have said Bitcoin is anonymous so you will be required to send the copy of your documents and proof of residence in the same way as you would do with e-Wallets like PayPal for instance.

Low Fees

Generally, if you are betting from the UK with a UK betting site you will have no problems in depositing with Bitcoin: actually, this is a great way to fund betting accounts as it is very secure and has low fees. In addition to that, you will keep your betting transactions separate from your regular day to day expenses and that will give you some clear control over your gambling activity.

Although some countries like Russia limit the use of Bitcoin (but also a lot of foreign currencies) the majority will allow you to transact without issues with this currency that has a lot of advantages: it cannot be counterfeited, and transactions are secured and guaranteed by the Blockchain.

Remember that earnings made in Bitcoin are subject to tax like any other currencies. Gambling, however, is tax-free in the UK and this will also apply to Bitcoin.

Bitcoin Sign Up Bonus Status

As far as we know, there are no limitations in regards to welcome bonuses when it comes to Bitcoin deposits. Some eWallets like Skrill and Neteller have had bonus restrictions due to the history of promotion abuses but since Bitcoin is a very secure way of funding we don’t see any free bets and bonuses restrictions coming towards this innovative payments method. We will, however, update you on this page if we see any bonus restrictions from any betting sites.

How To Use Bitcoins To Deposit Into Betting Sites

Using Bitcoin is pretty simple and undoubtedly not more complicated than using eWallet services. Since many are confused about Bitcoin we have listed all you need to know about this currency and how it can be used for betting.

The majority of betting sites that do accept Bitcoin will convert them into your account currency (for example GBP) so that you can bet usually. When you wish to withdraw you can just do that as your money will be converted back into Bitcoin.

Bitcoin Sign Up Bonus Status

As far as we know, there are no limitations in regards to welcome bonuses when it comes to Bitcoin deposits. Some eWallets like Skrill and Neteller have had bonus restrictions due to the history of promotion abuses but since Bitcoin is a very secure way of funding we don’t see any free bets and bonuses restrictions coming towards this innovative payments method. We will, however, update you on this page if we see any bonus restrictions from any betting sites.

How To Use Bitcoins To Deposit Into Betting Sites

Using Bitcoin is pretty simple and undoubtedly not more complicated than using eWallet services. Since many are confused about Bitcoin we have listed all you need to know about this currency and how it can be used for betting.

What You Need To Know Before You Can Start Using Bitcoin For Betting

In our guide, we will take you through the principal aspects of using Bitcoin to fund your betting activity. If you need more information about Bitcoin, we recommend you also check on the official Bitcoin site.

How To Secure Your Bitcoin Wallet

Bitcoins are hosted by the blockchain which is the public record for this currency. When you buy a Bitcoin you are given a private key which will allow you the determine which is the part of the blockchain that you effectively own. The wallet does store the digital credentials that you need to be able to access the Bitcoin from the Blockchain and also, if you wish, to transfer them to someone else.

Security

Thanks to software wallets you can keep your keys secure. The software wallet preserves your own keys on your device, but the risk is that your device gets damaged or might be stolen. This is why is probably better to host the Bitcoin credentials in an online wallet which will store everything in the cloud: in this case, if you don’t have your phone or laptop, you will still be able to retrieve your Bitcoins. You would need to have trust in the provider as the risk of them being hacked is also in existence: this is however theoretically the same thing as storing standard currency in an eWallet like Skrill or PayPal. So our suggestion is to consider the Bitcoin like any other physical wallet: keep inside just the amount of money you are planning to use. Remember that with Bitcoin you are the bank of your own: the more Bitcoin you store and the higher is the risk that you lose your keys. There are many wallet providers, so it is also essential to check the trust of each of them before proceeding.

Bitcoin Transactions are Irreversible

Bitcoin valueYou need to know that when you are making a Bitcoin transaction this is irreversible: this is a big difference for example from credit card transactions that can be reversed with the chargeback. With Bitcoin the only way to get a refund is by asking for a refund from the recipient: so with Bitcoin is even more important that you go for licensed bookmakers otherwise your chances of getting a refund will be pretty null.

What are Bitcoin Addresses

No-one is able to access your actual credentials like your name and address but once you have sent a payment than the ‘address’ will be recorded in the blockchain. By address, we mean the single tokens which are 26 to 35 character long that are needed to send any number of Bitcoin. Users are authorised to have as many addresses they want and it is possible to generate addresses when you are about to send a payment. It is suggested that you use a different address for every payment that you will initiate.

How It Works with the Blockchain and the Confirmation

BlockchainAs we have said Bitcoin payments are not reversible. When a payment is made this is also broadcasted to the network with bitcoin software application. The system validates the transaction and stores a copy for each of the parts and also will transmit the transaction to every other node: you need to think that Blockchain is just a number of a database of transactions. Every node has its own copy.

