What is Bitcoin?
Bitcoin is a digital currency developed by a Japanese software developer by the name, Satoshi Nakamoto in 2009. Since its creation, the currency has gone on to be one of the popular and most valuable cryptocurrencies in the world. Apart from its value, Bitcoin also establishes a form of dominance in the market as its value dictates the value of many cryptocurrencies known as Altcoins.
Many companies, sectors, and businesses now accept digital currency as a payment method which is a way of establishing the relevance of digital currency in the conservative financial system. Experts have identified the growth in adoption of the digital currency as a signal of its emergence as the future of the global financial system.
Esports betting Sites with Bitcoin
As the use of Bitcoin and cryptocurrency generally in esports betting is relatively a new concept, we at Strafe.com have taken the important step of helping you identify the reputable esports betting sites that allows you to make deposits and withdrawals through Bitcoin. Here are some esports betting sites that offers Bitcoin as an available payment method.
Stake is one of the leading esports betting sites in the industry. The bookmaker’s reputation on the quality user interface, graphics, and wide range of esports titles precedes it. And as an addition to its array of impressive features, the esports betting site has included Bitcoin as one of its payment methods.
While using Bitcoin on Stake doesn’t come with a welcome bonus, you get other perks such as cashback, VIP perks, bonuses, and an amazing player experience while using the betting platform. Some of the benefits of using Bitcoin on Stake includes
- A fast registration process
- Secure and anonymous accounts
- Efficient customer service and dispute resolution channel
- Allows deposit and withdrawals in other digital currencies apart from Bitcoin. They include DOGE, ETH, LTC, TRX, and BCH.
- Withdrawals are fast and you can use the esports betting site with eight different languages which include Indian, Portuguese, Filipino, Spanish, Russian, and German. Of course, the default language is English.
However, you may face the following difficulties when you use Stake;
- No welcome bonus
- Restriction in Australia, Czech Republic, and the US
- The esports betting site has no live streaming service at the moment
This is another reputable esports betting site that allows you to use Bitcoin and other digital currencies as methods of payment. Thunderpick made its mark in the esports betting world through its exciting designs and the inclusion of Bitcoin as a payment method further reinstates its position as a name to reckon with in the industry.
Using Bitcoin with Thunderpick comes with various benefits, one of which is the anonymity of your esports betting account as long as you stick to Bitcoin, rather than other fiat payment methods. Another benefit of using Bitcoin on Thunderpick is a fast withdrawal timeline as your withdrawals get processed within 15 minutes. Finally, you can use other cryptocurrencies such as BCH, LTC, ETH, and also fiat payment methods. This means you can also use Visa, MasterCard, and Skrill on the esports betting site.
However, it is important to state that you will lose the anonymity of your betting account when you switch to fiat payment methods.
Despite these advantages, you may face certain difficulties when using Bitcoin on Thunderpick. Some of these difficulties include;
- No reload bonuses, although there have been promises by the bookmaker to add this feature soon
- You cannot use the esports betting site in the following countries; France, Netherlands, Sweden, Malta, Poland, US, UK, and Northern Ireland.
Having a variety of esports titles and games to bet on is a major turn-on in the esports betting world, and this was how Sportsbet.io established its dominance in the esports betting industry. The bookmaker offers a wide variety of esports titles which includes sports games like Football and Basketball titles such as eSoccer and eNBA. Apart from its impressive array of esports games, Sportsbet.io allows you to make deposits and withdrawals using cryptocurrency.
Using Bitcoin on Sportsbet.io comes with many perks, some of which are;
- The ability to use other digital currencies such as LTC, ETH, BCH, and SOC
- You can also use other payment methods apart from cryptocurrency. These payment methods include Visa, MasterCard, Ecopayz, and PaySafeCard.
- The esports betting site has a strong legal backing which means that your funds are safe and secured with the bookmaker.
However, you cannot use Sportsbet.io in many countries outside the US and the UK. This restriction makes it difficult and impossible for punters in other countries to enjoy their favorite esports titles and wager on these games with Bitcoin and other cryptocurrencies.
One of the issues surrounding the usage of cryptocurrency on esports betting sites is the restriction faced by many esports betting sites in some countries. Betonline solves this problem as it is accessible in almost all countries of the world, while based in the United States. Established in 2004, Betonline has created a reputation that has endeared it to many punters, the latest of which is the ability to use cryptocurrency as one of the payment methods accepted on the esports betting site.
