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The development of blockchain and Cryptocurrencies has also seen the introduction of bitcoin betting on sports and in the casino online.
The new trend is slowly attracting a significant number of users.
The culture of sports betting has been around for thousands of years. The Romans, for instance, could place bets during the Colosseum games.
And although the sector has experienced a lot of changes since then, the principles have remained the same; we assume an outcome in a game, place a bet with the hope of winning a prize (in most cases money).
The emergence of the Internet has not spared any aspect of human life, sports and now Bitcoin betting included.
Technological advancements such as the computers, and Internet among others, have helped in making betting available to more people outside the traditional brick-and-mortar confinement.
The practice of betting using Bitcoin is in its early stages. However, several major players in the sector have already joined in and more others are preparing to dip their feet in the water.
Of course, fiat-based sports betting is much ahead of the bitcoin sports betting as far as the volume is concerned.
However, bitcoin-based sports betting is expanding in every dimension every second.
The popularity and use of bitcoin in sports betting have been surrounded by the same issues regarding its use for transaction purposes.
There has been a discussion on the legality of bitcoin betting. Many regions are already putting regulations in place to ensure that the Cryptocurrency is only used in the best way.
Whereas some areas allow the use of bitcoin, others have already banned them, making bitcoin betting in such places illegal.
Most people like bitcoin as it has no government ties. Consequently, there is no one to track their transactions.
The Cryptocurrency uses blockchain technology, which ensures every transaction is done in an open space. Many traditional financial institutions see bitcoin as a threat to their own existence.
Most governments view the virtual currency as a threat to their capacity to control the financial sector in their jurisdiction.
The popularity of bitcoin sports betting is expected to grow with more regions accepting the digital asset.
The American government does not support online gambling. In fact, the country's Justice Department says that it cannot allow someone to start an offshore casino online and let people play using the US dollar.
Nevertheless, last year, a few entrepreneurs saw the opportunity in using bitcoin in online gambling. The use of this new currency would enable them to circumvent these rules.
Bitcoin betting has helped in reducing conflict with the authorities, thereby making it easy for more people to engage in online gambling without the fear of coming into conflict with the law enforcement agents.
However, despite the introduction of bitcoin in betting, there are still some arguments about the legality of bitcoin betting.
One thing that still holds is that no country has a specific law that bans the use of bitcoin in online games such as blackjack and roulette.
In the US, for instance, online gambling is not allowed. However, the country does not directly ban the practice, allowing millions of people to take part.
America only targets online casinos and not the gamblers when fighting online gambling.
Consequently, no casino is licensed to provide online gambling services in the country.
Despite the presence of many offshore online casinos, it is challenging for the gamblers to transmit money as any bank or company that facilitates such transfers is prosecuted.
Bitcoin has provided the gamblers in America with an opportunity to participate in online gambling.
The country only criminalizes transmitting money to be used in gambling and not gambling online.
Moreover, there is no ban on the use of bitcoin.
Consequently, it would be right to say that bitcoin sports betting in USA is legal. In places where Bitcoin is illegal, bitcoin betting would equally be illegal.
It is no secret that bitcoin could be the best currency to use in gambling.
The revolutionary currency has several benefits over the traditional fiat currencies such as the USD, Euros, and GBP among others when used in online gambling as discussed below.
Placing a bet online is a tedious and expensive exercise when using fiat currencies.
The process involves dealing with third parties such as Western Union and Skrill, which charge hefty fees adding to the expense.
Bitcoin sports betting is inexpensive as transferring bitcoin is very cheap as no third party is involved. Moreover, you will not incur the cost of converting from one currency to another when taking part in online betting.
Under the current fiat monetary system, one has to share a lot of details when transacting to meet the KYC requirements and AML conditions.
The privacy offered in the traditional brick and mortar casinos is incomparable to even that offered in online casino. Bitcoin allows one to transact without providing a lot of personal information apart from the Bitcoin public address.
Given that there are various gambling sites that don't require personal information, bitcoin betting is the best way to ensure you engage in sports betting anonymously.
Although online gambling makes it possible for people regardless of their geographic location to take part in betting, the financial and industry regulators often interfere making it impossible to achieve this capability.
Bitcoin, on the other hand, has enabled the online gambling sector to realize this important capability.
Betting using bitcoin provides enormous benefits not only to the players but also to the betting companies.
Currently, there are various poker sites that support bitcoin betting.
Whenever you add bitcoin to your account, they are converted to USD. This makes it easy for one to place bets.
During the withdrawal, the dollar amount that you request is converted to bitcoin based on the current exchange rate. The bitcoin are then sent to your bitcoin wallet or the one that you specify.
Now that you have learned the various ways in which bitcoin makes betting easy, let's look at how to use them in online sports betting.
You need to deposit the bitcoin in your casino account.
Luckily, this process is easier and more straightforward than you could imagine.
You need to have bitcoin to deposit them to your account. You also need a place to store the virtual currency.
