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Bitcoin Sportsbook Deposit
A Bitcoin is a digital currency that can be used to make transactions online, including sports betting deposits. It is defined as “decentralised peer-to-peer cryptocurrency”. To better understand what Bitcoins are, let’s look closer at the definition:
- The word “decentralised” means that there is no single authority that regulates Bitcoins. Real-world currencies are regulated and controlled by banks and countries, that is why there are fixed currency conversion rates at any given time. But when it comes to Bitcoins, you won’t find specific conversion rates between a Bitcoin, and say, a US Dollar or British Sterling Pound.
- The term “peer-to-peer” means that the value of this digital currency depends on the entire Bitcoin network that has a couple million users.
- Lastly, the term “cryptocurrency” refers to the fact that Bitcoins are encrypted with a powerful algorithm known as SHA-256. This algorithm was first developed in 2001. It is the same kind of algorithm used by top credit card brands to secure online transactions.
How to Use Bitcoin for Sports Deposits
There is a fixed number of Bitcoins in the whole world. It’s around 21 million. In order to acquire Bitcoins, you have to find reputable Bitcoin exchanges online. There is an online database of Bitcoin exchanges where you can type in your country and you will be shown a list of available exchanges. Note that different exchanges may have varying prices for Bitcoins.
In order to use your Bitcoins for sports wagers, you have to make an online Bitcoin wallet. A Bitcoin wallet works in the same way that electronic wallets do. It is where you can keep your digital money when you are not using it.
After you have your coins, you can use it at sports betting sites that support Bitcoin. If you are looking for great sites to place a bet, take a look at our top online sportsbook reviews.
Things to Consider When Choosing Bitcoin
1. Fewer Sportsbooks Accept Bitcoin
An important thing to consider when choosing a deposit method is if it is widely accepted at online sites. Unfortunately, there are not too many popular sports betting sites that support Bitcoin than other deposit options such as credit cards.
2. Bitcoins have Lower Fees but are Harder to Get
When you deposit using Bitcoins, you are transacting directly with the online sportsbook. This means that you don’t have to pay fees and charges usually associated with third party payment processors, like electronic wallets.
But the problem with Bitcoins is that they are harder to acquire than real-world money. Because there are only a limited number of Bitcoins in the world, you might end up looking through so many exchanges before you find some you can afford.
3. Security Issues with Bitcoin
The biggest risk when you go for sports betting using Bitcoin has to do with purchasing the coins in the first place – the betting exchanges. You have to be very careful when you are looking for an exchange because there are exchanges that are not legitimate.
Betting exchanges often require you to provide several pieces of identification numbers before you are considered for a sale. This means you might be asked to disclose personal details, and that puts you at risk for identity theft.
4. How Much Are You Really Spending?
The great thing about Bitcoins is that you don’t need to comply with the usual minimum requirement that regular real-world currencies are subjected to. A single Bitcoin can be divided up to eight decimal places, so this means you can stretch your budget as little or as much as you like.
Having said that, it’s also tricky to know how much you are spending when you use Bitcoins. The price of the Bitcoin fluctuates wildly. The price of Bitcoins has gone through many cycles of appreciation and depreciation in the past years. This means that you may not be fully aware of how much you are actually betting. You could easily go over budget, and spend much more money that you intended to.
Final Thoughts on Bitcoin Sportsbook Deposit
Bitcoin is not the most popular way to fund your accounts at new online sportsbooks. It is not as convenient as credit cards or electronic wallets because these digital coins don’t work in the same way that real-world currencies do. But now that you know the pros and cons of Bitcoin sports deposits, you can carefully consider if it is a possible option for you.