Welcome to our Bitcoin FAQ page. With the increase in popularity of Bitcoin, and Betting Sites accepting it, we’ve added this FAQ page for your benefit. Here we answer some of the common questions you might have about Bitcoin and how to use it at the sportsbooks.
Before you get started, we highly recommend reading our Bitcoin Betting Sites page to familiarize yourself with the options available in terms of Bitcoin Sportsbooks.
Is Bitcoin legal?
In most jurisdictions, the answer is yes.
While Bitcoins can be more difficult to obtain and purchase in some countries, the United States for example, has not yet completed legislation when it comes to Bitcoin.
There are some countries that do have laws against competing currencies and currencies that are not regulated by a Central Government, but since legislation has not been implemented in the United States, the purchase of Bitcoin is legal at this point in time.
Should the United States government move on legislation as it pertains to the purchase and regulation of cryptocurrencies such as Bitcoin, it will be widely reported and readily available in the news media, so you should get an answer very quickly should something change in this area.
Is Bitcoin Anonymous?
While not 100% completely anonymous, Bitcoin does a much better job of protecting identities than the use of a credit card or bank account information does.
Transferring Bitcoin does not require any personal information or a confirmation of identity, and there are certain avenues users can take to increase the protection of their identity.
The use of the block chain makes it very difficult for Bitcoin purchases and transfers to be tracked as opposed to the classic “paper trail”, another reason why the use of Bitcoin protects privacy at a superior rate to classic forms of depositing.
What is a Bitcoin Wallet?
In short, a Bitcoin wallet is a software program where Bitcoins are stored. In other words, a Bitcoin wallet is a digital wallet or virtual wallet where your Bitcoins are kept.
Digging a little deeper, Bitcoins are technically not “stored” anywhere, but are rather assigned a private key, or a secret number, for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the coins.
Your Bitcoin wallet takes care of sending and transferring your Bitcoins and provides ownership to the balance user.
There are four main types of wallets that we will break down.
Since Bitcoin wallets are of high-value to potential hackers, it’s important to be careful when selecting which type of wallet to use, with the safest of the bunch, by far, being the hardware wallet which is offline and physical.
Where Can I Bet with Bitcoin?
The use of Bitcoin on online betting sites is surging in popularity, which in turn means more and more betting sites are accepting Bitcoin for deposit.
The use of Bitcoin with betting sites has its advantages in the form of low transaction fees and timely payouts, which dwarf the fees and payout efficiency of traditional cashier methods. Therefore, most all of the main and reputable betting sites are now accepting Bitcoin and some are even beginning to provide Bitcoin-specific bonuses as a result.
Since there are many sites to choose from when betting with Bitcoin these days, you can identify what is most important to you in a betting site.
Perhaps a user-friendly interface is important. Of course, competitive odds are important, so this can be another aspect of your decision making. If you are a football-only bettor there are some sites that provide specific football-related bonuses and Super Bowl bonuses as well. There are also sites that have first-time deposit bonuses that are attractive.
The important thing is to do your research and decide which site, or sites, works best for you. Sometimes it is prudent to use multiple sites to take advantage of multiple offers or more competitive odds all at once.
Peace of mind is important, so do your research and select which site(s) works best for you!
Is Bitcoin Safe?
In today’s tech and digital age, nothing online or related to technology is 100% safe. What Bitcoin does do is provide more protection than traditional avenues of betting in the form of a credit card or the use of bank account numbers and information.
Its near-anonymity is a big factor these days in betting with Bitcoin online, but there are other things to keep in mind too.
The price of Bitcoin itself fluctuates. Therefore, when betting with Bitcoin, your profit depends on both the success of your bet and the price of Bitcoin. If Bitcoin decreases in value, so do your profits. Of course, the opposite works as well if the price of Bitcoin increases.
It’s certainly more complicated than cash transactions. There are many things to learn about Bitcoin which need to be taken into account before betting with Bitcoin. The wallet, for instance, is one of those things. The market fluctuations and legality are a couple more.
While not 100% safe and not 100% immune to hackers and cyber attacks, the use of Bitcoin when betting online is a safer method than traditional methods, just make sure you are comfortable before moving forward.
