Home » How Does Bitcoin Work For Betting
You’ve almost definitely heard of Bitcoin, and have thought about betting with it. You likely either know someone who has invested in them. or you’ve got a few coins clinking around your digital wallet. Since its launch in 2009, Bitcoin (BTC) has moved from the confines of Silicon Valley to being mainstream.
Here we’ll tell you what Bitcoins are, how they work, and how you can win big with tips for the best Bitcoin betting. Bitcoins, and most cryptocurrencies, have many benefits built into them. Gambling sites love them, and so will you!
The main benefits are speed, anonymity, increased bonuses, and reduced transaction fees and taxes. It’s easy to see why these things have caught on.
We’ll show you how to set up at a Bitcoin exchange, and what you need to use those BTC at gambling sites.
If you’re looking to dive into the Bitcoin world, we’ll lay out the basics to get you started. What are you waitin’ for?
When you are gambling using Bitcoin, you get to enjoy lots of benefits. If you want to get into the extra bonuses, speed and anonymity, you’ll have to go through a few preliminary steps to set up your cryptocurrency portfolio.
Different sites have different ways of accepting BTC. Some will require you to set up an account at blockchain.info or another wallet. This will allow you to send your Bitcoins. Others will allow you to scan a QR code or enter an address directly from your exchange or wallet. You’ll want to find the best wallet for you.
Once you’ve got your Bitcoins up and running, it’s a quick hop and a skip to start gambling with Bitcoin.
The first thing you’ll need is to sign up at an online casino or sports betting site. Once you’re ready to deposit, head over to the cashier, sometimes listed as “deposit” or “banking” on different sites.
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From there, just select Bitcoin as your deposit method and enter the information from your blockchain accounts, and voila! Ten minutes later, you are ready to go! Because this is a preferred deposit method for plenty of betting sites, they often give special BTC bonuses, reduced fees, and reduced transaction times.
Anonymity is a right that all gamblers deserve. Right now, only BTC gambling can offer that level of protection. That’s why it’s important for us to connect you with these resources.
One of the biggest advantages of betting sites accepting BTC is anonymity. The blockchain technology behind cryptocurrencies assures privacy, as each transaction carries a unique, unalterable code with no personal information.
If you use a traditional bank account, these institutions need to comply with Know Your Client (KYC). These are laws that require the verification of identification and social security numbers. Bitcoins have no centralized institution regulated by these laws.
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These are great advantages for anyone wanting to keep their personal life private or to put an extra security step between your banking information and accounts where you might be depositing money.
Because you can open accounts at these gambling sites with a valid email, your identity can essentially be untraceable to your accounts with betting sites.
Gambling in BTC means protecting your identity. Transactions made in Bitcoins are very difficult to pinpoint to any individual. This makes it hard for the IRS to track BTC winnings to individual taxpayers.
Of course, you should be paying taxes on all capital gains, but it is difficult for Bitcoins to be monitored like the stock market, for example.
We have all heard of it, but what is Bitcoin after all? The most widely used cryptocurrency was founded in 2009 by Satoshi Nakamoto, a pseudonym for a genius or group of geniuses who released the open-source software.
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Bitcoin is one of a few cryptocurrencies currently on the global market. And easily the best-known and most-accepted of them all. Cryptocurrencies differ from fiat currencies, such as the Dollar, Yen, or the Euro in a number of important ways.
For one, BTC is a decentralized currency, not backed by any central bank. This is managed through blockchain technology that gives a unique and anonymous code to each transaction. This ledger is public and cannot be modified, making it verifiable and fraud-proof.
It is also digital. In this sense, it is like a debit card or bank transaction. However, like using hard cash, it is anonymous. This is what has made Bitcoin so popular.
Another clever conceit of cryptocurrencies is that they have limited supplies. Because the central banks that produce fiat currencies that belong to nations, they sometimes print lots of money to get out of debt, driving up inflation.
Bitcoin has a limited stock, with prescheduled and diminishing releases, thus essentially assuring deflation, or increase in value over time.
Transactions are thus verified, anonymous, and digital. It is easy to see why they have caught on in the online gambling world.
Mining is the only way new Bitcoins enter into circulation. It works by setting up computer systems to check the Bitcoin ledger, and validate the blockchain.
This sounds like free money! Just hit play and watch the coins roll in! It’s not that simple.
These are complicated computer programs that require lots of energy. In fact, mining operations often have to pool giant computers, and do so near cheap-energy sources, just to make it profitable.
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it’s only getting harder. As the blockchain grows, there are more blocks to verify. Luckily computing speed has also increased by leaps and bounds.
Something else that makes this increasingly hard is what they call Bitcoin halving. Every four years, the rate at which Bitcoins are produced by mining is halved.
At first, Bitcoin was mined for 50BTC for every block. In 2012, this was halved to 25. In 2016, it was halved to 12.5. And so on.
Incredibly, on average in March 2015, a computer system had to try 200.5 quintillion nonces to complete one block. You’ll have to ask a BTC miner just how many zeros are in that number!
Bitcoin ATMs are the wonderful machines that connect the physical and the digital world. They work by connecting directly to the internet or BTC exchanges. There are a few different types, but what unites them is that they are machines where you can buy Bitcoins.
The first one was installed in Vancouver in 2013. Currently, there are over 2,000 across the United States.
Some are ATMs that are Bitcoin enabled. These will connect more easily with your bank account. Some work with cash. Some require you to have an account, while others allow you to purchase BTC without one.
Some of them will even let you seel your Bitcoins for fiat currency.
