If you reside in a country where sports betting is illegal, then it is impossible to place a bet regardless of how advanced the website of your preferred sportsbook is. The reason this happens is because you will eventually need to stake using the country’s currency. Fortunately, this needs not to be an issue ever again, thanks to cryptocurrency. This blockchain technology has transformed the gambling industry, and it is no surprise these two industries are experiencing exponential growth over the last few years. Consequently, there has been an increased emergence of crypto bitcoin bookmakers in an attempt to allow everyone the opportunity to place a bet.
Furthermore, this blockchain technology has further revolutionized the gambling space by making it safe, fairer as well as more competitive. This has been made possible by the removal of the previous restrictions traditional operators held on players such as banks or other intermediaries while guaranteeing complete anonymity. With more users opting for cryptocurrency such as bitcoin to place their bets, then this blockchain technology will undoubtedly have a tremendous impact on the gambling industry in the years to come. Therefore, the combination of gambling and cryptocurrency is, without a doubt, a match made in heaven.
What is a Blockchain Gambling website?
Blockchain gambling sites are online sports betting platforms or casinos which specialize wholly in the use of cryptocurrency when making deposits and withdrawals. Therefore, this means you need not use the conventional methods of payment such as the e-wallet or credit/debit card, when funding your account. In contrast, you use some of the popular cryptocurrency options such as Ethereum, Bitcoin, just to mention a few.
However, every other basic concept, the blockchain gambling website, is similar to the traditional platforms. This means you still have access to the numerous conventional casino games such as live dealers, slots, table games like roulette, keno, and progressive jackpots by clicking a button. There are also other blockchain gambling websites that provide you access to all the different sports betting facilities and have over 25 digital currencies. Some of the sports available include tennis, cricket, football, soccer, rugby, and even the less popular events such as badminton and darts. Additionally, you also get the option of placing a bet either as the game is being played or a pre-match bet just like conventional platforms.
Why is the popularity of Crypto Bitcoin Bookmarkers increasing?
There are numerous reasons as to why cryptocurrency bookmakers are increasingly becoming preferred among most players. These include;
When opening an account with a blockchain betting website, you are not required to give out your details. Because of this, your identity is guaranteed and can go on the place your bets without having any unwarranted concerns bias. This is primarily an appealing idea since, on the traditional betting platforms, you are required to provide some personal information. It includes uploading either a copy of your driving license or passport as well as proof of address. Conversely, this is not a requirement when opening an account on a blockchain gambling website.
Account opening is easy and straightforward
Creating an account on a blockchain website will only take you a couple of seconds. This process is simple and straightforward since the only necessary information is your username, email address, plus a strong password. Traditional betting websites, on the other hand, need you to provide lots of details, including your first and last name, date of birth, nationality, home address, among many more.
Blockchain gambling sites, including bitcoin bookmakers, make use of a decentralized structure, hence ensuring you enhanced security. Thus, when using this blockchain technology, you, too, become a casino member. In addition to this, some bitcoin casinos permit you to fund the casino and later on take a slice of its profits. The same can be seen in various other transactions, for instance, some types of betting having a unique kind of transaction.
Provably fair games
One of the primary concerns you must-have when playing software-games online, including video poker, slots, and blackjack, is the legitimacy of the game’s result. It is due to these fears that have seen the introduction of the “Provably Fair” concept by the blockchain gambling sector. Thanks to this concept, you are ensured integrity as well as fairness in all the games.
This is done by not only taking a seed from both the player as well as the casino and then the following gaming result generated through cryptography. Therefore, this leaves you 100% confident that all the games are true and fair, plus you can choose to confirm the data if you wish to use the explorer. This explorer usually performs the role of a publically provable ledger to ensure each bet that is logged in remains indisputable. With this in place, blockchain gambling websites make sure you never need to harbor any concerns about its credibility.
Simple withdrawal process
A complex withdrawal process is one of the most irritating things you will encounter when using traditional betting websites. This is because you will have to give the operators about one or two days to process your withdrawal request. Consequently, you also need to wait for another one to five working days for the funds to be disbursed by the payment issuer. Nevertheless, this is not an issue you will have to deal with when withdrawing from a blockchain website since the funds get sent directly to your private wallet within a couple of minutes.
Every transaction completed through cryptocurrency creates a record that can neither be deleted nor changed. Thus, it is easy to verify whenever a transaction has taken place. This then further improves the transparency and honesty of blockchain gambling websites as you can easily access your money and see your winnings.
More competitive odds
Traditional gambling websites usually go through a lot of regulation, especially due to the use of the fiat currency when depositing and withdrawing funds. Subsequently, this leads to higher operational costs for these gambling websites, thereby making the house-edges to rise and the sport betting odds to reduce and become less competitive.
Conversely, blockchain gambling websites do not go through a similar level of regulatory restrictions since they do not use fiat currency. This translates to reduced house-edges on casino games as well as the posts betting having more competitive odds.
How do you bet with Bitcoin?
In the recent past, the popularity of crypto bitcoin bookmakers such as stakehunters.com has soared incredibly. All this has been aided by the quick rise of bitcoin technology to place bets on the various blockchain betting platforms. With their trademark traits of guaranteed anonymity as well as low fees, it is clear why these websites are experiencing a rapid increase in usage.
