- Typically low transaction fees
- Can be completely anonymous
- Can benefit from fluctuations in Bitcoin's exchange rate
Betting Sites That Use Bitcoin
The majority of betting sites that use Bitcoin have a minimum deposit amount of approximately $20, although it is almost always free to deposit and withdraw using the virtual currency. Due to the way Bitcoins are processed, it can take upwards of an hour for the transaction to complete.
It is worth noting that sports betting sites do not allow you to place wagers with Bitcoins, only deposit and withdraws using them. Any Bitcoins used to fund your account will be converted into US Dollars or your preferred account currency.
Bitcoin is what is known as a cryptocurrency, meaning it is a digital form of currency so you cannot hold it in physical form like you can with coins, notes, or cards. Bitcoins are created as a reward for users “mining” them and using their computing power to verify and record payments into a public ledger.
While Bitcoin may seem new-age and high-tech, it’s by far the most popular virtual currency available today and one that some online sports betting sites and merchants accept as a deposit and withdrawal method. As Bitcoin’s popularity increases, we expect the number of sites accepting it to grow.
How To Deposit With Bitcoin
Once you have earned or purchased Bitcoins, all you need to do is select Bitcoin as your deposit method and follow the on-screen instructions. The banking department of the sports betting site then checks the current exchange rate for Bitcoins before processing your deposit, which can take approximately one hour.
The maximum deposit amount using Bitcoin is usually $10,000, but those betting sites that use Bitcoin often allow multiple $10,000 transfers once the site’s Epay department is contacted.
Bitcoin withdrawals follow a similar pattern, with the request made via the site’s cashier, the amount converted to Bitcoins and then processed to your dedicated Bitcoin wallet.