Bitcoin Betting Sites

Bitcoin is a method of payment that is becoming more and more popular at sports betting sites. Before long it will be a payment method that is accepted at most gambling sites. In this review, we will reveal all that you need to know about the Bitcoin banking method as well as the best Bitcoin betting sites that happily accept Irish players.

Which is the Best Betting Site That Accepts Bitcoin?

What is Bitcoin?

Bitcoin, to put it as simply as we can, is a digital currency that people can use on the Internet to purchase products and services. At the time of writing, there are not that many online shops that are happy to accept it, but there are more and more bookmakers that are adding it as one of their main payment methods. If you want to buy Bitcoins, then you can do so by heading over to their site. The Bitcoins that you purchase will be sent straight to you, and you can store your Bitcoins in a wallet that you can download easily from the Google Play Store or the Apple Store. Some of the best ones out there at the moment include Exodus, Coinbase, Mycelium, and Electrum.

Why Use a Bitcoin Betting Site?

Everything in life has its advantages and disadvantages and Bitcoin is no exception to this rule. Below we are going to take a brief look at the advantages and disadvantages of Bitcoin betting sites, so you can make up your mind as to whether Bitcoin is a payment method for you.

Advantages

Below are some of the main advantages of using Bitcoin as your method of payment:

Lower transaction fees: When compared to other payment methods such as PayPal and credit cards, Bitcoin has lower transaction fees. The fees for Bitcoin can vary, but it is rare for a Bitcoin transaction to have a fee that is higher than 1% of the value. With other digital payment methods, it is usually at least 2-3%.

Transactions are a lot quicker: when you make a transaction using a bank card it will often take a few working days before your payment is processed and the money appears in your sportsbook account. However, when you make a transaction using Bitcoins, the whole process can be completed in as few as ten minutes.

There is more privacy: Having money in a bank account or carrying out a PayPal or credit card transaction does not protect your privacy than handing money or your credit card to the shop assistant at the counter. Although your online bank accounts are hopefully protected from cybercriminals, they are clearly linked to you which means that public authorities and private merchants can track how you receive and spend your electronic funds. With Bitcoin, on the other hand, you can completely separate your Bitcoin account from your public persona.

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Disadvantages

Below you can find some of the main disadvantages to using Bitcoin as your method of payment at an online betting site:

Attractive to cyber-criminals: A lot of law enforcement authorities out there do not have Bitcoin theft up high on their priorities list, and this is something that hackers are more than aware of. This means that hacking into Bitcoin wallets is something that has now become a bit of a pass time for cyber-criminals. However, Bitcoin has its own security measures in use, so it is not like you are completely unprotected if you opt to use Bitcoin.

The value fluctuates a lot: Bitcoin value is something that is changing all the time, so one day you could be very wealthy and then the next day your Bitcoins could have lost a lot of value. This will obviously be a pretty demoralising experience.

Not all bookies accept it: If you come across a bookie that you are interested in opening an account with, then there is a pretty good chance that Bitcoin is not accepted as a payment method. However, the number of sports betting sites that accept it are increasing all of the time, which is great to see.

Are Betting Sites That Accept Bitcoin Secure?

As we said above, one of the disadvantages of using Bitcoin is that hackers like to try and steal Bitcoins because many law enforcement agencies are not concerned with Bitcoin theft as it is a bit of a grey area. However, when it comes to the betting sites that accept Bitcoin you do not have to worry about that because as soon as you have deposited your Bitcoins with them you can be certain that they are safe. This is because betting sites make use of some of the best security technology around, ensuring that your personal details and funds are extremely safe from online hackers.

Fees and Commission for Using Bitcoin

When you are making use of Bitcoin you do not actually have to pay fees but, if you do not, then there is a possibility that your transaction will not be processed by Bitcoin miners. The miners are responsible for maintaining the blockchain - when a miner adds a new block, they get some Bitcoins as a reward as well as some transaction fees. Miners do not have to complete transactions in order, meaning that they can pick what transactions they want to add to each block. The miners are allowed to keep the fees, so they will obviously pick those transactions that have the highest fees instead of those transactions that have low fees or none at all. When the network is congested, you will obviously have to pay a higher fee to get noticed at all. However, on average, Bitcoin fees are much cheaper than those charged by other payment methods.

What You Need to Know about the Bitcoin Payment Method

Below are 3 questions that sports betting fans ask frequently about Bitcoin.

What Are the Bitcoin Betting Sites?

You will not find the Bitcoin payment method at all sports betting sites, but more and more sites are starting to accept it as a mainstream payment method. Currently, the only reputable sportsbook that accepts Bitcoin is 888 Sport through Skrill.

What is the Advantage of Betting with Bitcoin?

The main advantage is that you pretty much remain anonymous when you are using Bitcoin. To add to this, the transaction fees are a lot lower than other methods of payment.

Can I Withdraw with Bitcoin?

You can definitely withdraw using Bitcoin so long as the sportsbook has Bitcoin as one of their banking methods. The Bitcoins will be withdrawn into your Bitcoin wallet.

Author: Orla Byrne, Last Updated: 17.11.2023