In this section, you will be taken through essential things to know when looking to start placing bets using bitcoin bookmakers, and these include;
- Bitcoin betting exchange
- Steps of creating a bitcoin wallet
- How to deposit funds into your bitcoin account
Bitcoin Betting Exchange
You should understand two essential components when looking to understand the concept of bitcoin betting exchange. The first element is comprehending the bitcoin and the second to understand betting exchanges.
So, what exactly is bitcoin betting exchange? This concept is similar to that of any other betting exchange, but in this particular scenario, bitcoin is used as the currency. All this rather straightforward, so what is the difference between the traditional bookmaker to the bitcoin betting exchange?
The bitcoin betting exchange is similar to the standard betting exchange, but in this case, the accepted currency is Bitcoin. Is there any difference to the traditional bookmaker?
Well, yes, there is a difference between these two. The primary difference lies in the fact that the use of bitcoin characterizes the bitcoin betting exchange as its currency, unlike the standard betting exchange. Other than that, all other operations are similar to the standard betting exchange, whereby you place bets between each other. Furthermore, you can choose to either provide odds that other users should back or back the odds other players offer. This approach is referred to as “laying odds,” and it enables the parties involved in the exchange to perform the duty similar to that of a bookmaker.
How does the betting exchange then get to make money varies depending on the betting exchange? However, when playing, you always pay a commission on all your betting activities, with this the main method through which betting exchange gets to make money. This commission usually varies from one betting exchange to another.
How do you place a bet at a Bitcoin sportsbook?
Once you have your bitcoins, you should proceed and look for a good bookmaker to then start placing your bets. There are many crypto bitcoin bookmakers to choose from, including stakehunters.com. Nevertheless, you should always remain cautious during your search since there are also cons on the market that are always ready to steal your hard-earned money.
After choosing a suitable bitcoin bookmaker, you should then proceed and register, and the sign-up process is as follows;
Step 1: Create an account with the bitcoin bookmaker
This registration step is similar to that seen on the regular bookmakers, meaning you should start by choosing your preferred bitcoin bookmaker. However, the information required is very minimal since all that is necessary is the date of birth, email address, and password. Therefore, you can open an account and remain throughout the globe, even in countries with strict restrictions such as the United States.
Step 2: Fund your bitcoin account
The process of funding your bitcoin bookmaker’s account is the same across the different bitcoin operators. You should then proceed and take your bitcoin address from your crypto bitcoin bookmaker, head over to your wallets and then send money to it. After that, log in to your wallet, and when looking to send money, simply click the Request/Send button.
You will then be directed to another page showing the recipient address at the top where you can send funds. To do this, you just need to paste the bitcoin address copied from the bitcoin bookmaker and then enter the amount you want to deposit and then click “Send Funds.” A confirmation message will appear on the screen to confirm whether you are sure about proceeding with the payment or to cancel the transaction in case there is an issue.
This transaction is virtually instantaneous, meaning you will have the funds available to stake when you log in to your bitcoin bookmaker account.
Step 3: Select the market and proceed to place a bet
This step is relatively straightforward and similar to that usually seen on the traditional bookmakers. Therefore, you will see a list of events and sports after logging in to the bitcoin bookmaker’s website and pick the one you want. Consequently, the markets, as well as the odds, will be displayed, and you can then proceed and stake your bets in a few clicks.
Steps of withdrawing funds from a bitcoin bookmaker
Here comes the fun part, and this entails the withdrawal of funds from your account. The steps to follow during this process are;
Step 1: Withdraw from your bitcoin bookmaker to your wallet
You should start by moving your bitcoins to your wallet from the bookmaker using your bitcoin email address. This is usually seen at a noticeable area in the bitcoin wallet. Subsequently, copy this email since it will be used by the crypto bitcoin bookmaker when sending the bitcoins there.
Once you are through, head over to the cashier section of the sportsbook and select withdrawal, then a simple form will open and then proceed to fill in the details. This form is the same as that of many bitcoin gambling companies, and it contains the amount you want to withdraw, the fee incurred as well as the bitcoin address.
You should complete all these fields and then proceed to cash out your winnings to the bitcoin wallet. For many of the bitcoin bookmakers, this takes not more than an hour to reach your account.
Step 2: Withdrawing your funds from the bitcoin wallet
Once the money reaches your wallet, you will get bitcoins that you can choose to either concert to the conventional currency and get deposited into your bank account or use to purchase items online.
The process of converting your bitcoins into your preferred currency, for instance, EUR or USD, starts with you selling the bitcoins. To do this, you need to click on the “Buy/Sell” button and proceed to enter the required information for the bitcoin conversion process to be initiated. You can then withdraw the money from your bank account that has been linked to your bitcoin wallet. To complete this process, you should press the “Withdraw” button on the USD/EUR wallet section and enter the amount you want to be transferred into your bank account.
Despite all these steps seeming somewhat complicated, they are not, and you will eventually have an easier time after getting used to the procedure.
After reading through this article, you now have an idea about how cryptocurrencies such as bitcoin have revolutionized the gambling industry. Furthermore, you also understand the steps on how to go about withdrawing and depositing funds into your preferred bitcoin bookmaker’s account. Consequently, you can proceed with your betting activities without having to worry about the strict restrictions put in place thanks to the decentralized system of the cryptocurrency as well as guaranteed anonymity. Therefore, you can go ahead and enjoy betting and withdrawing your winnings peacefully without any worry in the world.
Source: Live Bitcoin News