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Using bitcoin for online betting

20-12-2017



If you hadn`t heard about bitcoin 1-2 years ago now surely you did at the peak of the madness seeing its price risen 20 times in less than 12 months.

Bitcoin is a virtual currency that appeared in 2009 and which can be bought and sold using regular cash, sent and received by anyone with a bitcoin wallet without any formalities. Unlike regular money which are controlled by governments and banks, bitcoin payments are said to be untraceable and can be exchanged anonymously with anyone in the world. This makes it sought for quite a lot of purposes including online gambling which is banned or restricted in many countries. Bitcoin betting is most popular in USA where transferring money to gambling sites is against the law (still possible but hard and expensive) so all sites accepting US players now operate through bitcoin payments mainly.

Where you can deposit and / or bet with bitcoin:

BITCOIN BOOKMAKERS

These work with bitcoin and nothing else, balances are also held in BTC only. Usually bitcoin sportsbooks don`t require any personal details other than email address and accept players from anywhere. New sites appear every day, most of them have absolutely no background or controlled by any jurisdiction so they must be approached with big caution as there is no guarantee or protection for the players. Still there are some sportsbooks which have established well and popular on the market such as Cloudbet, Sportsbet.io and Nitrogen Sports.

TRADITIONAL BOOKMAKERS

Most of the older and especially big bookies don`t risk with bitcoin payments yet but the number adding such option is growing. It is important to note that bitcoin here serves for deposits and withdrawals but the player accounts are still maintained in traditional currencies as USD, EUR etc. Practically when you deposit you sell and when you withdraw you buy bitcoin at the current rate. Some popular bookmakers supporting bitcoin transfers are Pinnacle, Intertops, 5Dimes, Marathonbet, Rivalo.

1xbet gets a separate mention as both it is possible to deposit / withdraw in whatever way including bitcoin, Litecoin, Ethereum, Dash, ZCash etc. and open accounts either in traditional currency or any of these cryptocurrencies.

No matter what will happen cryptocurrencies are part of the future of online gambling and something to consider. Just be careful, fluctuations are too big and can either boost or wipe big your results from betting. If you believe the price will go up then pure bitcoin sportsbooks are good decision, your balance may weigh more after some time even if you are the worst punter in the world. On the opposite side, if you think the peak is already reached the right move is to sell your bitcoins for traditional cash in some of the mentioned bookies. Good luck!



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