Introduction to betting with Bitcoin
If you are familiar with sports betting practices then you probably have experienced the ups-and-downs of placing bets using US dollars or other fiat currencies. Although the dollars you have in your bank account might be more widely accepted, it might be time to take a serious look at cryptocurrencies.
The emergence of esports, or professional video gaming competitions, has introduced a new addition to the world of sports betting. Virtual monetary coins, otherwise known as “cryptocurrency”, are growing in popularity not just as an investment, but also as a new way of purchasing items and services. Perhaps the most famous cryptocurrency is known as Bitcoin, which is valued at $9,313 per coin.
Esports betting and cryptocurrency have a relationship that links the two emerging industries together in the virtual world. Crypto esports betting has been gaining traction with those who enjoy betting in both traditional sports and esports due to the virtual currency’s encryption, convenience, and transparency.
Best Bitcoin esports betting sites
If you are looking for a site to get started with Bitcoin esports betting then here are a few you might want to check out.
Depositing and withdrawing Bitcoin
Before you look into purchasing Bitcoin and getting started with crypto esports betting, you should familiarize yourself with how to withdraw and deposit Bitcoin. This can save you a lot of trouble in the future.
First, you will need to look into Bitcoin exchanges which is where you will be able to buy Bitcoin. Do some research into this first to determine which exchange is right for you but do not buy any Bitcoin yet. Coinbase, Coinmama, and Gemini are some of the most commonly used exchanges.
Second, you’ll need to download and set up a cryptocurrency wallet. This virtual wallet is where your Bitcoin and other cryptocurrencies will be stored. Be sure to follow the directions closely when setting up your wallet and do not lose any authorization codes. Jaxx, Copay, and the Exodus wallet are just a few of the most widely used wallets for storing cryptocurrencies.
Now that you have your wallet set up, go to your chosen Bitcoin exchange to create an account. You will then be required to link your wallet to your account on the exchange which will require your wallet’s address (a long string of numbers and letters).
When buying, withdrawing or depositing Bitcoin you will need to provide authorization credentials to confirm it is you. This might be in the form of a wallet hash code, another long string of digits and letters which you will need to copy from the wallet and paste into the empty field when the exchange asks for it.
Since most exchanges and wallets have heavy security, you may need to complete a series of steps before making any transactions. All of this depends on your wallet and the exchange.
Now that you have set up your wallet and exchange and understand how to withdraw and deposit Bitcoin, you are ready to get started in betting with Bitcoin.
Advantages of betting with Bitcoin
Esports fans have been most attracted to using Bitcoin for placing bets for quite a number of reasons. The cryptocurrency has many secure attributes and values that make it attractive for the betting world.
Right now Bitcoin is the king of cryptocurrencies. It has the highest trading value and it’s also the most popular. It is because of its value and popularity that it is becoming the first type of crypto to be widely accepted by most merchants. This makes it a legitimate currency to wager when compared to some other cryptos which aren’t priced as high as Bitcoin is.
Bitcoin’s encryption, which is a general pro to using all kinds of crypto, is also a major factor in its acceptance in esports betting. The advanced encryption technology makes it difficult for hackers to tamper with the algorithms that make up every Bitcoin. This secure structure can allow for holders to rest assure that their Bitcoin won’t disappear into nothingness one day.
Many applications that accept Bitcoin to place bets run on a platform known as the blockchain, which is a series of encrypted nodes that store individual transactional data. Most Bitcoin blockchain platforms offer a degree of transparency into the parties placing bets and receiving winnings. The benefit of a Bitcoin blockchain’s transparency would be for admins, or even users themselves, to investigate any sort of fraud that may arise when bets are placed.
Other cryptocurrencies used for esports betting
Right now you’ve mainly learned about placing bets with Bitcoin but you should be aware that other cryptocurrencies exist as well and are growing in popularity.
Although Bitcoin esports betting is the most common to witness, sites such as Esportsbets, offer a diverse selection of cryptocurrencies to choose from. Ethereum, Litcoin, and Ripple, are just some crypto names you might see.
Having knowledge of other cryptocurrencies can help you diversify your portfolio and potentially jump on future trends in the crypto world.
Bookmarkers with their own cryptocurrency
As previously stated, blockchain-based platforms can offer advanced layers of security that other betting platforms may lack. Unikrn founder, Rahul Sood, detailed how blockchain tech can help prevent betting fraud.
If you wish to use a platform that offers its own type of cryptocurrency then be sure to read over any terms and conditions regarding the purchase and usage of that currency.
- What is crypto betting?
Crypto betting is using Bitcoin or other cryptocurrencies to place bets on a virtual betting platform.
- Is it possible to use Bitcoin to bet in esports?
Yes, Bitcoin esports betting is growing and Bitcoin is the most widely accepted cryptocurrency for esports bets.
- Where can I find Bitcoin esports betting sites?
GG.bet, Arcanebet, Luckbox, and Stake.com are some esports betting sites you can look into. There are other platforms you can research into and see if they offer the betting options and esports leagues you want.
- How do I make a deposit with Bitcoin?
First look into what Bitcoin exchange you’d like to use and then create an account on it. Then download and set up a crypto wallet to store your Bitcoin with. If you wish to deposit Bitcoin you’ll need to have both the wallet linked to your account and go through some authentication steps to complete the deposit.
- How do I make a withdrawal with Bitcoin?
Once you have your wallet and exchange account set up, you’ll need to log into your account, select how much Bitcoin you want to withdraw, and then complete some authentication steps to complete the withdrawal.
- Is it legal to bet on esports with Bitcoin?
The answer may vary depending on where you live so be sure to research or inquire about any laws that may prevent Bitcoin esports betting. Most likely if esports betting is already legal where you live then betting with Bitcoin will be fine.