Bitcoin – the virtual cryptocurrency that has become so popular in recent times continues to make waves in the financial markets. It has also become one of the most popular ways to gamble and the best Bitcoin betting sites have started to encourage customers to bet using it. As the growth of esports has taken the gaming scene by storm, betting sites have seen an opportunity to allow viewers to get involved by creating markets to bet on. The combination of popularity between markets has perfectly synced and created an environment where people can bet on esports events using their secure bitcoins. As the deposit method is very simple and easy to use esports betting betting has never been so quick and safe to do. If you want to bet bitcoin on esports have a read as this article will tell you everything you need to know. One of many sites, betway esports , accepts bitcoin.
Bitcoin is a completely web-based currency that has no link to any financial banking systems or government institutions. Bitcoin has become a way of spending money with complete peace-of-mind for the owner as financial details do not need to be entered onto every site you wish to purchase from.
As the multiplayer gaming market has grown from strength to strength in recent years, esports has expectedly followed the same trend creating a market for viewers to be able to bet on. The rise in popularity of esports, betting and Bitcoin has resulted in the three worlds combining. All of the best bitcoin betting sites now have markets available on the best esports events and also allow the use of bitcoin in replacement of traditional cash wagers.
If you are looking to bet bitcoin on esports you are in the best place. The article will explain a bit more about Bitcoin, how to use it to bet on esport events and which are the best bitcoin betting sites. On our site you will find bet online review with a full description of all the details.
What is Bitcoin?
Bitcoin is a type of money which only exists virtually on the Internet. Known as a form of cryptocurrency it is separate from all existing financial banks and institutions. It is entirely a Web-based currency meaning that there is no physical form of the currency. Bitcoin works in the same way that software and media sharing has done for years through torrent downloads through P2P; only a lot safer without the risks of viruses and malware. The only limit that Bitcoin currently has is only a limited amount can be created at one time. That figure is 21 million BTC to try to control the value of the currency on the exchange markets.
To trade the currency, a special software client is required on the users PC, smartphone or Tablet. These software clients act as a safe virtual wallet in which your currency is stored and displayed ready for use with other websites; from here the money can be deposited into online sportsbooks wallet with on a betting website.
As with any online transaction using a safe website is very important. Some of the best and most trusted Bitcoin clients recommend by genuine bitcoin esports users include Armory, Bitcoin Core, Electrum and Breadwallet. These listed sites give you full control of your money and no need for any third-party involvement for authorization.
To keep track of Bitcoin transactions all movement of currency must be notarized by a public ledger and this includes betting deposits or withdraws. Each movement of a block of bitcoin is tracked through its chain and its full history can be tracked on a website called: www.blockchain.org.
When it comes to the generation of Bitcoins the term ‘miners’ is frequently used in the industry. A miner manages the block-chain by verifying all related transactions to an amount of currency. They can generate new coins, as the process builds further blocks which are then added to the blockchain. The process, in essence, uses algorithms to create heat energy from raw PC power, this energy is compensated with more bitcoins for the miners.
The main reason why Bitcoin is starting to become one of the most popular forms of currency used on betting sites is that you no longer have to input any bank details. The ability to bet safely and securely with no trace of gambling on your financial history can very be appealing to some people.
How To Bet Bitcoin On Esports?
As discussed in the section above, the first step before logging into a betting site is to set up your Bitcoin client. To purchase Bitcoins using dollars you will access an online exchange similar to the usual market exchange between currencies. The rate of exchange is constantly altering so it is a matter of timing to get the most for your money. After identification and verification from the regulated website of choice, the Bitcoin will be in the wallet of the chosen client and ready for use.
Now that the Bitcoins are available in your virtual wallet they can be deposited onto a betting website. Sign in or if you are new to the particular website then sign up. On the sportsbook page of the site, select deposit and choose Bitcoin from the drop downs of payment types. The withdrawal process is exactly the same as the steps mentioned above. As can be seen, the method is straightforward and no different to the traditional way of online betting.
Benefits Of Using Bitcoin Betting
The main reason so many people have chosen to use Bitcoin as their funds to bet with s because it enables complete privacy for the user. Although bookmakers traditionally tended to lean towards their customers using Credit cards because of their 128-bit encryption technology, the market is starting to move towards Bitcoin as the proffered currency.
People want additional security and peace-of-mind that their financial details are not being shared online, especially in a world where data hacks seem to happen all too often. Bitcoin transactions provide this privacy as no details are entered onto the actual betting site. Every transaction is extremely safe as a new address and a private key is generated each time. These are unique codes that guarantee the ownership and validity of a bitcoin transfer. The decentralization aspect of Bitcoin adds that added feeling of complete control for the user as no government or organization has jurisdiction over their money.
In addition to this Bitcoin is easy and fast to use after the virtual wallet has been set up. Bookmakers have recognized the popularity of the currency and have started to offer a host of sign-up offers and promotions for using it on their sites. Unlike most payment methods Bitcoin has very little transaction fees – typically between 0 and 2%; this makes betting better value for the customer rather being charged large amounts for credit cards or direct bank transfers.
Which Betting Sites Accept Bitcoin Esports Betting?
Nitrogen: This is a bitcoin betting site that is entirely powered by bitcoin wagers and has one of the largest selections of esports markets. It offers bitcoin bets for popular games and events such as Counter-Strike:GO, StarCraft II and Dota 2. The site is not limited to these though, there are many other esports markets that are not always available at competitor betting sites such as the Halo Championship Series, Heroes of the Storm and Overwatch.
BetOnline.ag: BetOnline attracts customers by offering a 100% bitcoin match deposit bonus on your first deposit for new users who join the website. The offer is subject to a minimum deposit to qualify for the bonus, and the maximum amount BetOnline will match is up to $1,000 in BTC. The site constantly offers new sign up offers for their customers, so keep a lookout for the latest offer codes on their promotion pages.
Bumbet: Similar to BetOnline; Bumbet offers a 100% match bonus too however it is only up to the equivalent of $65 USD for the first bitcoin bet deposit. This bitcoin betting site is specially tailored to South American esports fans and the content reflects this.
Bovada.lv: Bovada offers a 50% bitcoin match deposit bonus up to $500 for all new sign-ups who deposit with bitcoin. You will need to find the latest bonus code to enter during deposit into the sportsbook and the Casino. The bonus can be used on all available esports betting markets at Bovada. Although the selection of markets is relatively low at Bovada; it is a constantly growing bitcoin esports betting site with the largest events already available.
The information above should help you understand bitcoin esports betting a little better. The combination of the two has created a way for consumers to be able to gamble with an added aspect of safety and privacy. This is very important to society in current times as companies are trying to combat data hacks with more secure privacy laws and regulations.
If the need for financial details to be shared was completely removed this may benefit both the betting sites and the customers alike. In recent times the bookmakers themselves have been starting to entice customers to use the cryptocurrency rather than traditional methods with promotions and incentives. With the bookmakers pushing for more and more use of Bitcoin on their sites and market value of Bitcoin constantly rising it is only a matter of time before this becomes the dominant method of betting. This has the potential to become more and more popular not only on esports events but live sporting events too.