Author:
Aleksa Ajk Radulovic
Last Updated on:
22/09/2024
Experiences:
Lover of all things esports
Experiences:
Lover of all things esports
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Table of Content
- Making a payment with Bitcoin – a step by step guide to eSports betting with Bitcoin
- Average time of Bitcoin for deposits and withdrawals – lightning quick
- The history of Bitcoin – a new history full of twists and turns
- Bitcoin to other providers compared – sweeps away the competition
- Bitcoin: the most popular payment methods
- Online bookmakers with Bitcoin – the top examples of eSports operators that use Bitcoin
- Conclusion – a modern, and reliable payment method
- Online bookmakers with Bitcoin FAQ
Making a payment with Bitcoin – a step by step guide to eSports betting with Bitcoin
Making a payment with Bitcoin can be a bit confusing if you’re unfamiliar with cryptocurrency as a whole. We’ll walk you through how you can bet on eSports with Bitcoin, and how to get a grasp on deposits and withdrawals with Bitcoin.
Download your wallet
Before you can make any kind of payment with Bitcoin, you need to get your hands on a cryptocurrency wallet. Many different brands offer Bitcoin wallets; you can go on Skrill eSports betting websites and use Skrill to pay through Bitcoin. You can also use Trustly and Neteller.
Buy some Bitcoin
You need some Bitcoin before you can pay with it! You can trade with Bitcoin on many popular trading platforms, or simply buy the currency upfront on a cryptocurrency exchange platform. Many eSports betting sites with Bitcoin require you to have bought the cryptocurrency beforehand.
Make your transactions
When you sign up to your eSports betting site with Bitcoin, you’ll need to link your wallet to your eSports betting account. Once that’s done, making a deposit or withdrawal is simple.
- Copy the eSports betting site’s Bitcoin address into your wallet.
- Put the exact amount of Bitcoins into the payment box and click send.
- The transaction will be completed within a few seconds.
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Average time of Bitcoin for deposits and withdrawals – lightning quick
Part of the reason cryptocurrency has become so popular in the online betting world, in particular online bookmakers with Bitcoin, is the fact that cryptocurrency has such a quick payment time. Deposit or withdrawal, no payment type is quicker than Bitcoin. Why is this?
The main reason for this is something called ‘user autonomy’. The best way to explain this would be through an example. Let’s say you were about to bet on eSports with Bitcoin. The process you go about doing this is easy.
You open up your e-Wallet, let’s say it’s Klarna for eSports betting, then you pay the amount from your e-Wallet, independent from anything else, and the transaction can go through within moments. Banks go through crashes and booms, they go through verification processes and payment confirmations.
The user doesn’t have much control over their payments with a bank. But you have full control over all of your Bitcoin – it’s fully user autonomous. This is why eSports betting with Bitcoin is so popular- nothing is faster, because you have full control over the length and the speed of the payments.
Bitcoin verification processes – a fully secure and detailed process
Just because Bitcoin is quick and you have full control over your payments doesn’t mean it’s not secure. eSports betting with Bitcoin is just as secure as using any other payment method.
Most legitimate online casinos have a security measure in place for all cryptocurrency payments, that has to be followed before you can make a payment. It’s known as the ‘Know Your Customer (KYC) method.
- Confirm your phone number – You’ll have to verify your phone number before you proceed. So, for example, if you’re eSports betting with Bitcoin, Bitcoin will send you a confirmation code to your phone number before you can withdraw any money. The code will have to be entered exactly before you proceed.
- Providing personal ID – Like most eSports casino deposit methods, you’ll have to provide a form of identification before you can continue eSports betting with Bitcoin. This can be a passport, a driving license, a birth certificate, or a recent utility bill. Anything that can confirm your identity and address is what you say it is.
This is what most people struggle with, as they don’t understand it can take time for your identity to be verified. However, this is why you can be sure that when you bet on eSports with Bitcoin, you’re using the most secure form of cryptocurrency there is. You won’t be able to access your eWallet without personal identification.
The history of Bitcoin – a new history full of twists and turns
Many people call plasters ‘Band-aids’. Most people refer to cryptocurrency as ‘Bitcoin’. This is because Bitcoin has become the industry standard for cryptocurrency, and it was there since the genesis of cryptocurrency.
The first known cryptocurrency was developed in 2008, by Satoshi Nakamoto. To this day, we don’t know if ‘Nakamoto’ is an alias, or who he truly is.
The first reference to cryptocurrency as Bitcoin came later that same year when a white paper on Bitcoin was published. It first began to be used in 2009, but it didn’t take off until 2013 when it began to get sold on the stock market. With prices starting at $13.30 and capping at $770, buying Bitcoin soon became the new craze for many stockbrokers and day traders.
In the last four years, Bitcoin began to become mainstream, and that’s when it caught the attention of many online casinos.
The younger market began to experience a divergence: between eSports betting and trading with Bitcoin. Soon, placing a bet on eSports with Bitcoin would become more commonplace than you’d think among the younger audience.