By using Bitcoin on Betonline, you stand the chance to enjoy the following perks which includes
- Lots of bonuses and promotions
- An efficient customer service
- A secured database for users’ funds and data
- Ability to use cryptocurrencies
- Ability to use the payment method in many countries including the UK, Canada, and many more
However, here are some of the difficulties you may face while using this online bookmaker with Bitcoin;
- A hard to use website
- You cannot wager with your digital currencies. You need to convert the currency to USD before placing a wager and also convert back when withdrawing your winnings
This is a relatively new esports betting site that allows you to use Bitcoin and other digital currencies on its platform. Launched in 2016, the bookmaker has a reputation for offering impressive bonuses, extensive esports titles, and supporting numerous languages. Part of the advantages of using Bitcoin on this esports betting site is the anonymity it affords punters. You also enjoy a fast registration process coupled with a fast withdrawal duration.
While 1xBit allows the use of about 24 other cryptocurrencies, you can run a multi currency account on the esports betting site. This means that you get to use more than one cryptocurrency with your betting account at the same time. Lastly, the esports betting site supports about sixty different languages.
On the other hand, certain disadvantages come with using Bitcoin on 1xBit. One of these disadvantages is the fact that you can only use cryptocurrency on this esports betting site. The bookmaker doesn’t allow any fiat payment method for both deposit and withdrawal.
Not found your preferred bookie? There’s no need to panic, they may not offer Bitcoin (just yet). Instead, you should take a look at Neteller and Skrill, two more widely accepted methods of payment. Failing that, there’s the always-reliable PayPal.
How to use Esports Betting Sites with Bitcoin
Wagering on esports betting sites with Bitcoin is as simple as using any other payment method. As you need to create an account with most banks and online payment services, so do you need to create a cryptocurrency account, also known as a Bitcoin wallet.
Creating a wallet is simple. There are many apps and services such as Trust Wallet, Metamask, and others that allow you to create a Bitcoin wallet. You can then transfer and receive Bitcoin and other cryptocurrencies with this wallet. While creating your wallet, you will receive a seed phrase.
The seed phrase is a string of random words numbering about twelve. This seed phrase is the key to accessing your Bitcoin wallet, as a result, you should keep it safe and secure, as anyone with this seed phrase can access and withdraw your digital currencies from the wallet.
Once you have your wallet created, you can start making deposits and withdrawals with cryptocurrency. To deposit, log on to your esports betting site and choose the deposit option. Select the Bitcoin option and provide the details required. Your digital currency will reflect on your account, in either cryptocurrency or fiat, depending on the system used by your esports betting site.
The same process follows if you wish to withdraw your winnings in Bitcoin or other cryptocurrencies. Simply choose Bitcoin as your preferred payment method and input the amount you wish to withdraw. You will also need to provide your wallet address and other details required.
Advantages of using Esports Betting Sites with Bitcoin
Using Bitcoin as your preferred payment method on esports betting sites comes with lots of benefits and advantages. Generally, you will not get most of these advantages when you use conventional or fiat methods of payment. Some of the perks of using an esports betting site with Bitcoin is;
Security of Transactions and Funds
One of the key selling points of the cryptocurrency movement is the security that it provides for transactions and assets. The wallet that holds your digital currencies are safe and secured as long as you keep the seed phrase secret. No one can hack into or obtain illegal access to the wallet without your permission.
Another aspect of security is the elimination of any chance of fraudulent activity when transacting bitcoin or any other digital currency. Cryptocurrency transactions run on a technology known as the blockchain. This technology requires that all the computers within the network of a crypto transaction confirm the transaction. This means that when you transfer Bitcoin from your esports betting account to your wallet, all the computers within that network will confirm and verify the transaction before the Bitcoin reflects in your wallet.
This system prevents the occurrence of any shady or fraudulent transactions.
Ease of Registering
Before you can use any payment method on your favorite esports betting site, you need to create an account with that option. This usually involves the provision of personal details and financial details. Some punters are not comfortable with providing personal details on the internet. If you are one of these punters, using esports betting sites with Bitcoin may be perfect for you.