One warning is that they typically carry higher transaction fees than the online exchanges. This is something to look into at your local Bitcoin ATM.
Bitcoin Cash (BCH) works very similarly to Bitcoin. In fact, it split off of Bitcoin, in what industry insiders call a “hard fork.” Since 2017 it has been operating as a separate cryptocurrency. Although not as widely accepted as Bitcoin, it is a staple of the cryptocurrency market.
The split came about when some of the Bitcoin developers wanted to make the transaction rate faster. For them, this would help facilitate its use as a transactional currency, and not just an investment opportunity.
To do this, they had to make the blocks larger. The problem with this is the increased computing power needed. Basically, you have to be a university, non-profit or similarly large institution to mine Bitcoin Cash.
Other than that, it works like BTC. The only difference is if you were planning on doing a solo mining mission, it’s probably best to stick to Bitcoin.
Exchanges are sites where you can buy and sell cryptocurrencies such as Bitcoin. You have tons of options here. As you do your research, there are some things to keep in mind.
Keep an eye on the reputation of different exchanges. Read reviews and ask around. Customer experience can tell you a lot. As a general rule, the longer it has been around, the more trusted. This is especially important if you want to store your coins in the exchange, rather than going through the extra step of signing up for a crypto-wallet as well.
These exchanges also carry fees. These can come when you create an account, buy, or sell. These can vary significantly.
Different exchanges will accept different payment methods. While most US gambling sites accept Bitcoins, make sure that your exchange accepts your preferred deposit method.
Most exchanges will require some sort of identification verification. This can take a few days. If you want to skip this extra level of security, you can still find a few exchanges that do not require ID verification.
Cryptocurrency exchanges are only available in certain countries. Make sure that you can access your exchange from your country of residence. Most are available in the US for quick and easy Bitcoin gambling.
The ls but not least is to keep an eye on the different exchange rates. Like when you travel and exchange Dollars for Euros, it is a good idea to do a bit of window shopping to get the best deal.
Bitcoin Faucets are seemingly magical websites that give you free cryptocurrencies. Like a faucet that you leave on overnight, only to find the sink overflowing in the morning. The idea here is that small and nearly continuous drip-drip will eventually amount to a nice big ole glass of refreshing Bitcoin.
They vary significantly in how much they pay, though they are all minuscule. Basically, you sign in to any Bitcoin faucet, create an account, and start solving CAPTCHAs. Those are the things that verify that you are not a robot (sorry to any robots out there reading this).
They also vary based on wait time between tasks, and how often you can withdraw. These are tasks that require human intelligence to complete, as they are specifically designed to not be solved by artificial intelligence.
Now that you have done your research and have a few of those shiny Bitcoins, you can decide what to do with them.
If you sign into most US betting sites, they offer generous Bitcoin bonuses. Some of these are tied to welcome bonuses. Others are tied to any use of Bitcoin. You’ll make your bucks go farther when you bet with Bitcoin.
Betting sites love Bitcoins for all the reasons you will too: it’s fast, cheap, and secure.
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Here at Vegas Betting, we have reviewed a number of casinos and online sportsbooks. You can read details about the deposit methods in the Sportsbook reviews. Or, you can just go to our Bitcoin Betting Sites page to find our list of recommended Bitcoin gambling sites.
1. Is Bitcoin legal?
The legality of Bitcoin is complicated and has always been a huge point of contention in courts across the globe. In the US, there have never been any criminal convictions made in America, which means there is no reason to be worried about using Bitcoin.
2. When was Bitcoin founded?
Bitcoin was founded a long time ago by someone named Satoshi Nakamoto, back in January 2009. Since then the company has come along leaps and bounds and is now the leading cryptocurrency in the world.
3. Does Bitcoin receive good bonuses?
The functionality of cryptocurrency means it’s mutually beneficial for both the operator and the customer. As such, there are some great bonuses available to customers at all of the top-tier sportsbook providers.
4. Are Bitcoin payments speedy?
Bitcoin works using blockchain technology, which means payments can be carried out instantaneously. This is unique, as only a few other major payment methods are as swift as Bitcoin. The consistency of quick payments and the fact they’re so widely accepted means crypto is now the preferred method of payment for providers.
5. Is Bitcoin used internationally?
Yes. Bitcoin has a global following, with users from all over the world subscribing to cryptocurrency and using it as a payment method, as well as a place to store funds, acting as a bank, for everyday purchasing.
6. What are the charges for Bitcoin transactions?
Well, this question largely depends on the sportsbook provider in question. However, typically, Bitcoin transactions don’t have any fees or charges added to payments. This makes it highly attractive to users and shows the value of Bitcoin as a payment method to providers.
7. Is Bitcoin a popular way to make payments?
Yes. In fact, it’s growing in popularity year on year. There are thousands of new customers signing up to Bitcoin and subscribing to the crypto movement we are seeing gain traction in all areas of finance.
8. Is Bitcoin popular now in 2020?
Yes. As of January 1st, 2019, there were around 45 million users, which is a 41% increase for the year – from 49 million users to 65 in the space of 12 months.
9. Is Bitcoin trustworthy?
It’s easy to be mistaken when it comes to how Bitcoin works, which can lead people to think of the payment method as illegitimate. However,
10. Can you deposit and withdraw using Bitcoin?
It really does depend on the sportsbook the user is depositing with. However, for the most part, bookmakers offer cryptocurrency as a method for depositing and withdrawing funds from the account. It can be frustrating as a customer when a deposit is made with one payment method, only to find the money must be taken out from the account using a completely new payment method.