In the first part of this article, I explained the advantages of using Bitcoin to deposit and withdraw money at a betting website instead of using traditional methods like a Credit or Debit card. In this article, I will explain betting with bitcoin in more detail and talk about some new Bitcoin services.
1. Is betting with Bitcoin completely anonymous?
Betting with Bitcoin is not completely anonymous because signing up with a Bitcoin exchange market will often involve having to submit some form of official documents for verification purposes.
When you deposit or withdraw money at an online betting website using Bitcoin, no transaction will appear on your bank statement. This means that there is no way that anyone would know if you’re betting online, unless they had direct access to your Bitcoin Wallet.
2. Why would I need to bet with Bitcoin?
Online gambling is illegal in many countries, which means you can get into a lot of trouble for depositing and withdrawing money on betting websites using methods that are linked to you personally such as a Credit Card, Debit Card or Bank Transfer. Bitcoin is different, because there is no paper trail attached to your Bank Account. This means that it is almost impossible for someone to know that you are betting online when you fund your account using Bitcoin.
Bitcoin is a great way to deposit and withdraw funds at online betting websites because there will never be a record of gambling transactions on your Bank account.
Another reason why you may want to consider betting with Bitcoin, is because many Financial institutions frown upon gambling. In some countries, Banks and lenders will reduce the amount of money they will let you borrow if they see gambling transactions on your Bank statement. This makes getting approved for Mortgages and Loans very difficult. Depositing and withdrawing funds at online betting websites using Bitcoin protects you from this because there is no way that the Banks and Financial Institutions can see that you’re betting online.
3. Where can I bet with Bitcoin?
Most online betting websites now accept Bitcoin as a deposit and withdrawal method. If Bitcoin isn’t listed as a deposit and withdrawal method on a betting website, you should contact their customer service team directly because most betting websites are more than happy to process deposits and withdrawals using Bitcoin.
Online betting websites actually prefer to process deposits and withdrawals using Bitcoin, because Bitcoin transactions are free. This saves them money because they often have to pay a 2% – 5% fee on Credit and Debit card transactions.
4. Is betting with Bitcoin free?
Depositing money into an online betting website using Bitcoin is free on almost every website. Some websites charge a small fee for withdrawals, but the majority of them are free.
5. Bitcoin Markets – Limits and Verification
Before you’re able to deposit funds into a betting website using Bitcoin, you have to purchase Bitcoin from a Bitcoin exchange. Most Bitcoin exchanges like Coinbase offer a one stop shop for all your Bitcoin needs.
For example… Coinbase allows you to purchase Bitcoin on their website and you can also request withdrawals from online betting websites that can be paid straight into your Coinbase account. Think of Coinbase as the Paypal for Bitcoin, because it enables you to deposit and withdraw funds through their website.
Websites like Coinbase make buying and withdrawing Bitcoin easy, but they are more difficult to setup because you need to verify your account with some form of ID, such as a copy of your Passport or Drivers License. I personally don’t have any issue with these verification checks, but it does mean that the amount of Bitcoin you can buy on a new account is limited. This is a big problem if you have a big bankroll and need to deposit large sums of money into betting websites.
By completing certain verification checks, you can increase the limits you can deposit in time, but it’s probably going to take at least a few weeks for you to get setup with a good Bitcoin exchange website like Coinbase.
It’s important to remember that Bitcoin will play an important part in the future of online gambling and it’s important to go through the inconvenience of setting up now, so that you don’t run into problems later on down the line. It is becoming more and more difficult to bet online in many countries, but Bitcoin offers a solution to this problem. I highly recommend that you set up an account with a Bitcoin exchange now, so when the time comes you are already an established customer and have higher limits at your chosen Bitcoin exchange.
New Bitcoin products and services
I personally believe that Coinbase is the best all round Bitcoin service because their website makes it easy to buy Bitcoin and they also make it easy to withdraw your Bitcoin to your bank account.
I talked about a few other Bitcoin services in the Coinbase and I now want to talk about some excellent new Bitcoin services that have been released over the last few months.
Circle is a new Bitcoin exchange that makes it really easy to deposit money into an online betting website using Bitcoin. All you need to do is get your account verified with some form of ID and then you can fund your account with a Credit card, Debit card or by Bank Transfer.
I am really impressed by Circle, because most Bitcoin exchanges require you to purchase Bitcoin first and then send the Bitcoin onto someone else. Circle is different, because it enables you to pay someone in Bitcoin, directly from your payment method. This is a really cool feature because it makes the process of paying for products and services using Bitcoin a lot less complicated.
Here is a snapshot of what you see on the homepage:
This is the send money tab that shows how easy it is to send Bitcoin. It was as easy as just selecting “BTC” from a drop down menu:
2. Hive Bitcoin Wallet
Hive Bitcoin Wallet is not a full service company. They are just a cloud based wallet that allow you to store your money securely online.
Hive Bitcoin Wallet is almost 100% anonymous because they don’t ask for any personal information. All they need is an email address and it’s up to you what email address you want to give them.
Why do you need a Hive Bitcoin wallet?
Technically you don’t, but its good to be a few steps ahead of the game. I’ve always wondered whether some of the Bitcoin services can detect if you are sending money to a betting website, so it’s good to have something simple like Hive Bitcoin Wallet to transfer your Bitcoin to the betting websites.
I also really like the clean user interface of Hive Bitcoin Wallet and how easy it is to use. Take a look for yourself…
I would love to hear what you guys think about these Bitcoin products. I’d also love to hear about some of the Bitcoin products and services that you are using. Please feel free to reach out to me on Twitter, mmadog.com or on the forums if you’d like to talk about betting with Bitcoin in more detail.