Bitcoin is the leading cryptocurrency by market capitalization, but the use case for the coin is not limited to the cryptocurrency market. Today, you can even bet using Bitcoin.
The challenge, however, is that most players are not sure of where they can get unlimited betting options with Bitcoin. That is why we write this article to reveal to you the best sportsbook where you can play and wager on your favorite games using Bitcoin as the payment method.
What is Bitcoin?
First, let us learn about Bitcoin. What is Bitcoin, and why are millions of people in the world interested in it?
Bitcoin is a cryptocurrency or digital currency in that it is mostly used for online transactions. Also, Bitcoin has an anonymous background because the founder or group by the name Satoshi Nakamoto is unknown.
What Betting Sites use Bitcoin?
Do you want to know the Bitcoin betting sites where you can wager on different kinds of games and bet with Bitcoin?
Here are some of the 5 leading online betting sites in the world that accept Bitcoin as the payment method:
1. Cloudbet
To date, the uses of cryptocurrencies tend to differ by location. Some countries still frown at the application of Bitcoin, while some allow you to use it.
That is why Cloudbet was launched in 2013 to be the primary online betting site for European Union players.
Aside from Bitcoin, this betting site also accepts other cryptocurrencies, such as Link, Ethereum, PAX, Tether USD (USDT), and USDC.
2. 1xBit
Anonymity is at the core of all that Bitcoin stands for as a cryptocurrency. That is one reason why players prefer to wager on 1xBit because of the complete anonymity of the betting site.
Besides, 1xBit accepts Bitcoin and many other cryptocurrencies, such as Ethereum and Litecoin.
3. Stake
Stake is not only an online Bitcoin betting site because of the support for Bitcoin deposits. It is also popular because of the variety of sports the platform allows you to wager on.
4. BetOnline
You can enjoy safe and convenient BTC betting on BetOnline. This Bitcoin betting site is one of the best online betting platforms for players based in the United States.
5. Thunderpick
Thunderpick is a reliable crypto betting site because of the anonymous betting accounts it issues to players who prefer to wager with Bitcoin.
This betting site also has several other features, such as decent bonuses and an overall gamified experience.
How to Place a Bet with Bitcoin
The steps to online betting with Bitcoin as your payment currency are quite simple. All you need to do are:
- Find a reliable sportsbook, such as the ones we shared on the list.
- Create an account on a cryptocurrency exchange so you can buy Bitcoin.
- Purchase Bitcoin from the cryptocurrency exchange and send the same to the wallet address on your Bitcoin betting account.
- Select the game you want to play and start wagering!
Pros and Cons of Bitcoin Payment
Betting with Bitcoin has both good sides and wrong sides. You need to have those in mind to decide whether to fund your 888sport or any other online betting site with Bitcoin.
Pros:
- The cost of payment is low.
- Transactions are anonymous, meaning that your bets and payouts are safe.
- You don’t have to pay any tax.
Cons:
- Bitcoin payments are irreversible.
- Bitcoin is volatile, and that can affect the profits and losses you make.
- There are several scam sites out there claiming to accept Bitcoin when they don’t.
Is it Safe and Legal to Use a Bitcoin Bet?
You may be wondering if you are safe to add money to your betting account via Bitcoin and if it is possible to withdraw your earnings with Bitcoin.
The fact is that Bitcoin betting can be both rewarding and have some drawbacks too. You can only stay safe when you don’t let greed and unrealistic promises by the betting site lure you to their platforms.
Conclusion
Funding your online account and withdrawing money from the same with Bitcoin is one of the best ways to use cryptocurrencies in online betting.
Would you like to bet using Bitcoin? What betting sites would you want to use?
