Crypto sports betting sites are out there, and they allow you to use cryptocurrency like Bitcoin to place bets. You can deposit with Bitcoin, and withdraw with Bitcoin. This saves you money on transaction fees from banking, as Bitcoin is decentralized so doesn’t go through a bank.
Here’s a breakdown of how you can use Bitcoin for crypto gambling.
- Step One: Make an account with an online sports betting site that accepts Bitcoin deposits and withdrawals
- Step 2: Set up a Crypto Wallet
- Step 3: Establish an Exchange Account
- Step 4: Buy Bitcoin and send it into your wallet
- Step 5: Deposit the Bitcoin into your betting account
- Step 6: Win big with Bitcoin!
Bitcoin betting vs regular betting
We gave you a breakdown of what Bitcoin is, and how to bet with it, now let’s compare Bitcoin betting and betting with more typical banking methods.
Longer Set-Up Process
If you’re using traditional banking methods, there’s no need for something like a crypto wallet or a crypto exchange. That means it can take less time for the setup process to happen. However, if you already are an experienced crypto user with all these things already in place, then this doesn’t make any substantial difference.
Bitcoin transactions, for both deposits and withdrawals, are processed within minutes. If you’re using a traditional banking method, this won’t be the case. Because banks are set up to avoid fraud, it can take days to verify transactions. Bitcoin cuts the third party out of the picture, making transactions significantly faster.
When you’re betting with traditional banking methods, it is easier to understand how much you are betting. Using fiat currency, the amount you wager is very clear. With Bitcoin, you are gambling in Bitcoin. The price of Bitcoin rises and falls based on the whims of investors, so actually knowing how much you are betting is harder to quantify.
Limited Sites to Use
With regular banking methods, every gambling site that is operating in your region is available to you. With crypto sports betting, your options are more limited. There is not the same number of sites that offer Bitcoin betting, so you may find yourself using a site you don’t care for as much just because it offers crypto gambling.