Esports Betting With Bitcoin
At this point, esports is a global phenomenon. With millions of active players and spectators, it’s not exactly surprising that this success led to a thriving esports gambling industry. Bitcoin esports betting, in particular, came forth as one of the most sought-after features. We’re mad about cryptos, so here we’ll examine the reasons behind this trend and explain why betting with Bitcoin is so popular.
What is esports betting with bitcoin?
Before we dive deep into esports betting, let’s take a look at the bitcoin itself. Chances are you’ve heard about it as the biggest cryptocurrency in the world, and bitcoin (aka ₿, or BTC) certainly lives up to the reputation. It was created in 2009 by Satoshi Nakamoto, but it wasn’t until several years later that the currency truly made its presence known.
Nowadays, a single bitcoin is worth over $19,000. This quite a feat, considering the cryptocurrency doesn’t even exist in a physical sense. However, this shortcoming is overshadowed by a multitude of tangible benefits. For one, bitcoins are based on blockchain technology, which makes them independent from banks, governments, and corporations. This means that bitcoin users don’t need the help of third parties, making every cryptocurrency deal much faster than regular transactions.
They’re also more secure. Since the blockchain acts as a public ledger, every bitcoin transaction is practically set in stone, and you can’t become a victim of questionable refunds and shady schemes. If that wasn’t enough, bitcoin allows you to create smart contracts, which solidify the details of your deals by writing them directly into the code.
Then, there’s the fact that the total amount of bitcoins is capped at 21 million. This reinforces the cryptocurrency with a certain purchasing power since there can only be a limited amount of bitcoins in circulation. Bitcoin esports betting transactions are made via virtual wallets, which you can conveniently use from your PC or mobile device. Finding a reputable wallet might seem challenging, but at this point, there are a growing number of crypto wallet brands that give you a safe way to bet with Bitcoin.
Of course, Bitcoins don’t come out of thin air. Much like every other cryptocurrency betting forms, they’re created through mining. The process is complex, but if you want an abridged version, it takes raw computing power and uses it to unlock new bitcoins. Even so, the current entry barrier is so steep that mining is no longer a profitable venture.
As for Bitcoin esports, it’s exactly what it says on the tin. That is, it’s the use of bitcoins to make wagers on esports matches. Of course, there’s nothing forcing you to employ a specific cryptocurrency, and esports betting with Ethereum transactions could work just as well. However, Bitcoin is still king, and you’ll find that most betting sites with Bitcoin prefer it to other cryptocurrencies.
Why bitcoin esports betting?
Small transaction fees
The first advantage of esports betting with bitcoin is a monetary one. Transaction fees are quite prevalent on gambling platforms, especially if you’re using dollars of euros. However, things are very different for cryptocurrencies. Most of the time, Bitcoin deposit and withdrawal fees fall into the range between 0% and 2%.
Keep in mind that these tend to be based on a certain percentage, so even if you want to deposit a very small amount, you won’t be crippled by fixed fees. At first, this sounds insignificant, but even the slightest change can be the difference between being a winning player and falling into the red.
Privacy and security
But transaction fees pale compared to bitcoin’s main benefits. Privacy and security. Every good esports betting website takes customer data seriously, so they use complex encryption keys to store it. These tend to be almost unbreakable, but in the end, giving away your personal information always involves a degree of risk.
Bitcoin completely circumvents this issue by providing zero data. That’s right, every Bitcoin transaction has its own address and private key, so you won’t be sharing things like your name, location, and credit card number. In fact, once a betting Bitcoin deal is made, no one in the entire world will be able to find the people behind it. And the fact that cryptocurrencies aren’t connected to specific banks or countries means you can be sure that no one else has access to your virtual wallet.
So, security is obviously a big deal, as anyone would want their hard-earned money to be safe. However, why does privacy play such a huge role? Well, many esports betting websites employ strict country restrictions, so you might feel limited when choosing your gambling platform. But Bitcoins allow you to work around this problem by not revealing your country in the first place. Keep in mind that this is a grey legal area, so you still need to be careful when registering your account.
The bitcoin esports betting guide
Now that you’ve taken the time to study the pros of cryptocurrencies, how do you start Bitcoin esports betting ? It’s quite simple. Most bookmakers will walk you through the process, but in case you can’t find any instructions, feel free to follow our guide:
- Log in to your favorite esports betting site.
- Find the “Make a Deposit” tab. If bitcoin deals are supported, ฿ should be one of the payment methods.
- Choose how much you want to deposit. Often you’ll have to specify the amount in $ or €, as bookmakers tend to convert currencies to make the betting process more straightforward.
- This step might vary depending on whether you’re using a PC or a smartphone.
On a PC, access your wallet and copy the address from your gambling platform.
On a mobile device, use your wallet app to read the bookmaker’s QR code.
- That’s it! You’ve just made your first Bitcoin deposit!
Remember that these are very basic guidelines, and it’s entirely possible that your esports gambling website will offer you a different way to bet with Bitcoin.
Where to bet bitcoin on Esports?
Even though Bitcoin has been around for a while, not every bookmaker supports the currency. In fact, esports betting sites tend to be quite conservative with their payment methods, so you might be hard-pressed to find the right platform. Fortunately, some bookmakers still keep up with the latest crypto trends. Here are a few platforms you can try:
Read our Stake.com review and you’ll see why so many people use this site for their Bitcoin esports betting. Basically, it’s because the brand makes it super-safe and quick to bet with Bitcoin on some superior competitive gaming odds.
This has been a pioneering site that gives you a very convenient way to enjoy some cryptocurrency betting. Check out our 1xBet review and you’ll see what we mean.
We can’t talk about betting with Bitcoin and not mention 22Bet. We had great fun in writing our 22Bet review as this site features a wealth of cryptos and some of the best esports betting odds on the market.
Pinnacle is well known for consistently putting on some of the best sports betting odds in the world. But the brand has also become renowned for the quality of its esports odds. What’s best is that you can now bet with Bitcoin at this awesome online bookmaker. Read our Pinnacle review.
Of course there are many more esports betting sites out there who should be factored in. Many of these may not yet feature too many cryptocurrencies. But as the likes of Bitcoin get more popular, we can expect to see many more betting sites with Bitcoin appearing on the horizon.
FAQ - All About Betting With Bitcoin
Crypto betting just means that you make a deposit with a cryptocurrency like Bitcoin, and then use this as a stake for your bets.
It’s perfectly legal to gamble with Bitcoin in many countries. However each country will have its own online gambling laws. We’d recommend always checking the licensing of the betting site before you sign up for its services.
Yes, you should be able to use Bitcoin to fund your bets on regular sports like basketball and football, or esports like Counter Strike and League of Legends.
You should be able to enjoy the full range of esports betting options when you make Bitcoin deposits. This means enjoying anything from CSGO betting to bets on LoL, Dota 2, Overwatch, StarCraft 2, PUBG, Fortnite and much more.
Yes, there are many esports betting sites that have bonuses that you can claim by making a Bitcoin deposit. However, we have seen some betting bonuses that can only be claimed with more regular deposit methods. This means that you should always check the small print of any deal before you activate the special offer.