Give Yourself 30 minutes To Complete A Transaction

Normally every 10 minutes a new block is created to the blockchain and this has all the details of the new confirmed bitcoin transaction. A new transaction is secure once it has reached 6 blocks in depth. When you are delivering funds into a betting site with Bitcoin the bookmaker will have set blockchain length and after that point, the transaction will be marked as completed. Considering that this process takes some time, give yourself around half an hour to see your funds into your betting account. Normally however as soon as you start the deposit the betting site will allow you to use your credits immediately. You will be able to withdraw only when the Bitcoin transaction will be fully confirmed.

Bitcoin Is Still A New Currency

Bitcoin is set to change the digital world in the next years, and we expect that lots of betting sites will accept this currency. It is therefore not a problem to get involved early, but one thing you need to take into account is volatility: this is because the digital currency is new and does fluctuate a lot. You might also note that during busy time confirmations might take longer. Also, you need to have a plan to secure your Bitcoin keys as, since there is no bank back up, if you lose them they are gone.

How to get your Bitcoin Wallet

There are many different ways to pick the wallet to host your Bitcoin. As mentioned, a wallet is a digital storage area for your keys. You should think as your wallet as if it was a physical wallet and you should keep secure at all times. It is essential that you regularly back up your wallet and also secure the access with passwords and any other security features. This is even more important if you are using a mobile wallet app which is potentially more accessible. You can also use offline wallets, but the majority of people will buy Bitcoins as and when needed and put them immediately into the main wallet.

How To Buy Bitcoin

You can buy Bitcoins from lots of providers, and as a customer, you decide to choose which one. If you buy some Bitcoins from a company, it doesn’t mean that you need to continue buying them from the same provider.

It is the same thing when you are buying another currency: you will need to figure out what is the company that provides you with the best exchange rate and it doesn’t mean you will have to stick with it.

How To Fund Betting Sites with Bitcoins

Funding a betting site with Bitcoins is very simple as all you need is their address. Firstly you need to select Bitcoin as a payment option in your bookmaker, and at that point, you will be asked the amount you wish to deposit: the betting site will then generate the address for you to send the Bitcoin payment to. You can then copy the address to your wallet, confirm the amount you want to pay and send the Bitcoins. All done.

Peer To Peer System

Since, how we have said, Bitcoin is a peer-to-peer system you will need to wait until the network has confirmed the transaction: it usually takes no more than 30 minutes, and at that point, the funds will be visible in your betting account. At the moment you can deposit into a betting site using Bitcoin with the amount that will be converted into your account currency so that you can place the bets. When you request a withdrawal, it will be turned back into Bitcoins. We expect that in the future betting sites will allow you to bet in Bitcoin as well.

How To Withdraw in Bitcoins from a Betting Site

You can make a withdrawal request like if you were using another payment method. The betting site will need to know your address so that they can send the money: you will, therefore, need to generate one and then enter it into the betting site. As soon as you make the requests you should be able to see the funds, however, bear in mind that the betting site will take some time to process the transaction especially if you do at weekends. When you see the funds in your wallet make sure you wait around 6 confirmations before you start spending the Bitcoins.

Bitcoins As A Way to Bet

Betting with Bitcoins has a lot of advantages compared with some traditional payments methods. Since Bitcoins are not linked with any state, no one can seize or make any change to the currency. Also, another advantage of Bitcoin is that you can use this currency without having to consider restrictions on how much is allowed to transport in a country.

Good Way To Track Winnings And Losses

Betting with Bitcoins is also a great way to keep a much more precise track of your betting transactions: you will be able to immediately see what are the winnings and losses as they will be kept separate from the other day to day payments you make.
Bitcoins can also be converted into any major currencies, and transactions fees are generally low which are similar to the ones you are paying when using eWallets. So all in all betting with Bitcoins is an innovative, fast and secure way of betting: you are your own bank, and this means you are not subject to credit checks and don’t have to have a fixed address to transact with it.

Countries Where It Is Allowed To Gamble With Bitcoins

There aren’t limitations on the use of Bitcoin with betting sites. Generally, you can always use Bitcoins as long as the recipient does accept that method. The most important thing for you to consider is if gambling is legal in the country where you are trying to bet from. If you are in a country where it is legal to gamble, then using Bitcoin to fund betting sites, it is perfectly legitimate.

What are Bitcoins?

Bitcoin historyBitcoin is a digital currency however you need to know that the vast majority of traditional currencies do not actually exist physically. Take the US dollar or the British Pound for example, and 95% or more only exists digitally. Bitcoin, as we have said, it is 100% digital virtual currency, and the main difference with traditional currencies is that doesn’t belong to a country or economy: this means that it cannot be controlled by a specific treasury and cannot be seized by any authority.

