So far, only a few bookmakers offer apps with cryptocurrencies such as bitcoins. Since this can change quickly in the future, we will show here how sports betting works with Bitcoin Sportsbook and other crypto currencies.
Bitcoin is a word creation from the terms ‘bit’ (storage unit in information technology) and ‘coin’ (English for coin). Bitcoin is a digital currency, a so-called cryptocurrency, that only exists on the Internet. There are no coins or bills that could be used for payment. Btc is used as the currency abbreviation.
The most significant difference between Euro and Bitcoin is: While you can pick up the Euro, i.e. your money in your wallet, Bitcoins are only available virtually. So they are not haptic. However, that doesn’t make them any less severe, as you will see later based on our experience.
Besides Bitcoins, other cryptocurrencies are also known as “Altcoins”, where “Alt” is short for an alternative. Ethereum is such an alternative to Bitcoin that has been around for a few years.
Even if the Bitcoin is not tangible, it has the same meaning as other currencies such as the euro, the dollar or the British pound: You can use it to pay for goods and services. As mentioned, Bitcoin is an exclusively digital currency, or rather, a cryptocurrency. With your “normal” money you can buy Bitcoins, as an investment or pay on the Internet. All bitcoins consist of encrypted – i.e. cryptic – data blocks that are used and transferred digitally.
The payment processes are made anonymously. The software required for this always creates unrecognizable addresses for the retailer, and the Bitcoin value is stored in so-called digital wallets. In this wallet, you manage your bitcoins. There are several alternatives for this on the Internet.
We have already given an overview of which bookmakers allow deposits and bets with cryptocurrencies such as Bitcoins.
As mentioned before, the Bitcoin wave among providers in the German sports betting market is still minimal. 22bet.com, a sports betting provider where you can use btc has closed its betting offer for customers.
In our test, we found trustworthy betting providers where you can deposit with Bitcoin. If you click on the logo on our table, you will come directly to the bookmaker. There you will find a button for a Bitcoin deposit in the corresponding menu, identical to other deposit processes.
Due to the encrypted data, payment processes with Bitcoins are very secure and cannot be falsified. The only reference point remains the transaction history of all payment transactions created by the Bitcoin system. The bitcoins are not actually on your computer or other device but always stay in the blockchain, i.e., in the network. You can pick them up there with your private key to make transactions.
In the end, no recipient of the money, including bookmakers, cannot understand where the money is coming from. Of course, this also makes it difficult or even impossible for fraudsters to access your data. It is precisely this anonymity and the resulting security that make the use of Bitcoins so attractive.
So that you are safe with Bitcoins, make sure that the wallet (see above) is reputable and that your data is protected as well as possible.
In our graphic, we show you how deposits and bets work with Bitcoin. First you have to install a Bitcoin wallet on your device. You can find them, for example, via the Google Play Store.
Now you have to get coins on the net in exchanges or so-called Bitcoin machines. Tip: It can be worth keeping an eye on the price to buy btc when cheap.
At the betting provider, you only have to select Bitcoin when making a deposit. You will then receive a Bitcoin address for payments via Bitcoin from the betting provider. You then enter this in your Bitcoin wallet and determine the amount because you want to top up with the betting provider.
Have you successfully placed a few bets on good odds? Well, then off and cash out your winnings! The payout works very similarly to the deposit. You choose Bitcoin as the withdrawal method, which is only possible if you have also paid in Bitcoins beforehand, and specify how much you want to withdraw.
Then follow the instructions that will lead you to enter your Bitcoin address. However, if you want to convert your Bitcoins into real money, you have to go to an online swap exchange. Fees may apply, and the exchange rate may fluctuate.
The advantages that sports betting with Bitcoin and Altcoins offer are in the area of security and anonymity. The cryptographic procedures make the currency forgery-proof, and the encryption protects privacy better because payments are more difficult to track.
Bitcoins could be stolen mainly through viruses and other malware. You can protect yourself against this, for example, by storing the private key, a kind of individual code through which only the respective owner has access to their Bitcoins, on a device other than their Bitcoin wallet. Because only combined with both can you use the bitcoins in the blockchain.
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