Felt the term Bitcoin appeared not so long ago and suddenly was on everyone’s lips. But this payment method and the corresponding booking system is not that new anymore. The use of Bitcoins began as early as the beginning of 2009. However, the number of betting providers on the market is still very limited.
What is a Bitcoin anyway?
The word Bitcoin is a word creation from the terms ‘bit’ (storage unit in information technology) and ‘coin’. Bitcoin is a digital currency that only exists on the Internet. There are neither coins nor notes that can be used for payment.
How does Bitcoin work?
Even though Bitcoin is not materially tangible, it has the same meaning 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, or rather cryptic, currency. All Bitcoins consist of encrypted – i.e. cryptic – data blocks that are used and transferred digitally.
The payment processes are anonymous. The software required for this always produces addresses that are unrecognizable to merchants and the Bitcoin value is stored in so-called digital wallets, or e-wallets.
What is Bitcoin suitable for?
Not many merchants yet accept Bitcoin as a regular payment method. Such providers include Intertops, 1xbet or even 22bet. Our Bahigo experience also shows that for Swiss customers a provider also offers this currency. First of all you need to pick a certain sport you want to bet on, here is a list of wagering providers. The biggest advantage of Bitcoin is that it works as explained above: Payments are anonymous and no data such as account numbers, birthday or address is used – this of course also applies to sports betting with Bitcoin. So no sensitive data can be tapped during the payment process.
- In addition, just as with other deposit methods, the credit is credited to the betting account within a very short time. There are no long waiting periods. How high the minimum or maximum amount is naturally varies from provider to provider.
- At the provider Intertops for example, the lower limit is 25€ and the maximum is 1,000€ dollars for the deposit. The bookmakers 22bet and 1xbet only require a minimum deposit of 1€, there is no maximum amount.
- Most betting providers that offer Bitcoin as a deposit method usually also allow you to withdraw your balance in Bitcoin. As usual, however, the payout process takes longer than the deposit and the amounts that can be paid out vary.
- Here the customer of Intertops may be paid out between €100 and €2,500 per week. We have made 1xBet experiences, according to which this provider allows payouts starting from an amount of 1.50€.
How safe are Bitcoins?
Due to the encrypted data blocks, payment transactions with Bitcoins are considered very secure and forgery-proof. The only reference point is the transaction history of all payment transactions made by the Bitcoin system. It is precisely this anonymity and the resulting security that make the use of Bitcoins so attractive.
Requirements for Bitcoins
In order not to “lose” the Bitcoins, you need a wallet – the e-wallet mentioned above – just like with the usual coins and notes. This digital wallet is created by free programs on the Internet. The Bitcoin value can be stored in it. Websites like blockchain.info can also serve as an account.
The Bitcoins themselves can be obtained from Bitcoin ATMs (also called Bitcoin ATMs) or Bitcoin purses, where you can exchange your currency for the corresponding equivalent value. Just like in the old days of the D-Mark when you were on vacation. To get your first Bitcoins, it is of course also possible to accept Bitcoins simply by paying another person.
How do I pay for sports betting with Bitcoin?
As mentioned earlier, the Bitcoin wave among providers in the German sports betting market is still very limited. However, for all providers, you will find a button for depositing with Bitcoin in the corresponding menu, identical to other deposit processes. Now all you have to do is follow the given steps to let the cryptic currency move from your e-wallet to your betting account.
Alternatives to Bitcoin
If you attach great importance to anonymity, you can use paysafecard for your deposits. The problem here, however, is that no withdrawals can be made with this card and you would have to look for another alternative directly.
With PayPal for sports betting you can at least do without the use of your account data for deposits and withdrawals. Here, only the email address stored with PayPal is necessary to make the payment process.
Conclusion on sports betting with Bitcoin
For those who try to maintain as much anonymity as possible in sports betting, Bitcoin is certainly the most appropriate payment method. But of course, one must also be receptive or open-minded for this method. In any case, the deposit and withdrawal procedures are straightforward.