While Bitcoin and cryptocurrency were initially laughed at, it is now clear to even the biggest sceptics that cryptocurrencies are not just a short-term fad. It is therefore little wonder that more and more bookmakers are offering this payment option and sports betting with Bitcoin and Altcoins is trendy. But how does betting with virtual currencies work? What exactly are Bitcoins and Altcoins, where can you buy them and how do you deposit at Betfinal? Our experts provide detailed answers to these and other questions in the following article.Crypto eSports Betting: All the details about betting with cryptocurrencies
Getting started in the world of Bitcoin (and altcoin) sports betting may seem complicated at first for beginners. However, once the basic questions have been clarified, this turns out to be much easier than expected.Crypto eSports Betting: All the details about betting with cryptocurrencies
As soon as you have funds in your virtual account for a cryptocurrency of your choice, bets can be placed even faster and more conveniently than with traditional deposit methods.
Crypto eSports Betting: All the details about betting with cryptocurrencies
In principle, sports betting with Bitcoin and cryptocurrency works in the same way as you are used to with the usual method with real currencies (so-called “fiat money”) such as euros. You make any deposit with Betfinal of your choice and then place the desired stake on sports bets from the Betfinal’s offering. Winnings will be credited to your betting account and can then be paid out. Of course, the prerequisite is to choose a Betfinal that has cryptocurrencies in its payment portfolio. We will give a recommendation for suitable bookies in the next section.
Additionally, you must first have Bitcoin or altcoin balances. Various internet marketplaces are available for purchase. Deposits and withdrawals from Betfinal are usually made via “e-wallets”, which function like a virtual wallet for Bitcoin and cryptocurrencies. Transfers can be carried out quickly, easily and safely this way. This topic is also explained in detail in the article.
With pure Bitcoin providers such as Betfinal, bets are placed directly in Bitcoins (BTC). Bookmakers, where cryptocurrencies are only one of the available payment methods, first convert the respective amount into their chosen currency. Bets are then placed as usual, for example in euros.
Crypto eSports Betting: All the details about betting with cryptocurrencies
Bitcoin was created in 2008 by the pseudonym Satoshi Nakamoto and has been publicly available since 2009. This is a decentralized digital money system based on a peer-to-peer network (the blockchain). All later emerging cryptocurrencies, the altcoins, are based on a similar principle. The basic idea behind it was to create a currency that operates independently of banks, government institutions and other regulatory authorities. Without going into the extremely complex details, you have to think of Bitcoin as a specific amount of calculated data. So cryptocurrency doesn’t exist in the physical sense, you can’t touch it.
Because the total amount of available Bitcoins is fixed at 21 million units, the risk of inflation is minimized compared to traditional monetary currencies. Bitcoins are created artificially through what is known as “mining”. However, this process is so complex that it is now primarily carried out by professional networks.
Bitcoins can currently be used for payment by a variety of service providers, including Betfinal. In addition to classic providers such as hotels or tour operators, this also includes food suppliers and bars. Since around 2012, bets for sports betting and online casinos have been placed with Bitcoins. Non-profit organizations such as NGOs or WikiLeaks accept donations via Bitcoin. Due to the anonymity of the transfers, cryptocurrencies are also very important in the shadow economy of the Darknet, where they are used as a means of payment for weapons, drugs and other illegal goods.
First of all, it should be mentioned that there is no one Bitcoin price, as it can vary from exchange to exchange. The price still fluctuates greatly because the trading volume is (still) relatively low compared to stocks or gold. This can and will inevitably change.
As of the middle of February 2022 (as of February 8, 2022), the rate for 1 BTC is more than €37,000 (equivalent to around $46,000). Bitcoin has had two phenomenal years in 2020 and 2021.
The value tripled in the past year. At the beginning of 2022, there was another small slump. Many experts say cryptocurrency has come of age. We look back over the last few months.
Crypto eSports Betting: All the details about betting with cryptocurrencies
The term Altcoins stands for the abbreviation of “Bitcoin alternative” and therefore refers to all other cryptocurrencies. Three of the most important altcoins will be presented below, which can be used for sports betting with Betfinal, for example.
Litecoin is a cryptocurrency released in 2011 that shares strong similarities with Bitcoin. It is also generated artificially through mining, with the process being four times faster than with Bitcoin. Litecoin is limited to 84 million coins.
Dogecoin was created as a parody in December 2013 but quickly developed into a serious cryptocurrency thanks to rapid price gains. A fundamental peculiarity is that the total number of coins is not limited, which means that Dogecoin has a inflationary character.
Unlike Bitcoin, Ethereum is not a purely virtual currency, but rather a platform that uses the internal cryptocurrency Ether (ETH) as a means of payment for transaction processing. Ether is currently the cryptocurrency with the second largest market capitalization after Bitcoin.
