There are now providers of sports betting almost a dime a dozen. There are sometimes significant differences from provider to provider. But what many providers have in common is that they look to the future. That is why crypto currencies in particular are playing an increasingly important role.

Conventional payment methods have long since ceased to set the tone, and more and more people are turning to Bitcoins and Co. We would like to introduce you to the topic in more detail and also take up what crypto currencies have to do with sports betting using Bitcoins as an example. Finally there are more and more bookmakers with Bitcoin.

What are Bitcoins?

Bitcoins are a virtual currency but serve the same purpose as paying with coins or notes. The term Bitcoins is composed of Bit (the smallest memory unit on the computer) and Coin. However, the total amount of Bitcoin money is limited. Only a certain percentage is added each year. By around 2040, the limit of around 21 million Bitcoin is likely to be reached. In summary, these are calculated and encrypted data blocks, which are stored centrally by one computer, but decentrally by many computers around the world. This technology is called Blockchain and is considered to have a very promising future. However, we do not want to go into the exact technical details as this would go beyond the scope of this article. But Bitcoins are by no means the only payment method based on the block chain method. Currently there are about 800 different crypto currencies.

Where can I get Bitcoins?

Theoretically, anyone could create Bitcoins through so-called “mining”. However, the effort for private persons would be so high by now that this would no longer be worthwhile. That’s why it’s advisable to buy Bitcoins in exchanges such as eToro, Plus500, coinbase, bitcoin.de or Kraken. If Bitcoins are purchased on several portals, all Bitcoins can be combined in a Bitcoin Wallet. e-Wallet on the smartphone is suitable for daily use. For online purchases, this can also be done on a PC or Latop. Take care to protect it with a passphrase, which must be entered before each transaction.

Use Bitcoins for sports betting

With some providers it is now possible that crypto currencies such as Bitcoins can also be used as a means of payment. To do this, users must exchange their real money with one of the Bitcoins file sharing services. Afterwards a payment can be made to the bookmaker. The possibilities are endless, to get an overview off all leages you can bet on check out the site https://www.bestbitcoinbetting.com/leagues.

Bookmakers with Bitcoin as a means of payment

  • One of the most famous bookmakers, which offers a variety of crypto currencies is 1xbet. The Russian provider impresses with a huge betting offer and high odds and bets on alternative currencies.
  • Rivalo is a white label of Tipico and therefore has numerous overlaps with Tipico. At Rivalo you can also deposit with Bitcoins. However, German customers cannot currently register with Rivalo.
  • Netbet is an old hand in the market for sports betting and can convince in many points. The provider now also relies on Bitcoins. German customers, however, have to fall back on the remaining methods.
  • Betting has been possible with Intertops since 1983. In 1996 the Austrian provider was one of the first to enter the online business. In the meantime, bets can also be placed with Bitcoins at Intertops.
  • 1x2Bet is a provider from Greece, which is largely unknown on the German market. Bets can be placed at 1x2Bet since 2001. The provider with Greek roots makes a payment with Bitcoins possible.
  • Melbet is an offshoot of 1xbet and can shine with the identical advantages. At Melbet it is also possible to deposit with crypto currencies.

Possible alternative

Via a detour it is possible to pay in with Bitcoins. The e-wallet provider Neteller offers payment with Bitcoins. The Neteller account can therefore be filled with Bitcoins. From there you can deposit with the providers via normal payment. Please note that Neteller charges 1 percent of the deposit amount.

Providers who only offer crypto currencies as payment method

We would like to point out that with the above mentioned providers can be paid in as anonymous user, because here no personal data is required. Personal data or even proof of identification for account confirmation is not required.

Advantages of Bookmaker with Bitcoin at a glance

  • No delays in payment transactions
  • Purchase and handling simple
  • Low fees
  • Payments with Bitcoins do not contain sensitive data
  • Crypto currencies are independent of banks
  • Cannot be multiplied at will, therefore offer some protection against inflation

Disadvantages

  • Many years of experience cannot yet be employed, since blockchain is a new technology
  • Scepticism about crypto currencies remains high among both companies and customers
  • Security of the block chain is considered high, but large stock exchanges have already been hacked
  • High price fluctuations possible
  • Speculation bubbles possible
  • No stabilisation possible, for example through banks
  • Possible state intervention and ban

Conclusion

Crypto currencies have become an alternative and the number of companies offering crypto currencies as a means of payment is increasing. However, even scepticism is not limited and there are enough critics. We don’t want to make a name for ourselves as clairvoyants, but we do assume that crypto currencies will become more and more popular in the medium term and that they will also become indispensable in the field of sports betting.

This is especially true for bookmakers with Bitcoin. Whether this will be only one or more crypto currencies in the end is difficult to predict. After all, there are over 800 crypto currencies and it is foreseeable that only the best and most popular will prevail over time. It may well be that some currencies are enjoying a hype, but we still assume that crypto currencies will still be in their infancy and will go their way even in sports betting.