Much like various other forms of currency, you now have the opportunity to use the bitcoin currency to fund your online betting accounts. While it is not accepted everywhere, there are more and more opportunities opening up every day. Read on to learn more about bitcoin, bitcoin betting and what gambling games you can play using bitcoins.
Best Bitcoin Betting Site
[bonustable num=1 type=’Sportsbook’ orderby=’_as_rating’ sort=’desc’ ]
What is Bitcoin
Bitcoin is usually referred to as a digital currency. It is actually a payment system that exists entirely as a software based application. It was introduced in 2009 as open source software. Satoshi Nakamoto is the name credited with the creation of bitcoin but it is not known whether this is an individual or a group. Payments that use bitcoin use a public ledger and the payments work on a peer-to-peer basis. The original way to get bitcoins was a process called “mining”, which is a reward system for using your computing power to record and verify payments into the public ledger. Now you can find many places where you can buy them or trade goods or services for them. The market value for bitcoins fluctuates based on speculation and supply and demand, somewhat like the stock market fluctuates, and it can by quite volatile.
If all of that is confusing, don’t worry. The only things you really need to know are that you can use bitcoin just like regular money for many things, including placing bets online. Though it is not the same thing, you can just visualize bitcoin currency like money you have in Paypal or Neteller. The money is worth something, but only in exchange for things you can actually buy with it. Bitcoins act exactly the same way. Because of the way it works and the complicated manner of explaining and understanding it, you should only deal with companies who have been established for some time and people you trust when buying or using bitcoins. There are plenty of stories about uneducated consumers falling victim to scams revolving around bitcoins. This is not to scare you or to keep you from using them. There are plenty of honest businesses and individuals that use them. Just do your proper research before taking the plunge.
Where to Find Bitcoin Betting Opportunities
The easiest way to see if your favorite online betting site, poker room or casino accepts bitcoins for deposits is to check on their web site. For the examples in the next section, 5Dimes was used because they do accept bitcoins and are one of the largest and most trusted online gambling establishments in the world.
It is always important to understand where the price is set for the bitcoin transaction. For example, 5Dimes uses bitstamp.net to set the price of their transactions and currency conversions at the time of the transaction. There are usually restrictions to cashing out winnings using bitcoins. Make sure you check the terms and conditions before depositing to make sure you have a complete understanding of how withdrawals work. It is always better to know up front than have a nasty surprise at the end.
What Types of Wagers Can Be Made Using Bitcoins?
The good news is that any type of wager can be placed that an online gambling establishment accepts after you fund your account using bitcoins. Once your deposit is accepted it is no longer in bitcoin form and acts just like dollars or Euros or whatever currency you are gambling with. In other words, the bitcoin deposit is converted to your normal playing currency. The key is finding a sportsbook, casino or poker room that accepts bitcoins. Continuing the use of 5Dimes for an example, here are some of the wagers that can be placed.
In the sports book you can buy points, place straight bets, play round robins, play teasers and / or teaser progressives, lay reverse bets, totals, if bets, parlays, play office pools and rolling if bets. Wagers can be placed on sporting events from football (NFL, NCAA, Canadian), basketball (NBA, WNBA, NCAA, international), baseball, hockey, soccer (from over 20 countries), golf (PGA, European, seniors, ladies), motor racing, boxing, UFC and volleyball. As you can see, there are hundreds of combinations of wager types and sports to bet on.
Casino games that you can wager on using bitcoins include casino war, 3 card rummy, red dog, tri card poker, let em ride, Caribbean stud, blackjack, baccarat, craps, European roulette, French roulette, American roulette, keno, over 15 variations of regular video poker, 15 variations of multi hand video poker and over 100 variations of slot machine games including progressives and video slots.
Poker is available in ring game format, sit and go tournaments and multi table tournaments. The majority of game play focuses on Texas holdem, in both no limit and limit varieties, but you can also try your hand at Omaha or seven card stud.
Can You Place Mobile Gambling Wagers Using Bitcoins?
Just like the sportsbook, poker room and casino information listed above, you can use mobile devices to place wagers using bitcoins anywhere that accepts them as a deposit option. Just find the mobile app at your favorite sportsbook or other gambling site and download it to your supported phone or tablet to start playing on the move.
Bitcoin Deposit Bonuses
You may be eligible for a deposit bonus when you use bitcoins to make a deposit, just like if you were depositing using a credit card or Neteller. Just check with your online sportsbook or casino or check their promotions section for additional details. If you are unsure of the policy make sure to contact support before making a deposit to assure you remain eligible for any and all bonuses.
As you can see using bitcoins to place bets is just as easy as using any other kind of currency. By using a little bit of common sense in dealing with established companies and finding online gambling web sites that accept them as a deposit option, you can be placing bets in just a few minutes