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Sportsbooks Accepting BitCoin – BitCoin for Sports Betting

Sports Betting Sites and Top Sportsbooks that Accept BitCoin
  • by Andrew Scofield
  • December 31st, 2022
  • Category:

xOnline betting sites have been broadening their scope by accepting Bitcoin transaction. In case you’re unfamiliar with the term, Bitcoin refers to the most popular cryptocurrency sweeping the globe. A cryptocurrency is just a fancy term that refers to a digital currency that uses algorithms to keep track of the generation of units, transactions and verification of funds. There are more than a handful of reasons to use the cryptocurrency. But before we break down its advantages, let’s take a look at the best Bitcoin sportsbooks on the web.

Sportsbooks that Accept BitCoin

What is Bitcoin?

Bitcoins have been in rotation since 2009, when an online entity gave this complex set of algorithms to the world. Simply put, Bitcoins are a digital currency – which means that everything Bitcoin related uses technology.

This might make the currency seem dangerous, but the complex algorithms Bitcoins employ ensure that hacking the system is no easy task. In fact, part of the cryptocurrency’s allure comes from not only the safety that it ensures, but the fact that all transactions are part of the public domain.

Having all transactions publically recorded provides a level of security that is unseen with other currencies. While your identity remains perfectly protected, the block-and-chain system Bitcoin uses assures that consumers will never be cheated out of a transaction. Oh, and Bitcoins allow consumer to buy and trade independently of a central bank.

This alone makes a Bitcoin sportsbook superior to its competitors.

Why was Bitcoin created?

There were various reasons that Bitcoin was created, but the central bank issue is perhaps the most important. Central banks are what countries use to moderate their currency. For example, in the US, the Federal Reserve is responsible for the printing and distribution of the US Dollar. Additionally, they have full control over how many dollars are available publically.

While that might not seem problematic at first, allowing an institution to have control over the amount of dollars in rotation gives that institution an unprecedented amount of power over that country’s economy. Were that institution to become unregulated, they could instigate a cataclysmic event that would rival the damage of the Great Depression.

For this reason the Bitcoin was created: a purely digital currency that puts the power back into the consumers’ pocket, and not in some governing body. Using a currency that is free from government manipulation allows consumers to trade using money whose value is determined by the consumers, not some meddling agency. For this reason, finding U.S. sportsbooks that accept Bitcoin is paramount to successful online betting.

How Does it Work in sports betting?

If Bitcoins’ methodology could easily be explained in a few short paragraphs, the cryptocurrency would not be that secure. However, it’s still important to have a working understanding of what Bitcoin truly is.

For starters, it’s important to understand that Bitcoin is a currency, much like the US Dollar, the European Euro, or the Japanese Yen. It’s not just some service that you can use to send people money. Albeit, using Bitcoins to transfer a friend or relative some cash is arguably the best way to do it.

To first start purchasing in Bitcoins, consumers must first acquire Bitcoin. Just like with any other currency, there are several ways to obtain Bitcoins. But first, users need to understand how to store a digital currency. Since Bitcoin doesn’t exist in paper form, and only exists digitally, it needs to be stored in a digital format. This is what is referred to as your Bitcoin wallet.

A Bitcoin wallet is simply an application that allows you to store your purchased Bitcoins. You can download these as apps for your smartphones, or you can find a reputable site that will allow you to access your digital wallet from a computer. Depending on your digital preference, consumers will be able to access their Bitcoin wallet in which ever method they prefer. Once your wallet is all set up, consumers can then focus in on purchasing Bitcoins. This can be done in a variety of ways including cash purchases, online, or with a bank account.

If you’re looking to purchase Bitcoins using cash, you’ll have to find a business and location that offers that service. There are several companies focused on offering this specific service, so finding a location should be no problem. Also, each company will offer a different method of purchasing the Bitcoins including specific stores or locations, using an ATM, or even at your local bank.

Using a credit or debit card, Bitcoin sportsbook players can purchase the currency online using a reputable site. Most of the time, the site you’re using will be able to deposit the funds directly into your Bitcoin wallet, making the process as simple as possible.

Lastly, you can also purchase Bitcoins using your bank account. Apart from walking into the bank – as was mentioned above, consumers can use their account to transfer funds directly to a reputable company. Once again, that company will deposit the Bitcoins directly into your account.

With a loaded digital wallet, online wagering players can get in on some Bitcoin sports betting action. You’ll be able to place bets like you normally would, except you would be using Bitcoins instead of your normal currency. It might be a little unusual at first, but getting in on Bitcoin sportsbook bonus is the best choice you can make for your online betting action.

How Safe is it?

If you’ve been following Bitcoin since its inception, you would have no doubts about its security. However, if you’re new to the digital currency scene, you can rest assure knowing that using Bitcoin is arguably the safest purchasing method on the planet.

The public transactions will ensure that you never get ripped off on your purchases. The intricate system of algorithms and security it employs guarantees that no lone hacker or even sophisticated attack could breach its network. And the independence from a central bank offers something that no other global currency does.

Nonetheless, users should be aware of the dangers Bitcoin faces. Although they are not security related, they are very much real. The biggest problem that could happen to Bitcoin is an extreme devaluation. Because it’s free from regulation and central banks, the public determines how valuable a Bitcoin is.

People who have been following Bitcoin’s value have seen it skyrocket in 2017. This has been extremely profitable for those who were early to the scene, but it has raised some questions regarding Bitcoin. There’s no question that it’s safe, from a security point of view, and that it will be here to stay. But will its value continue to rise? Will it settle down at a reasonable price? And what guarantee do I have that its value won’t plummet one day?

These are the tough questions facing Bitcoin. However, the cryptocurrency doesn’t bat an eye in the face of these inquisitions. Bitcoins value has been rising because more and more people are realizing the tremendous upside it offers. It stands to reason that it will eventually reach a tipping point and settle down around a certain figure. And what’s to keep it from plummeting? The same thing that keeps the US Dollar from sinking: the fait the consumer has in the currency.

Bitcoin is something the human race has never seen before. But make no mistake, by giving more individual power to the consumer, it will change things for the better.