Bitcoin is a virtual currency that can be used to deposit funds and make withdrawals at online betting websites. It is different from platforms such as Paypal, Skrill and Neteller because transactions are totally anonymous and they are not linked to your bank account. Bitcoin also makes it possible for you to bet on gambling sites that may be restricted in your country.
The Bitcoin betting industry is growing at a rapid rate because many governments have made online gambling illegal. I live in the United States where online gambling is becoming increasingly difficult and I’ve been betting with Bitcoin over the last year to make it easier for me to fund my online betting accounts and make withdrawals. In this article I’m going to explain the reasons why you should consider using Bitcoin to fund your account at Online Casinos or Sports Betting websites.
Why Bet With Bitcoin?
1. Bitcoin is anonymous
Bitcoin transactions are almost completely anonymous. They do not include your name, your address, your email address or any other private information. This means that there’s no way anyone would be able to see that you gamble online. This is useful for people who wish to gamble online in countries where online gambling is illegal.
Bitcoin can also be useful for people who do not want to be discriminated against by Financial Organizations who treat people who gamble online as “high risk” customers. Financial Organizations in many countries limit the amount of money you can borrow if they discover that you gamble online. They also impose higher interest rates on “high risk” customers, which could easily be avoided if you funded your betting accounts using anonymous Bitcoin transactions.
2. Bitcoin is fast
A typical Bitcoin transaction is immediate and it becomes fully confirmed by the whole Bitcoin network after about 15 minutes. You won’t have to deal with clearing times, pending funds, verification approvals or security checks.
3. Bitcoin is very safe to use
Charge backs are a big problem in the online gambling industry because people fund their accounts using a Credit Card and then log a chargeback when they lose their money. This means that the Credit Card Company forces the online betting website to refund the money that the customer lost placing bets.
The main reason why online gambling companies request so much information from us is to give them a fighting chance of protecting themselves from fraudulent charge backs.
Bitcoin doesn’t have this problem because Bitcoin is based on trust and transactions are final. This means that gambling companies prefer to deal in Bitcoin, which means customers using Bitcoin often get treated more favourably with faster withdrawal times and lower payout fees.
4. Bitcoin gives you full control over your money
Did you know that your government owns all the money in your country? Bitcoin is the perfect solution if you don’t trust Banks, Governments or Credit Card Companies. With Bitcoin, you control your money and you can choose where to keep it.
5. You get higher limits with Bitcoin
You can withdraw or deposit much more money at betting sites when you use Bitcoin. They will also let you withdraw money a lot more frequently and charge you substantially lower fees. Most Sportsbooks do not charge any fees for withdrawing money using Bitcoin.
How does Bitcoin work?
Bitcoin may seem complicated at first, but it’s really easy to use. Think of Bitcoins as your cash and your Bitcoin Wallet as a bank account.
You can buy Bitcoins from a Bitcoin Marketplace and then you can store the Bitcoins in a Bitcoin Wallet service.
How do I buy Bitcoins?
Buying Bitcoins is no different to buying money in any other currency at a Currency Exchange. If you were going on vacation to Europe, you’d go to a Travel Exchange and buy Euros. If you were travelling to the United States, you’d buy Dollars. Bitcoins are no different. You simply exchange real money for Bitcoins on a Bitcoin marketplace.
Before you can buy Bitcoins, you need to sign up to a Bitcoin Wallet service or download a Bitcoin Wallet application to your Computer, Phone or Tablet.
There are many different kinds of Bitcoin Wallets. Here are some of the most popular…
1. Bitcoin Core aka “The Blockchain”
Bitcoin Core is a digital wallet that is downloaded and stored on your device (Computer, phone, tablet). The Bitcoin Core is where every single Bitcoin transaction that has ever taken place is stored. It looks like this…
Bitcoin Core is great because it’s completely anonymous. Whenever I deposit or withdraw money from 5 Dimes or Bookmaker, I simply give them my Bitcoin Core address and they quickly process the transaction.
Bitcoin is not always offered on the deposit and withdrawal pages of betting websites, but almost all gambling companies will accept deposits and process withdrawals using Bitcoin if you contact them directly.
It’s important to remember that Bitcoin Core only exists on your computer. It is not cloud based like Paypal where your money is more secure. If your computer breaks, gets stolen or lost, you also lose your Bitcoins.
This may seem like a dangerous way to store money, but it’s no different to storing all of your money in a safe in your house. Fortunately, there are many cloud based Bitcoin Wallet services that are a lot more secure…
Coinbase is a Bitcoin Wallet service that handles your money for you. It’s kind of like Paypal and all transactions are done online. Coinbase is very secure and it’s no different to having your money stored online in a Paypal account, a betting website or a bank.
I love Coinbase because you can easily buy and sell Bitcoins directly through their Website. You can also convert your Bitcoins into real money and withdraw it whenever you want. You can easily withdraw money from Coinbase straight into your bank account with the click of a button.
Coinbase also has a “vault” feature which has even more security features. For example… Any Bitcoins that you have stored in your “vault” will require email verification before you can do anything with them. You’ll also have to wait around 24 hours before the transaction is complete. This protects you from losing your money if someone hacks into your account or from an angry wife that may be trying to steal your money!
Bitcoin Core and Coinbase are the two main Bitcoin wallets and they both serve very different purposes. I personally like to use a combination of them because I like the anonymity and security of Bitcoin Core mixed with the liquidity and full service capabilities of Coinbase. If I were to keep large amounts of money on my desktop Bitcoin wallet, I would have to worry about backing up my wallet and constantly make sure that my computer doesn’t crash. By keeping large sums of Bitcoin in Coinbase, I let them do all the work and security and it feels exactly the same as keeping my money in my Paypal account.