No Middleman

Bitcoin payments are carried out following the peer-to-peer concept: there are no middleman, bank or economic institutions involved. Bitcoins are made of keys that can be acquired, sold or exchanged in the same way as traditional currency operates. To make payments, the key will need to be sent from the payee to the recipient with the transaction that will have to be noted in a public record (called Blockchain) which guarantees that the coins will be used once.

The Blockchain is constituted of some network nodes that do speak with each other using bitcoin software: their role is to verify and record the transactions. Everyone can run network nodes, and by being a processor, you will also earn bitcoins: those are also known as miners and earn bitcoins by getting the processing fees.

Using Bitcoins is very simple and undoubtedly not more difficult than managing any other digital wallet. You have your own account that you can access from a computer or a mobile device in the same way as you deal with your regular bank.

The Private Key

If you decide to make a transaction the digital wallet will find out what is the validity of your Bitcoins against the Blockchain (which is the public record): in other words, it checks that the coins are valid to be transmitted to the recipient. The recipient digital wallet will then receive the private key, and the whole transaction is recorded in the Blockchain with the funds that move from one account to another. If you are looking to make a withdrawal, precisely the same process will happen in reverse.

So as you can see Bitcoins are conceptually very similar to traditional currencies with the only main difference that the transactions and guarantee of the funds are on the network instead of a bank or government. Another essential difference when discussing Bitcoins is that transactions are irreversible and this is because the currency is completely digital and to keep costs low. Bitcoin transactions, in fact, are a lot cheaper than the ones made with traditional eWallets like Skrill, PayPal and Neteller.

The History of Bitcoin

history of bitcoinYou might think that Bitcoin was the first digital currency, but this is not correct. It is, however, the first one that has seriously made an impact in the world. Bitcoin was invented in 2008 by Satoshi Nakamoto who demonstrated in a research paper the peer-to-peer electronic cash system.

The beginnings have been quite hard for Bitcoin as it was associated with illegal tradings. This, however, was only a misunderstanding based on the ignorance about this innovative currency. Governments were also concerned as they thought they were at risk of losing control of their own currencies. During the years things have improved Bitcoin and in 2015 Barclays was the first UK bank to accept Bitcoin deposits.

Growing Global Currency

Bitcoin is still a strong growing global currency, and it is an exciting alternative to standard cash-based systems. More and more bookmakers are accepting Bitcoin with NetBet that was the first in 2016.

During the first years, Bitcoin was very volatile money, and the main reason is that was not linked with any physical economy. Although things have stabilised in recent times, Bitcoin it is still a very volatile currency, and for this reason, it is best to use it only as transient currency: we wouldn’t advise keeping savings in this currency as it will mean risking far too much.

What is the security of Bitcoin?

Bitcoin is fully secure as the private keys and addresses are only known to the person that has direct access to the wallet, so yourself. Since transactions are irreversible this address the risks of chargebacks and also duplicate transactions.

You won’t be able to create fake bitcoins and also it is not possible to hack the blockchain as it is stored in no fixed location. So the only risk of using Bitcoins is the user behaviour: he is ultimately responsible. To make an example if someone will fraud your bank account, you can normally speak with the bank and get the cash back if it wasn’t your fault. If this happens with Bitcoin, there is no bank to call.

So Bitcoins are as safe as they can be and if you are going to make sure your computer and mobile devises are secured from unwanted accesses, then you will not have problems.

Immune To Centralised Attacks

Another benefit of Bitcoins is that they are immune to centralised attacks as every individual is storing their own funds and there is not a central place where hackers can break into. This is an advantage compared with the risk of corporate hacking and fraud that can happen with traditional banking methods.

One of the reasons why Bitcoin is so famous is that it gives security but also more control to people who are the ultimate responsible without any institutions above them.

What are Bitcoin Fees?

Usually, you should get charged any fees by bookmakers for depositing and withdrawing with Bitcoins. If you get charged by a bookmaker, this means that they do so for every payment methods and it is time for you to switch to another operator.

Fees for Bitcoin transactions are generally between 0 and 2%: this is a lot lower than card providers (which is between 2 and 3%), so for a merchant, this is a great opportunity.

Fee Usually Below 1%

The majority of us will use a Bitcoin wallet which will add a fee which is usually below 1%. You also have the option to increase the fee if you want your transactions to be completed faster: standard transactions are normally completed in 30 minutes, so there is not much to gain from paying an extra.

Miners do earn bitcoins in a change of processing transactions: the transaction fee is the incentive for the miner to create a block: without any doubts, miners will prioritise those transactions that have the highest fees. If you decide not to pay a fee your transaction can take a few days to be completed.