Betting on Bitcoin: A Beginner’s Guide

Bitcoin and other virtual currencies are gaining momentum in the gambling market. More betting companies are accepting cryptocurrency as one of their important payment modes. We hope our betting guide helps new bettors to understand the betting culture.

The safety and security that they bring in are unmatchable. With the right strategies and wagering habits, bitcoin can help your earn huge profits. The value of Bitcoin has fallen over the past few months. Still, it is profitable to gamble with bitcoin because of its volatile nature. 

Betting with Bitcoin has seen a sharp rise in India too. As per a recent study, 140 million Indians bet regularly. The number reaches 370 million during a major sports event. So, the projections are positive and the online betting market will see even better growth over the years

Bitcoin Betting Explained

Bitcoin is a vital form of Cryptocurrency that came into existence in 2009. It is a virtual model of currency that replaces cash. You can buy Bitcoin many times on several online exchanges available across the country.

Cryptocurrency is a broad concept that includes several digital currencies such as Bitcoin. You can use cryptocurrency regardless of the country. The ledger records your transaction once you make payment. The magic behind it is coding. For bitcoin betting, all you need is a crypto wallet and a valid E-mail address. 

How to make Online Deposits using Bitcoin?

Making deposits using bitcoin is easy and convenient. For bitcoin betting, you only need a crypto wallet and a valid E-mail address. You can go through the below steps to register and make deposits using Bitcoin.

  1. Register yourself on any betting website that accepts payments using Bitcoin.
  2. Click on the “Payments” section of the website and choose Bitcoin as a deposit method.
  3. Once you complete the above steps, you will receive a special web address for your account.
  4. Attach the above address to your Bitcoin Wallet
  5. Now, enter the amount that you want to deposit and confirm the payment. Once the payment is confirmed, you are ready to bet.

Pros and Cons of Bitcoin Betting

Betting with bitcoin is safe and convenient. But everything in this world has its share of pros and cons. So, as a beginner, you must follow the standard betting guides and you must know the pros and cons of bitcoin betting before you purchase bitcoin to bet.

Some of the Pros of Bitcoin Betting include:

Autonomy of decentralized system 

There is no third-party involvement while betting with bitcoin. You are the sole owner of your Bitcoin. While betting with bitcoin, your private information is not shared with any banks, financial institutions, or government. 

High privacy

You don’t need to add any personal information to the website. The customers can find their payment records in the ledger. Also, the hackers will find it hard to track your account, as it does not store your private information.

Quick process 

You can invest in Bitcoin without much wait time, unlike stocks and other capital investments. With bitcoin, the purchase of goods and services happens quickly. The cryptocurrency has the highest speed when it comes to deposits in casinos.

Affordable transaction fee 

You have to pay a very low transaction fee. The registration is free on most websites in India. But for the next levels, you might need to pay.  You also have to pay a small amount for site maintenance. But other than this, bitcoin betting is cheap and affordable.

Now we look towards the other side of the coin, which is the disadvantages of betting with the bitcoin. Some of the cons include:

Volatile nature of Bitcoin

You need to be aware that the price of Bitcoin changes every day. There is a huge peak season in Bitcoin and sometimes it falls to a steep low. Inflation plays a key role in determining the performance of Bitcoin. So, when you bet big using bitcoin, always keep in mind the current rates and market trends.

Not a frequent mode of payment 

You can’t expect Bitcoin to work everywhere. You can use PayPal but not Bitcoin for shopping.  Limited betting platforms in India accept Bitcoin betting. Though you can consider Bitcoin as a currency it is virtual and not physical money. 

Hard to trace

You will find it hard to track your payment. Since Bitcoin doesn’t trace the record. You might find it difficult to understand criminal activities and fraud in Bitcoin gambling. It is very hard to create a plan to solve this issue. You need to be careful about this aspect of bitcoin betting before making payments.

Conclusion

Bitcoin is the latest trend that everyone wants to jump in. As the popularity of Bitcoin increases, its market share also is increasing. The Online betting market is all about gaining more profit. Thus, the volatile nature of Bitcoin adds more value to the winnings.

So, Online betting companies are looking to follow the same trend by offering lucrative deals with Bitcoin payments. The majority of the top bookmakers now allow bitcoin payments on their platforms. So, as a beginner, we encourage you to go for Bitcoin betting using our betting guide. Also, you must always practice responsible betting.

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