Finding a sportsbook in the UK that you can trust and that allows you to use Bitcoin is not so easy, mainly because the cryptocurrency market is not as developed here as it is in other parts of the world. This limited availability is the main reason why we have put together this guide, not to just any site, but to well-vetted bitcoin gambling sites that we feel comfortable recommending. Gambling online with bitcoin is a pretty great experience, especially when it comes to sports betting, for a number of reasons. The first and most obvious reason is that using the virtual currency allows for an unprecedented level of privacy. When you use Bitcoin to place a bet, the only people who know you're placing that bet are you and the site you're betting on.
Top 5 Bitcoin Sportsbooks United Kingdom
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What is Bitcoin?
Before you start looking for a betting site that accepts Bitcoin, you must first understand what a Bitcoin is. Simply put, it is a form of currency just like the Rand, but it is not physical and has no ties to any government or state. Understanding this concept can be very important. It is managed by no one and everyone through a peer-to-peer exchange system that is recorded on the bitcoin blockchain. Also called a cryptocurrency, it is encrypted by very complicated computer algorithms that work hard to keep all transactions secret.
How does Bitcoin work?
You now know more about what bitcoin is, and before you can register with any sites that allow you to play with cryptocurrencies, you need to create an account. Here's a detailed walkthrough on how to set up your virtual wallet so you can make online deposits:
- Go to any reputable bitcoin exchange in the UK to set up a bitcoin wallet. This will be your digital account that will allow you to track all your transactions in and out of bitcoin.
- Your wallet needs to be filled with coins. Players can obtain Bitcoins in a number of ways: they can mine them, receive them from a peer, or buy them from one of the legal Bitcoin exchanges.
- Once you have funds in your account, register with a sportsbook that uses bitcoin. Search online for sportsbooks that use bitcoin and offer a substantial sign up bonus.
- Complete the registration by filling out the fields, then go to the cashier section.
- Transfer bitcoin to your betting account and verify that the transaction is complete.
- The money will be transferred instantly and you can start betting immediately.
Select a safe Storage Option
The most important thing to consider when betting with bitcoin is where to safely store the cryptocurrency. As a user of the digital coin, you need to understand that all funds are your responsibility, and unlike a bank, you get no protection in case something goes wrong. With this in mind, we think it makes sense to store (and use) your bitcoin at a secure sportsbook if you want to go ahead and place some bets.
Using bitcoin for sports betting has become all the rage, with many sportsbooks welcoming this form of digital currency. These crypto sportsbooks offer incredibly secure methods for customers to both store their Bitcoins and place bets with them, even providing "private" insurance for the safety of these digital funds far beyond anything a normal bank would offer. However, there are other equally secure methods for storing your bitcoin, and if you're a customer who doesn't want to bet with bitcoin in a way that feels like dealing with a bank, you have several options.
What are the benefits of using Bitcoin?
Bitcoin functions as a digital currency, but in a decentralized manner, meaning it's not under any central authority or government control. This has several advantages, including resistance to censorship and confiscation, and the ability for users to transact without intermediaries such as banks.
Compared to traditional financial systems, bitcoin offers far greater anonymity. One can transact with bitcoin without those transactions being easily linked to a specific user, providing a level of financial privacy that is attractive to many.
In addition, bitcoin transactions are fast and have low fees. There are no middlemen, so transactions are fast and inexpensive. That's why bitcoin is popular with a certain segment of the public; some businesses even offer discounts for paying in bitcoin.
However, bitcoin can be worth many different things at the same time, and these things often conflict with each other. For example, in a capitalist society, the value of something is primarily determined by how much people are willing to pay for it. And that, in turn, is influenced by all sorts of factors, including changes in supply and demand, how well something is doing in the marketplace, and even how well it seems to be doing (or not doing) in the place just over the horizon-in short, its future!
In summary, bitcoin's nature as a decentralized currency, combined with its anonymity and low transaction costs, gives it some appeal as an alternative to the traditional American and global financial systems. But even as I write this, bitcoin has lost about 30% of its value in the last two months. Buying into it now is potentially risky.
Why Gamble at Betting Site that Accept Bitcoin
If you are still unsure about using bitcoin for online gambling, consider these advantages associated with this method of betting. To make my point, I've put together a side-by-side comparison of the main advantages of betting with bitcoin versus South African rand on sporting events.
- Anonymous sports betting with Bitcoin is possible.
- Your bets can be placed anywhere in the world, and you can use Bitcoin to do it. Despite its somewhat niche reputation, there are a number of very well known sites that allow you to gamble with Bitcoin.
- An exclusive series of bitcoin bonuses means that there are now reload bonuses for bitcoin players.
- Bitcoin itself does not charge for its services. However, sportsbooks may charge fees at their discretion when Bitcoins are used to place bets.
Is it legal to place a bet using Bitcoin?
In certain cases, you can. Even though cryptocurrency is not yet legal tender, there is nothing on the books that prohibits its use for betting. However, U.S.-based gamblers should stick to using bitcoin on sportsbooks located outside the borders of the United States.
How do I buy cryptocurrency to crypto gambling site?
All you need is an account and a digital wallet to get things rolling. Trading any cryptocurrency you like has reached an unprecedented level of ease and security with this platform. Join the revolution and start betting with Bitcoin today!
Drawbacks of Using Bitcoin Sports Betting Sites
We need to explore some of the disadvantages of betting with bitcoin. These drawbacks are not enough to dissuade players from using it, but they are certainly something to consider before signing up.
- As mentioned above, unlike credit and debit card betting sites, sportsbooks accepting Bitcoin are few and far between.
- You need to consider the fact that the value of Bitcoin is known to fluctuate a lot before you sign up.
- Deposits made with Bitcoin cannot be reversed by the player. Be sure to provide the correct information when depositing with Bitcoin.
Other Deposit Payment Options in UK