LikerCoin Bitcoin & Cryptocurrency

Bitcoin casinos & sports betting

A few years ago, Bitcoin & Co. were still smiled at, but today it is clear even to the biggest skeptics that cryptocurrencies are not just a trend or a short-term boom, but a payment and investment alternative to be taken seriously. Thus, it is not surprising that sports betting providers and casino platforms now also offer this payment option. Interested sports betting fans and gambling enthusiasts can find the best providers where it is possible to place their bets with Bitcoin and Co. on this website.

How does bitcoin work in the online gambling world?

bitcoin online gamblingIn principle, the use of cryptocurrencies in sports betting and online gambling houses works the same way as with the “normal” currencies, the so-called “fiat money” such as the euro. At the provider of one’s choice, any deposit is made and then the desired stake is selected, for the sports bet or the spin on the slot machine. The winnings achieved are then credited to the player account and can be paid out later.

Of course, the prerequisite for this is to locate a portal that lists cryptocurrencies in its payment options. In order to make a deposit with Bitcoin or Altcoin at all, a corresponding balance is necessary. There are various marketplaces on the Internet to choose from for buying cryptocurrencies. In addition, trading with Bitcoin is possible via various exchanges.

As a rule, deposits and withdrawals are made via a so-called e-wallet, which is a virtual wallet, similar to NETELLER and Skrill, but just for Bitcoin and Co. This way, the financial transfers can be carried out easily, quickly and safely.

With the pure crypto providers, the bets are made directly in Bitcoin, while other operators only present the cryptocurrency as a payment method and then credit the deposited amount in the corresponding currency, such as the euro on the player account. Then the betting on the bets such as for games of the 2nd league or slot games takes place as usual with euros.

How is it possible to buy Bitcoins?

Special online marketplaces are the best alternative when it comes to buying cryptocurrencies. The first step is to create the customer account, which must be verified afterwards. As a rule, this is done by means of a video or postal ID procedure and the presentation of an identity card. The account is then linked to the bank account or another payment option. It is then possible to buy and sell Bitcoins.

Of course, it is not necessary to always purchase a full Bitcoin, but it is also possible to buy shares, such as 0.01 BTC. In the search mask for this, simply enter the desired value and it can be selected from a variety of offers. During this process, the respective exchange rate is displayed, which varies greatly in some cases. Therefore, a comparison with the official rate is an absolute must.

This is how the buying process works:

  • Once you have decided on an offer, click on “buy”. The site then locks the offer for other interested parties.
  • Now you have to transfer the money to the seller.
  • As soon as the seller confirms receipt of payment, the Bitcoins will be credited to you.

Another option is to buy via a Bitcoin exchange. There, in contrast to the marketplaces, the trade takes place automatically. The best-known Bitcoin exchanges are Binance, Kraken, Bitstamp and Paymium. There you can also buy other cryptocurrencies – there are more than a thousand besides Bitcoin.

But be careful. When buying, you should always keep in mind that bitcoins could theoretically lose their complete value from one day to the next.

It is also possible to trade Bitcoins directly with others outside such marketplaces. Then the buyer and seller exchange exactly the amount that the seller offers. In this case, however, you should have an accurate idea of what a Bitcoin is worth right now to avoid being scammed. Moreover, your counterpart does not have to legitimize himself on private marketplaces.

How do I sell the Bitcoins again?

The prerequisite is that you are registered on a Bitcoin trading site and own Coins. Here’s how the selling process works:

  • You think about how many units you want to sell. These can be whole Bitcoins, but also fractions.
  • You determine in which currency you want to receive the sale proceeds. Usually, it is the euro.
  • Then you specify the payment, that is, whether the transaction will be processed via the traditional bank account or, for example, via PayPal or other payment systems. Which payment alternatives may be used varies from trading platform to trading platform.

The deposit for sports betting & casino

The deposit is basically made in the same way, whether for sports betting or, for example, slot games. With the so-called e-wallets, the deposit is usually made, whereby these work according to the same principle as, for example, Skrill or PayPal. The only difference is that it is not a real currency that is stored here, but the cryptocurrency. The credit is protected from unauthorized access by high security standards.

To make a deposit, simply enter the payment address in the corresponding field. In addition, the desired amount must be entered. The credit itself is available on the player account within a very short time.
The advantages of gambling with Bitcoin and Co.

Bitcoin and other cryptocurrencies offer numerous advantages compared to conventional payment methods:

  • Anonymity: registration is carried out with the pure Bitcoin betting providers and casinos exclusively with the e-mail address as well as the date of birth. In addition, no documents have to be uploaded for the verification of the account. Thus, the game is largely anonymous possible.
  • Fee-free: The providers that accept Bitcoin and Co. usually do not charge any fees for deposits and withdrawals.
  • Security: The bookmaker does not receive any sensitive customer or bank data during a transfer. Therefore, there is no risk that unauthorized third parties can access it.
  • Payment speed: The deposits and withdrawals are made in just a few steps. Often, the credit is ready for play after just a few seconds.

The disadvantages of Bitcoin & Co in gambling

The price fluctuations are without question the biggest disadvantage, when betting with Bitcoin. If you look at the development of the Bitcoin for the last 12 months, this becomes immediately clear. While one month it reached a historic high, a short time later it was worth barely half. Anyone who decides to place Bitcoin sports bets or use the cryptocurrencies to play in an online casino like this should be aware of this. There is no relative stability of value here, as there is with USD, Euro or CHF. Of course, it is also possible to profit from price gains in the reversal rate.