While you also need to create what is known as a Bitcoin wallet, you don’t need to provide any personal information while at it. All you need to do is obtain your seed phrase, create a password for the wallet, and create a name for the wallet (optional), and you are done. The process is fast as you can finish up in a second, less stressful. After all, you need not visit any office to create the wallet and less intrusive because your details are not needed.
Zero Fees on Transactions
This is another immense benefit of using esports betting sites with Bitcoin. Transaction fees are one of the problems of using online payment systems and banks for esports betting activities. Many of these financial institutions, e-wallet, and online payment systems charge you some amount of money on every deposit or withdrawals that you make on the esports betting sites.
However, with Bitcoin and other digital currencies, you don’t have to worry about these fees on transactions. Neither the esports betting site nor your wallet charges you for any transaction.
No Tax on Winnings
This is an inherent benefit of the blockchain technology and decentralized system upon which Bitcoin operates. Unlike fiat currencies, no governmental agencies can regulate or control cryptocurrencies and transactions involving them. The government cannot access your bitcoin wallet as they would require your seed phrase to do that. As a result, all your winnings from the esports betting activities go directly into your wallet without any interference or taxation from the government.
Disadvantages of Using Esports Betting Sites with Bitcoin
As ideal and beneficial as the use of Bitcoin as the preferred method of payment on esports betting sites is, it is not a perfect option. Certain problems could arise when you use Bitcoin and other cryptocurrencies as your preferred payment method. And as expected, these disadvantages are peculiar to Bitcoin as you will not find them with other methods of payment. If these disadvantages aren’t what you want to hear, take a look at Ecopayz and Klarna as available payment methods for your esports betting.
Errors with Wallet Addresses
Your Bitcoin wallet address works like your account number. If you make a mistake when entering it, your digital currency may end up in another person’s wallet, and you will lose the funds for life. However, unlike conventional banks where you can track the person with the account through their details, no personal details are required when creating a Bitcoin wallet. Thus, there is no way to track the address.
Therefore, you must crosscheck and make sure that there are no errors when entering your Bitcoin wallet address.
Fluctuations in the Value of Bitcoin
One of the features of cryptocurrency is the volatility and fluctuations that come with the value of most cryptocurrencies. However, this fluctuation is a two-way thing. The value of Bitcoin and other cryptocurrencies may rise, resulting in the increased value of your winnings from esports betting. The value could also fall, reducing the value of your winnings. This fluctuation is not found in fiat currencies as their value is usually fixed and stable for a long time.
While it is true that the wallet and the esports betting site do not charge transaction fees on deposits and withdrawals, you may have to pay network or gas fees for some of your transactions with Bitcoin. This network or gas fee is usually a percentage of your deposit or withdrawal, thus its amount depends on how much you want to deposit or withdraw.
It is important to state here that the percentage charged on bitcoin transactions is very minute and cannot be compared to the fees charged by banks and online payment services.
The wave of cryptocurrency adoption is spreading across all industries and sectors and the esports betting world is not left out. Many esports betting sites now allow punters to make deposits and withdrawals using cryptocurrencies.
The use of Bitcoin and other digital currencies to make deposits and withdrawals on esports betting sites comes with numerous benefits and advantages and it is also not without its disadvantages. However, the benefits of using Bitcoin as your preferred payment option outweigh the disadvantages.
There are plenty more payment methods available for most of esports betting sites. For example, Revolut and Trustly are alternative methods of payment available for esports punters to use if they wish to.
💲 Is it legal to use esports betting sites with Bitcoin?
As long as you can use fiat currencies to wager on the esports betting site, it is also legal to wager with Bitcoin and other digital currencies. Click here to know the esports betting sites that allow you to use Bitcoin and other cryptocurrencies.
❔ What are the best Bitcoin Esports Betting Sites?
As cryptocurrency continues to increase in popularity, many reputable esports betting sites now allow you to use Bitcoin as your preferred payment option. Click here to check out which bookies offer Bitcoin as a payment method option.
💰 Why is esports betting with Bitcoin better than esports betting with fiat?
The major advantage that bitcoin esports betting has over traditional esports betting is the fast and secure transaction. To find out other differences between the two, click here to read about Bitcoin as an esports betting payment method.