Best Bitcoin Betting Sites
The best betting payment methods. What are the Payment Options and which is best for you? Our selection of the best Bitcoin betting sites. New Customer Offers, 21+, T&C’s Apply to each of the offers below, click “Bet Now” for more information.
Best Bitcoin Cryptocurrency Betting Sites
Potentially once of the most curious payment options you might encounter at an online sports betting site, but possibly the shape of things to come for many digital citizens is the crypto-currency Bitcoin. It’s entirely a product of the Internet, emerging a few years back, and is a currency that has true monetary value even though it doesn’t ‘exist’ like the traditional national currencies we’re all used too such as US Dollars and the UK’s Pound Sterling.
How Bitcoins are actually created – or ‘mined’ – is beyond the scope of this article (and likely to be a bit mind-bending to grasp quickly), but the important thing to know is that it can be used just like traditional currencies and so real-money betting is possible at sports betting sites that accept it.
Using Bitcoins requires you to do two things. First buy some, then secondly add them to a free Bitcoin wallet app which lets you use them much as you would ‘traditional’ currencies using an e-wallet like Skrill or PayPal. To achieve the first step you simply need to surf to one of the reputable online Bitcoin exchanges where you can buy as much of the currency as you need at the current exchange rate. Think of these as online ‘bureau de change’, and buying Bitcoins is like buying some appropriate foreign currency for cash purchases when you’re abroad. Two example exchanges that have become popular as reliable destinations to but and sell Bitcoins are Coinbase and Bitstamp.
So what are the practical reasons to consider using Bitcoin currency rather than just fund your sports betting activities with a credit / debit card or other digital payment service to transact in good old British pounds? Well, the perceived advantages are two-fold. First, Bitcoin transactions are technically considered as direct transactions between yourself and the merchant, and so are exceptionally quick to process and do not attract any ‘processing’ fees. It’s like paying with cash, and that quality leads us onto another aspect of Bitcoin that can make it attractive for certain transactions.
As Bitcoin transactions are not linked to any form of ‘bank account’ they can be kept far more private – where and on what you’ve spent your Bitcoins is not recorded, much like buying a round of drinks in the pub with cash isn’t going to show up on your bank balance and alert your partner as to precisely why you were home late last Friday!
Currently Bitcoin is nowhere near as popular and widely available as a payment option for betting services as Visa or Mastercard bankcards, however we would say watch this space. It’s certainly an intriguing option if you’d like to use something more akin to cash to manage a player account, and as a digital currency borne of the Internet it may yet become as natural to use it in the future as it is now to ‘Google’ for information or Facebook a blast-from-the-past to find out how badly an ex has let themselves go!