Many young eSports fans have become savvier with their money, so investing in Bitcoin and using it to maximize their investments should come as no surprise.
With more and more online bookmakers with Bitcoin becoming prominent, by 2021 it’s the most popular form of cryptocurrency payment. Alongside Revolut betting sites, it’s a new form of payment that has taken the betting world by storm.
Bitcoin to other providers compared – sweeps away the competition
Seeing the wide range of payment methods available now on your standard eSports betting site, it can be difficult not to compare. When Bitcoin gets included in the question, it can be difficult to compare. Bitcoin often relies on an e-Wallet in most cases. Using Trustly sites for betting, or another similar eWallet is necessary for Bitcoin.
Apart from that one aspect, Bitcoin is incomparable to many other payment methods. Waiting times are made redundant, so using a card like Visa or Mastercard really can’t compete with Bitcoin there. PayPal would be Bitcoins’ primary competition, especially when it comes to eSports betting.
But, one thing that stands out about eSports betting with Bitcoin is the user autonomy. As we said before, even with PayPal you don’t have full control over your payment. Your bank account is linked to PayPal, and moving money to and fro through PayPal may reduce times, but not flexibility. Betting on eSports with Bitcoin guarantees you have full control over your money, and having that much control before Bitcoin was rare. So, despite the popularity of PayPal betting sites at the moment, we really can’t think of a site that does control and speed better than Bitcoin.
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Bitcoin: the most popular payment methods
It’s fair to say that most people’s concern about Bitcoin comes with security. Even when using an e-Wallet, like Ecopayz betting sites, people are concerned with the completely novel nature of the currency and are extremely cautious about its safety.
That’s a fair position to take, it’s one you should take, especially when your money is on the line. However, we can assure you Bitcoin is fully safe and secure. They take several measures so they can be regulated to work with online bookmakers.
For example, here in the United States, it has been treated as a traditional currency and has had to go through all the legislation to be recognized as legal. First off, any business using Bitcoin in any capacity had to be registered with the US Financial Crimes Enforcement Network (FinCEN).
They’d also have to design some form of AML (anti-money laundering) program to prevent Bitcoin from being used for any kind of legal activity internally.
They’d also be required to keep several records and reports on their use of the currency, including Currency Transaction Reports and Suspicious Activity Reports.
Bitcoin isn’t being treated as some kind of foreign concept anymore, it is being treated as a real currency on an international level. This means they have to face the same regulations as a real currency would face.
Online bookmakers with Bitcoin – the top examples of eSports operators that use Bitcoin
Now you know everything there is to know about Bitcoin. You may be growing impatient: where can I bet with my Bitcoin? Well, we’ve compiled a list of the best online bookmakers with Bitcoin. Operators that are not only safe but are valuable for a player to use and are enjoyable to play with.
Sportsbet.io
One of the most reliable eSports betting sites out there, Sportsbet.io proudly pioneers their many e-Wallets that utilize Bitcoin. They have a great platform with all the best eSports available to bet on, along with a great Multi Bet Multiplier to maximize your bets.
Bitcasino.io
A platform that excels at providing competitive odds and immersive live streams, this is an online bookmaker with Bitcoin that is easily worth playing with. It features all of the best eWallets, including Neteller eSports betting, and you can also get your hands on the best live streams you’ll find anywhere.
Cyberbet
Cyberbet is one of the most user-friendly platforms for any new eSports bettor, and that certainly comes in handy considering the many Bitcoin and eWallet payment methods they provide to their customers. They have a signup deposit 100% match bonus of up to $/€250 for all new customers too, which is well worth playing through.
N1 Bet
N1 Bet is a new addition to the eSports world, having its sports and casino vertical in development. However, for a new online casino, they’ve crafted a great eSports section. Competitive odds, live streams, and some unique bonuses are all available on N1 Bet. With the focus on eWallets and particularly Bitcoin, N1 Bet is a platform that knows how to cater to its customers.
Conclusion – a modern, and reliable payment method
People have reservations about Bitcoin. But, we believe it’s the best payment method you can use. Setting up a Bitcoin wallet and buying some Bitcoin is the easiest process you could come across. The full freedom you have over your currency means it has the quickest payment times across any other payment method.
So many online casinos have come to rely on cryptocurrencies and Bitcoin in particular. Rightfully so. It offers so many improvements to the more traditional currencies.
Online bookmakers with Bitcoin FAQ
✌Can I deposit money to an online casino using Bitcoin?
There are many different payment methods you can use with online casinos nowadays. There’s a mix of traditional and modern payment methods available, so it’s up to the user what they want to use. For more information about modern payment methods, check out our Paysafecard eSports sites article.
✍Is Bitcoin the best currency I can bet with?
It’s important to realize that Bitcoin is the standard in cryptocurrencies. But, there are plenty more payment methods available for a user to play with. Using your credit card to bet on eSports matches is only one example of another popular method.
🌟Are there any fees when using Bitcoin?
It’s important to realize that the currency does not always dictate whether you have to pay fees or not. That depends on the platform you are using. For more information, check out some of the best eSports betting sites to learn about operator fees.
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