After rapid price increases in recent months, other cryptocurrencies and old coins are increasingly appearing in media coverage in addition to the already known bitcoin. The fact that this is not a short-term fad proves that the first bookmakers have been accepting bets in Bitcoins for quite some time.
Reason enough to take a close look at the current situation and to inform you about everything you need to know about Bitcoin betting providers and betting with cryptocurrencies.
Go directly to the list of betting providers: http://www.bitcoinesports.net/.
What are bitcoins and cryptocurrencies anyway?
Cryptocurrencies are pure online currencies and they differ in one important point from classical funds. They are not dependent on economic factors in a country and are therefore absolutely inflation-proof. Political crises, such as those in Greece a few years ago, have no effect on online currencies and, on the contrary, tend to lead to a rise in the prices of the independent cryptocurrencies. However, this does not mean that cryptocurrencies are not subject to price fluctuations. Fluctuations in prices can even vary greatly within hours.
They can be sent online within seconds across the continents without the need for intermediary banks or similar institutions. This not only saves time, but also transaction fees and makes transfers independent of exchange rates and exchange rate fluctuations. For example, if you send a Bitcoin to a friend in Rio de Janeiro now, they will receive your Bitcoin a few minutes later minus the minimum transaction fees of your Bitcoin wallet (the online account where you keep your Bitcoins). Using the classic bank transfer method, your transfer would take several days, cost considerably more fees and you would have to deal with the „Euro to Real“ course.
Another advantage that makes bitcoins and cryptocurrencies so popular is the anonymity they offer. You send and receive your coins via the address of your online Wallet and no personal data is transmitted or visible. With your Bitcoin or crypto account you are completely anonymous and neither your bank, nor your state, nor anyone else knows about your payments.
The underlying technology of these currencies is called blockchain. Explaining this would go beyond the scope, but we don’t want to deny you an important advantage of this technology: all relevant data is stored in the blockchain distributed all over the globe. If a hacker gains access to a part of the system, he can do whatever he wants – it will have no effect, since 99.9% of the system contradict the hacker’s manipulated data. Security is also a big advantage of the cryptocurrencies – as long as you protect the access data of your wallets properly.
What does the bookmaker gain by accepting Bitcoins / Cryptocurrencies?
Of course, no bookmaker would accept payments in cryptocurrency if he did not benefit from it. Up to 4% of fees must be assigned by a bookmaker to payment services or credit card companies per payment transaction. This makes a big difference for a large number of customers and the betting provider almost completely saves these costs with crypto payments. This makes Bitcoin sports betting very interesting for the bookmaker.
As if that weren’t enough, the risk of fraudulent remittances or charge backs (for credit card payments) is also eliminated with the new forms of payment. Some bookmakers already offer special extra bonuses if you are willing to deposit with Internet Coins to push this payment method.
What are your big advantages when betting with Bitcoins?
Besides the already mentioned possibility of an extra deposit bonus, it is especially interesting to bet anonymously with Bitcoin. Bookies that accept crypto currencies for deposit often only require their customers to provide an e-mail address. You do not have to present personal data or even proof of identification to confirm your account.
On the one hand there are no traces that expose you as a sports weather and on the other hand you remain anonymous to the bookmaker. Attention: the advantage of this anonymity also has the disadvantage that these bookmakers often lack minimum standards and legal regulations. Here you have to be careful and leave only the amount you want to bet with on your betting account – deposits and withdrawals are done in a matter of seconds without any fees anyway. In addition, it is advisable to deposit only a small amount at the beginning and to bet with small amounts in order to test the bookmaker.
In the meantime, however, more and more classic bookies also offer payments using crypto currencies. It is still necessary to create a betting account with the personal data and to pass an identity check before a payout is possible. With the new payment methods, however, you also have the advantage of missing fees and fast payment processing.