Bitcoin: Online Betting Payment Method

Although most betting sites do not accept the crypto-currency, they are becoming increasingly open to discussion regarding Bitcoin as a future payment method

Bet online with Bitcoin

Bitcoin is a crypto-currency that emerged in 2009. The inventor remains anonymous but goes by the name Satoshi Nakamoto. The currency allows digital cash to move across the globe in an open network which the users control - rather than regulated by governments and banks.

The coins are 'mined' by users through complicated algorithms before being added to a blockchain. This means that the number of bitcoins that can be produced is limited - the maximum number of Bitcoins that can ever be produced is 21 million.

Bitcoins are not pegged to any currency - so the market, in terms of buying and selling - dictates how much a bitcoin is worth.

In its short history Bitcoin has risen and fallen dramatically. In 2010 it begun at $.0.01 and rose to $1,250 in 2013. At the time of writing it is $6,023... you get the picture.

The use of Bitcoin is certainly an interesting discussion for the betting industry to have but at this moment in time it is largely just that... a discussion. The majority of reputable betting sites do not yet accept Bitcoin as a payment method.

Bitcoin Cash Wallet And Whitepaper 3

Little is known about Bitcoin's owner Satoshi Nakamoto

Advantages with Bitcoin as a payment method

  • Fast Transactions - Bitcoin transfer and withdrawal is instant. There is no need for a middle man.
  • Value - so far, the value of Bitcoin has risen exponentially.
  • It is not regulated but encrypted. This means there are no banks or governments tracing or controlling your payments. This can be both good and bad.
  • Fees - there are none.

Disadvantages with Bitcoin as a payment method

  • Volatility - although the overall value of Bitcoin has risen, the day-to-day value can vary drastically.
  • Mining coins require a huge amount of processing power and it is a time-consuming job. Instead, it would be better to use an exchange.
  • Availability - this is probably the key drawback and that is that hardly any reputable betting sites accept Bitcoin.
  • Regulation - or lack thereof, may be a plus but it can also have its downside. If your Bitcoins are stolen then you won't be able to do anything about it.

How to deposit using Bitcoin if the betting site does not accept it as a payment method

So there is almost always a way around everything in life - and Bitcoin is no exception.

The most common method for circumventing this issue, is to use Neteller. If you are not aware of this payment method then we recommend you look at out guide on the company here.

All you need to do is deposit Bitcoins into your Neteller account. Then on the betting site with which you want to deposit money, select Neteller as a payment method. This way you can transfer money to your betting account from Bitcoin via another provider and the betting site will not be able to trace the money back to Bitcoin.

Things get a little more complicated if you want to withdraw money from the betting site and then convert them to Bitcoins. Here you will need to send the money from Neteller to an individual who can convert it to Bitcoins.

Questions and Answers

Can you bet with Bitcoins?

With most sites you are not able to bet using Bitcoins.

Is Bitcoin safe?

Yes and no. In some ways it is safer than a normal currency. It is not traced or controlled by governments and banks. At the same time it could drop drastically in value over the space of an hour. The currency is incredibly volatile - the results could be astronomic as well as disastrous.