The bitcoin wallet is important as it has the public address that you use to receive the Cryptocurrency and has the private keys that you need to authorize payments.
You can choose to use cloud wallets like Blockchain or Coinbase.
Such wallets are only accessed through the computers but cannot be stored. There are also wallet apps for different phones such as iPhones, iOS, and Android.
They include Blockchain.info, Coinbase, and Mycelium.
You can also choose to use the desktop direct wallet or the hardware wallets like Trevor and Ledger.
When you want to engage in sports betting in the USA using bitcoin, cloud wallets and those downloadable onto smartphones are the best ones to use.
This is because they are both easy to use and carry around. Given that these wallets are always connected to the Internet, there is that risk of being targeted by hackers.
Consequently, it is advisable to only store a small amount of bitcoin in such wallets.
Now that you have the wallet, you need to load bitcoin.
You can get bitcoin from various sources. If your friends, relatives, or close friends are bitcoin enthusiasts, they can give you a gift in the Cryptocurrency.
However, this method of acquiring bitcoin is not reliable. Buying the bitcoin from the people near you can also enable you to load the virtual currency in your wallet.
The most popular method of getting bitcoin is buying them from exchanges such as Bitfinex, BTC-e, and Coinbase among others.
Previously, bitcoin mining was also used as a source of the virtual currency.
However, it has become more difficult and almost impossible for newbies to get significant coins since 2009.
There are also various bitcoin ATMs where it's possible to exchange your fiat currency.
Now that your wallet is loaded with the bitcoin, it is time load them into your bitcoin casino account and start playing.
When registering in an online Bitcoin gambling casino, a temporary bitcoin holding account will also be created.
This is the wallet that you will be depositing your Cryptocurrency and it is the same one the casino company will be depositing your winnings.
The casino's bitcoin account operates like the Blockchain.info or Coinbase account wallets.
The company only reveals the public address, as you need it to transmit the Cryptocurrency.
The casino's private keys are not publicly shared.
When you want to add bitcoin to your gambling account, go to your account and click the ‘Deposit' icon.
A bitcoin wallet address is then displayed as either a QR code or a text.
Open your wallet on the mobile device and select the ‘send' option.
Use the camera to scan the QR code. Use your device to enter the amount you want to send.
Complete the transaction by hitting the ‘send' button. The other alternative includes copying the public address text and pasting it onto the loaded wallet.
This method is popular among people using devices that don't have a working camera.
Sending the money from your wallet to your bitcoin sports betting app account takes less than 10 minutes.
You can only start gambling once the amount has reflected in your account.
A small and negligible amount is charged when sending money. It is advisable to never send the bitcoin from your wallet directly to online casino account.
Always load the bitcoin to your wallet first and then send to your casino account.
When you decide to join bitcoin sports betting, your aim is not just to entertain yourself but also to earn some cash.
Consequently, before joining any bitcoin-based casino, it is essential to learn about their withdrawal process.
This helps in ensuring that you don't experience any inconveniences when you want to withdraw after winning.
It is only fair for any gambling company to have an easy to use deposit and withdrawal process.
When dealing with a Crypto-based gambling company, you should always consider user experience and the reputation of such a company.
Sometimes, it is possible to come across an exchange that has an easy and straightforward process of placing a bet and winning only to find the withdrawal process very painful and expensive.
After winning in a bitcoin betting casino, it is important to first consider whether you should withdraw your money or wait a little longer to accumulate.
When you are an avid gambler, you only need to withdraw after you have accrued a substantial amount.
Waiting a little longer can enable you to place more bets and win more cash.
Keeping your bitcoin winnings in your account can reduce the agony and cost of re-depositing your account to play.
To withdraw your bitcoin winnings, go to ‘Cashier' on your account.
Enter the amount you want to withdraw and click the ‘withdraw' button. You will then be required to enter your wallet's public address.
When you want to use the QR code, scan it using the camera.
If the address is a text, copy it and then paste it. Once you have confirmed the transaction, click the ‘withdrawal' button and you will have your bitcoin in a few minutes.
The transaction cost is negligible.
Sometimes you may have to convert the bitcoin to fiat currencies such as the USD, Euro, or any other for easy use.
Luckily, there are just so many areas that are accepting payment in bitcoin. You can consider spending your bitcoin in online stores like Rakuten or Overstock.
You can also choose to book a hotel room at Expedia.
Currently, there are many companies that are supporting bitcoin sports betting. Most of these firms are exploiting the popularity of smartphones to reach more users.
Some of these mobile bitcoin casinos include www.BitCasino.io, www.BitcoinVideoCasino.com/android, www.BetcoinCasino.com, www.coinroll.com, www.cloudbet.com, and https://swcpoker.eu/ among others.
Betting using bitcoin is not as challenging as most people think.
Many options are now available on where to get the virtual currencies and where to load them.
Moreover, there are many online casinos that are allowing users to use the virtual currency.
Bitcoin has gained a lot of popularity in recent months and many stores are accepting them.
Join a bitcoin sports betting company now and enjoy the benefits.