Use your bitcoin wallet to send digital currency to your favourite betting sites. You can avoid huge fees and every single transaction is anonymous. Best of all, you can trade your own bitcoin and earn crypto currency profits when the value of this cryptocurrency goes up. Use your bitcoin to place bets on the English Premier League, tennis, or cricket!
Bitcoin Betting Sites
- Betcoin UK
How is Bitcoin Used for Online Betting?
There are several sports betting sites in the UK legally accepting bitcoin as a deposit and withdrawal method. Try Sportsbet.io, bet on NFL, NHL, boxing, tennis and other sports by using your crypto currency. Some of the bookmakers that accept bitcoins welcome new customers located in the UK with a lucrative bonus offers and promotions.
Bitcoin emerged in 2009 as a digital “cryptocurrency” which differed from traditional assets like GBP and USD. The key piece of tech behind bitcoin is the blockchain, a ledger that tracks all purchases and transactions.
Bitcoins are “mined” from servers using special algorithms and mathematical puzzles. Due to the make-up of bitcoin, only a finite amount will ever be able to be mined. It’s like a physical commodity like gold that has a limited resource.
The blockchain is open, which means anyone can see what’s been bought and sold. It’s also decentralized, so it doesn’t come under the control of a company or bank.
Because bitcoin transactions are anonymous, the digital currency is fast becoming the #1 choice for online gamblers. Payments are secure and there are no fees to pay, as you’ll find with credit cards.
Buying and Trading Bitcoin
You can easily purchase some bitcoin by using an online wallet like Coinbase. Pay with GBP and store your bitcoins in your digital wallet. You can also withdraw your bitcoins and store them in a desktop wallet or secure USB stick.
Best of all, the global interest in bitcoin has led to some serious financial gains. The price of a single bitcoin went from around £3,500 to over £40,000 during 2020-21. The value of bitcoin has been highly volatile but many observers think cryptocurrencies like bitcoin are the future of online payments.
Opening a Bitcoin Wallet
It’s easy to start buying bitcoin. First, visit an online exchange like Coinbase or eToro. Create an account and download the app if available. You’ll be able to purchase as much bitcoin as you want, just by using your UK debit card. Even e-Wallet providers like PayPal are beginning to accept bitcoin deposits.
Prepare for some fees to pay when you make your purchase. A small portion of the purchase price always goes to the “miner”. This is the person or organisation responsible for mining bitcoin from servers.
It’s easy to make a bitcoin deposit. All you need is the wallet address you’re sending the bitcoin to. The sportsbook will provide this when you open the cashier. Then, log in to your bitcoin online wallet and transfer your BTC from there.
Some UK betting sites will first convert your bitcoin to GBP at the going conversion rate. You can place bets in GBP, then convert the money back to BTC before withdrawing it back to your digital wallet.
Benefits and Drawbacks of Bitcoin Betting Deposits & Withdrawals
bitcoin is now accepted at more and more online betting sites. There are many pluses and one or two minuses to using bitcoin for banking:
- Super-fast deposits with no waiting times
- Wide range of deposit limits
- Big acceptance rates
- No fees from the betting sites
- Enjoy unlimited bitcoin withdrawals every day
- Some small miner fees to pay when you use bitcoin
- Not every UK bookmaker accepts bitcoin
- Value of bitcoin can fluctuate wildly
Get a Bitcoin Bonus For Sports Betting
You can enjoy a deposit match bonus at the best UK betting sites that accept bitcoin cryptocurrency. Make a first-time deposit to earn a match bonus or get free bets to use on your favourite sports. The deal will be priced in BTC as well, so there’s no need to convert funds to GBP first.
Bitcoin is growing in popularity among traders and financial institutions. And due to its transparent payment system, you can use bitcoin more and more at online sports betting sites. Open your account today, make an instant deposit, and claim free bets or a deposit match offer.