Did you know that there are betting sites that accept Bitcoin? Cryptocurrencies are here to stay and can already be used in various types of transactions, including betting with Bitcoin. For you to understand how it all works and get a BTC bonus, we have prepared this article about sports betting with Bitcoin! After that it will be easier for you to open a Bitcoin betting account.
We don’t want you to waste searching for platforms that use the digital currency in deposits and withdrawals of guesses. Therefore, we have made a list with only the best betting sites with Bitcoin. All of them have been tested by our team of experienced players and provide a great service.
How to place sports bets with Bitcoin
The procedure of creating guesses using cryptocurrencies is basically the same when using BRL. BTC will be the payment method for adding funds to the sportsbook account with Bitcoin. In some, the balance is managed in BRL, while in others, all the money is earned without conversions, in ₿.
You can make pre-game or live bets on sports such as soccer, e-sports, and volleyball, or try your luck at online slots and other casino games.
You need to purchase the currency, or use other ways to obtain ₿. We talk in detail about how Bitcoin works later, for those who are new to this universe.
If you don’t already have BTC investments, you must sign up for a service that stores your funds. This is a wallet, which works like a virtual checking account, similar to a Paypal payment. This way you can transfer amounts to the gaming operator, as well as use the wallet to withdraw winnings from your guesses.
Depositing on the gambling site with Bitcoin
After acquiring the currency with the help of a broker, the user receives an access key, i.e. a combination of numbers and letters.
The ID is an identifier, for receiving BTC, and will only be used for withdrawing money. Since the intention here is to send money to the sportsbook, you will need to know the ID of the operator’s wallet.
- Taking the 1xBit website as an example, first sign up on the platform
- After confirming your registration, go to the payments area and select Bitcoin
- After that, a new screen will open, displaying the 1xBit wallet ID.
- Copy the data
- Through your own wallet interface, transfer the desired amount using your Bitcoin gambling site ID
- Get the first deposit bonus (conditions apply)
Keep in mind that when BTC is used as a deposit medium, it must be used as a withdrawal option for winnings.
Choose a betting market
Once the funds are added to the virtual account of the bookmaker that accepts Bitcoin, you should access the sports area. There, several sports will appear. Usually, the most chosen is soccer.
Then, select a championship to see which matches are open for betting. For each event there are a multitude of predictions that can be made. We discuss them in our beginner’s guide.
The most common market is Moneyline, also known as 1X2. It allows you to bet on the winner of the match, the draw, or the underdog. The more remote the odds are, the higher the odds are. Understand what each highlighted field represents:
- 1×2 is the moneyline market and V1 the selected result (team 1 winning)
- It shows the stake of 1.73. The amount bet is multiplied by the odd to get the prize amount
- Amount invested, in mBT
- Total to be received in case of a hit
How cryptocurrency works
Still not sure what Bitcoin is? Don’t worry, we will explain it briefly. The digital currency is quite secure and does not depend on a government system to operate. In fact, this is its main characteristic: it is decentralized and not controlled by any one entity.
BTC can be sent over the Internet via a virtual wallet. Whoever is interested in acquiring the currency must exchange reais, dollars or euros through a broker. Or, one can mine Bitcoins, a process that is carried out by means of a powerful computer. The device is used to record transactions and “create” units of currency. As a reward, the owner of the computer receives a digital reward.
We will not go into detail about the procedure, since the focus here is only on the use of the payment method on Bitcoin gambling sites. But, you can look for more information directly on the official BTC website. In summary, know that the ₿ has as characteristics:
- It works 100% virtual, through a (randomly generated) address to receive or send payments
- System is cryptographically protected
- Works 100% virtual, using a (randomly generated) address to receive or send payments
- System is protected by cryptography
- Transactions are private on the block chain, through a private key
- Operates every day, at any time or place, since it is an online service
Bitcoin is the most popular, but not the only cryptocurrency accepted by bookmakers. Sites like 1xBet, 1xBit, 22Bet and Melbet accept dozens of different cryptos.
There are several benefits to choosing a modern payment method to have fun online. If you are still in doubt what benefits the betting sites that accept Bitcoin hold, veia the most important ones right below.
- Privacy: with BTC, it is not necessary to inform the sender’s data, everything is done in a secure and private way. And best of all, legally.
- Cost: As the cryptocurrency does not belong to any country, it is not subject to taxes. Of course, when converting the digital currency into reais, the player will need to declare the amount. But if he uses the balance in products and services, he will be exempt.
- Limits: Those who spend a lot at casinos and gaming sites often find transaction limits when using traditional methods. With Bitcoin, the limits are usually higher.
- Exclusive promotions: to encourage the use of the alternative method, some companies promote special offers, such as Bitcoin deposit bonuses.
- Security: The network guarantees the protection of operations, since transactions are made end-to-end, without intermediaries. The block chain technology prevents invasions and fraud in the system. Everything is done in a very transparent way, in open source software, supported by the computers that mine BTC.
We would not be fair if we did not mention the cons of digital currency. Just like any other means of payment, it has points that deserve attention.
- Only people who already have a wallet can make withdrawals and deposits
- Not all bookmakers accept Bitcoin (so check out our list!)
- The payment does not clear instantly
- The value is fluctuating, more than dollar or euro
- Although sites do not charge fees for using the currency, there is a cost for maintaining the wallet at brokerages and exchange companies
Bitcoin is in a boom time, so it is normal that more and more platforms and companies accept the digital currency when buying services and goods. The payment method is quite safe and advisable for those who want to spend more than the average player on gaming sites. Of course, this requires knowledge of how the Bitcoin market works. It is a bit different from buying other currencies, such as the dollar. Finally, we point out that Brazilians can indeed have BTC accounts and bet online with the digital currency. The cryptocurrency is well used, there are several bookmakers that accept Bitcoin!