There are also a huge number of other cryptocurrencies, with over 4,500 being actively used. In addition to those mentioned above.
Crypto eSports Betting: All the details about betting with cryptocurrencies
The best way to purchase cryptocurrencies is through special online marketplaces. When you register, you create a customer account that must first be verified. This is usually done using a video or post-identification process using your ID card. Then connect your account to a common payment method, for example, a bank account. After that, you can both buy and sell Bitcoins. Of course, you don’t have to purchase full Bitcoin, you can also buy shares, for example, 0.05 BTC. To do this, simply enter the desired value in the search mask and you can then choose from a variety of offers. The respective exchange rate will be displayed, which can sometimes vary greatly.
Crypto eSports Betting: All the details about betting with cryptocurrencies
The sports betting market is growing and the Bitcoin price is rising. These two worlds are becoming more and more intertwined. Experts estimate that 50 to 60 percent of all Bitcoin transactions are now related to online gambling or betting. This also increases the acceptance of the cryptocurrency among numerous users and betting enthusiasts.
Bitcoin bookmakers are also springing up like mushrooms in the USA. Naomi Brockwell, who is responsible for policy at Bitcoin, said that the company has revolutionized the online sports betting market in the USA. Online gambling has only been legal in a few states. An elegant detour has now been achieved with anonymous Bitcoin transactions, which has caused a corresponding boom.
Crypto eSports Betting: All the details about betting with cryptocurrencies
The Bitcoin bookmaker has to pay up to 4% fees to the payment service provider when deposits are made. With conventional sports betting providers, these costs are sometimes passed on to the customers. There are no additional fees for Bitcoin sports betting. However, you should think carefully about when and how you deposit your Bitcoins, as the exchange rate is always subject to certain fluctuations.
What is worth highlighting is the rapid speed at which payments are accepted and processed. The balance will usually be displayed to you within a few seconds of your deposit and will be immediately available for your sports bets. For comparison: With a standard transfer, it can take between two and five days until the money is available.
What is pleasing is that payouts are now much faster than with other conventional payment options. You will usually receive the Bitcoin payout within a few minutes. In order to invest the Bitcoins well, you need an appropriate e-wallet.
Betting fans who already use Bitcoins as a payment method benefit from the anonymity that the cryptocurrency offers them. Often you only need to provide an email address. Lengthy and annoying identification documents become obsolete. You can be sure that your data will not be stored or, in the worst case, misused. In addition, the bookmaker can never block your account. After the end of a match, winnings are usually paid out immediately. Even when you win big, there are rarely any delays.
Crypto eSports Betting: All the details about betting with cryptocurrencies
As a rule, Bitcoins are deposited using e-wallets, which are basically nothing more than a virtual wallet. Bitcoin and Altcoin wallets work on the same principle as PayPal, except that you store cryptocurrencies here – instead of real currencies like euros. Your credit is protected from unauthorized access by high security standards. A recommended Bitcoin wallet, for example, is Copay, but there are numerous other providers.
To transfer funds to the sports betting account, simply enter the payment address of the respective betting provider in the payee field of your Bitcoin wallet. Select the desired amount and click “send”. The credit will usually be displayed in your betting account after a few minutes.
Crypto eSports Betting: All the details about betting with cryptocurrencies
Compared to traditional payment methods, sports betting with Bitcoin and other cryptocurrencies offers numerous advantages:
- Payment speed: Deposits and withdrawals take place in just a few steps. The credit is often available within seconds. A maximum of a few minutes pass.
- Security: With direct transfers via Bitcoin, the bookmaker does not receive any sensitive customer data. There is therefore no risk of third parties having access to it.
- Anonymity: With pure Bitcoin betting providers such as Betfinal, registration only requires providing an email address and date of birth. There is also no need to upload any documents for verification (copy of ID card, proof of address). This means that largely anonymous betting is possible.
- Fee-free: Providers where sports betting bets can be placed with Bitcoin generally do not charge any fees for payment transactions.
Crypto eSports Betting: All the details about betting with cryptocurrencies
A major disadvantage is the price fluctuations that cryptocurrencies are generally subject to. If you look at the development of Bitcoin in the last 12 months alone, this becomes immediately clear. A historic high was reached at the end of December. At that time, one Bitcoin was equivalent to almost 17,000 euros! Just a month later, the cryptocurrency was only worth half. Anyone who uses Bitcoin for sports betting or other online services and has the appropriate balance should always be aware of this. On the other hand, you can of course also benefit from price gains.
In general, cryptocurrencies are a comparatively young phenomenon. Further developments are therefore difficult to predict. Only the future can tell whether Bitcoin and cryptocurrencies can continue to gain influence and offer a real alternative to traditional finance.