Although its use is continuing to increase, there remains a lot of mystery around Cryptocurrency and on Bitcoin in particular. In reality, it is actually a very simple, logical and secure way to pay for goods and services across the net and it is just starting to gain a presence in the physical world as well as in the online gambling world where the number of Bitcoin betting sites are steadily increasing.
Its functionality makes it a perfect addition to the list of funding methods offered by bookmakers and although many have yet to fully embrace the concept, the number of operators accepting Bitcoin is starting to grow. That continued growth means that it’s worth looking into the currency a little further.
Points to Note with Bitcoin Betting Sites
If a bookmaker has been specifically set up to take Bitcoin then it’s likely that there will be no restrictions on how you can use it in and around the site. In general, if there is a welcome bonus and other, ongoing promos to enjoy then you can use Bitcoin freely and take advantage of all the offers available.
If, however, a betting site is only offering Bitcoin as a very small part of their overall list of funding options, then the method may well be excluded from those promos. This is a bit of a generalisation but this is typical of how an operator may regard the cryptocurrency. Exact terms of any offer should be laid out transparently by the bookie in question and if you are in any doubt, customer services operators will be available to confirm any fine details.
You should also check with regard to transfer times and whether your chosen Bitcoin bookmaker applies any charges to deposits and withdrawals. Minimum and Maximum limits may also come into play and once again, these should be fully displayed under the general terms and conditions supplied by online betting sites.
How it Works
One reason why some consumers and retailers tend to stay away from Bitcoin is the perception that it is very complicated to use. It’s true that you may need some technical knowledge but once you trial the process, you should quickly become proficient.
Firstly, you need to download and install a Bitcoin wallet on your phone or PC and this will generate a Bitcoin address which will allow you to access the BlockChain. The BlockChain is a shared public ledger which records all payments made using the currency.
Processing payments is called Mining: when you have Bitcoins in your account then you can send them to other registered users via the public ledger where they are recorded for posterity. Although the method has been slow to catch on, its security levels are high and this is one reason why the process is popular with some sportsbooks and casinos in the current climate.
History of Bitcoin
Bitcoin is attributed to ‘Satoshi Nakamoto’ but we don’t actually know his real identity or even if he is one person or a group that devised the currency. What we do know is that ‘Nakamoto’ published his invention in October 2008 as a peer-to-peer Electronic Cash System. Earlier forms of cryptocurrency had been issued prior to this but this was by far the most exciting development and that’s why many mistakenly refer to Bitcoin as the first currency of its kind.
From day one, users started to download the software and the ‘Blockchain’ was now in place. Payments started to be made but it would be some time before Bitcoin started to make it into ‘mainstream’ retailing.
Things began to change in 2012 when WordPress adopted the cryptocurrency before other recognisable brands began to follow suit. Expedia, Microsoft and OKCupid were among those ground-breaking companies who paved the way for easier access to Bitcoin.
By now, the gambling industry started to become interested and the first adopters began to add Bitcoin to their funding list alongside the more traditional bank methods and eWallets.
In the present day, it’s still relatively rare to find Bitcoin betting sites but the demand is certainly growing. With Bitcoin ATMS now appearing and the currency being used in the real world to buy everything from holidays to gift vouchers, the list of participating sportsbooks will surely grow in the coming months and years.