Learn All About Bitcoin Betting Sites
When shopping around to find the right online betting sites for you, you will be weighing up various pros and cons of choosing each bookmaker. One of the key factors that will probably influence your decision is the variety of methods each one has available for deposits and withdrawals and how secure each of those methods are.
It is important to find a bookmaker that has a choice of methods that are most convenient for you while still being safe and reliable.
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What Exactly are Bitcoins?
Bitcoins are becoming much better known these days and are now emerging as a popular way of conducting financial transactions. Sometimes known as a crypto-currency, Bitcoins are not regulated or controlled by any central bank or regulatory body and therefore they can never be subject to any government seizures. The anonymity with which Bitcoins can be used has led to a great boost in their popularity, especially when gambling, and users from all over the globe choose to use this as their primary method of depositing funds into their account, especially those who come from countries with extremely stringent gambing laws.
Bitcoins are a virtual currency that use an encrypted code in order to send or receive transactions. Although it may sound complicated, Bitcoins are no more difficult to use than any other form of currency and offer several benefits to users.
Are There any Advantages to Choosing Bitcoin Betting Sites?
Using Bitcoins when betting has a number of benefits, including the speed with which transactions can be processed, You can upload funds to your betting account instantly without having to wait for several days as you would have to with some other payment methods such as bank transfers. There are also very low fees associated with Bitcoin deposits, which proves cheaper for you than using some other systems such as Entropay.
One of the greatest advantages to Bitcoin betting sites is that you also maintain your anonymity as there is no need to enter any personal or financial details into the bookmaker’s website as you would have to if you were using a credit or debit card. This protects you from potential problems with credit card fraud and identity theft and when you use Bitcoins you are not subjected to any kind of identity checks so everything is quicker and more convenient.
How Do You Get Started With Bitcoin Betting?
In order to place your first bet using Bitcoins, you will need to open a Bitcoin account by setting up your own Bitcoin wallet completely free of charge. Once you have done this, you will have to purchase Bitcoins. You can either do this from other individuals in online marketplaces or from Bitcoin exchanges. You can use either cash or credit and debit cards or even bank wire transfers to fund your purchase. One your Bitcoins are in your wallet, you can use them to deposit funds into your online Bookmaker’s account and start placing wagers immediately.
Is Bitcoin Betting Secure?
Although Bitcoin betting is secure in the sense that your financial and personal information is protected from potential hacking at the bookmaker’s website, it is important to note that this form of making transactions is not quite as protected as those made using banks. Because Bitcoins are not regulated and does not have legal status in many countries, if your Bitcoin wallet is hacked or if your Bitcoin exchange goes out of business you will have no form of recompense.
If you are choosing a Bitcoin wallet, make sure to choose one with a higher level of security such as an offline account and if you are going to choose one that is stored on your computer’s hard drive make sure to back it up regularly in case of a computer problem.
Can I Withdraw Funds Using Bitcoins?
Bitcoins can be used for both deposits and withdrawals when betting online which makes them one of the more convenient options. As withdrawals can be processed instantly, there is no need to wait for your cash out, which is often the case with other more traditional methods of withdrawal. All that is required is your email address and Bitcoin address and your money will be transferred automatically into your account.
What are the Disadvantages to Choosing Bitcoin Betting?
Although Bitcoins do have a number of advantages when it comes to online betting, there are some drawbacks, not least of which is the difficulties which you may encounter in actually purchasing Bitcoins in the first place. You will also be limiting your choice of bookmakers if you opt for this form of payment as currently there are very few online bookies who are offering Bitcoin deposits as an option and those that are available may not be as reliable as the bigger name companies and do not yet have such an established trustworthy reputation.