Can I Deposit Bitcoin on Betting Sites?
Yes you can! Bitcoin in fact is a good way to pay for anything in a safe and secure way and that includes depositing into your sportsbook account. This sort of funding provides a good way of keeping track of your sportsbook transactions without the need to siphon through your bank account statements.
Given that Bitcoin is a cryptocurrency, it is 100% digital and not linked in any way to any nation’s economy or treasury. The system is controlled ‘peer-to-peer’ using a network of decentralized nodes recording all transactions on a public ledger called blockchain. It’s new (ish), but it’s safe.
Advantages of Choosing Bitcoin for Your Betting Site Deposit
For whatever reason, perhaps lower costs attributed to the house, bookmakers are encouraging more and more players to use Bitcoin for their deposits and as such as you will see a combination of no charges for transactions and sometimes even bonuses only for those using Bitcoin.
Bitcoin is legal in all jurisdictions too meaning just about all sportsbooks accept it, so if you are looking to have multiple accounts you should not need to use different payment methods for each.
Despite a reputation in its early days for being a currency used by people laundering money, Bitcoin in fact is a terrific tool for preventing crime across the world and now has a great reputation for it. Bitcoin, being completely digital, cannot be forged and transactions are irreversible.
How Do Other Betting Site Deposit Methods Compare To Bitcoin?
That really depends not only on the method of payment, but also the amount being transferred and the rules set in place by the bookmaker itself.
Some sites charge crazy money for transfers that are free or almost free on other sites, while some firms are happy for smaller business while others attempt to discourage it by placing hefty fees onto bank wire transfers and debit card payments unless the depositor is transferring a large amount of cash.
In general though Bitcoin is looked upon favorably by online bettors given that transaction are usually free, they are instant and they are very, very safe.
The whole premise of online betting these days is for us to be able to do it quickly and on the move, so waiting days for a bank wire confirmation or not being able to transfer money via cell phone are not an option any more. Bitcoin takes these issues completely out of the game.