BGBitcoin payments have become really popular recently. However, not all bookmakers accept those kinds of cash, so here is where you can bet using Bitcoin:
What are Bitcoin bookmakers?
As the cryptocurrency continues to increase in popularity, there are many new online bookmakers who accept only Bitcoin bets. They are the leading bookmakers that find their place among the Bitcoin bookmakers’ graph. We can also add to them those betting websites that accept deposits and withdrawals using cryptocurrencies and, in particular – Bitcoin.
If we take a look at the crypto-based online bookmakers, we can see that they could end up under severe pressure if the cryptocurrency collapses at some point. If this happens, their goal will fail. However, the situation is a little bit different for the betting websites that accept other types of payments, not only Bitcoin. Even if something goes wrong in terms of the cryptocurrencies, the additional deposit and withdrawal methods will still be an option for players to use.
What differentiates Bitcoin betting websites from the standard ones?
If we make a comparison between a Bitcoin bookmaker and a standard one, the main difference will be in two things:
- payment methods
- confidentiality of your personal information
The only accepted currency within the Bitcoin bookmakers is based on the cryptocurrency blockchain technology. Of course, apart from Bitcoin, other betting and gaming websites could also accept other similar currencies. Nevertheless, Bitcoin bookies are the most popular ones because this is the most famous electronic currency. That said, standard bookmakers offer a lot more payment options.
The other main difference lies in keeping your anonymity. With Bitcoin betting websites, players don’t have to provide a lot of personal information to the bookie that is otherwise required by standard bookmakers. However, this could also be a disadvantage because you might end up with a bookmaker who is trying to scam you. Legit companies offer a standard verification procedure that you use to confirm our personal data. By doing this, the companies know the user behind his website login, and there are no problems when it comes down to paying the winnings or accepting bets.
Are Bitcoin bookmakers legal?
The online bookmakers, which are based entirely on Bitcoin payments, are fully legal. You can find information about their license in the bottom part of their platforms, as well as on the websites of the different companies where they explain more about them. However, there is no doubt that there could be illegal Bitcoin betting bookmakers on the internet, so we advise you to avoid them.
The situation is similar among betting websites that only offer cryptocurrencies as a part of their payment options. They are licensed and regulated by the specific commissions, and their activities, including payouts, are monitored.
Are Bitcoin betting websites reliable?
Every Bitcoin betting website can be as reliable as the standard online bookmakers. If the company that manages the cryptocurrency betting websites has serious intentions to further develop its services in this industry, it will have a professional approach towards each of its customers. At the same time, it will also have an online gambling license. However, if it has a different goal, you will be able to tell that the given website is not good for you and you shouldn’t trust it.
The online bookmakers that don’t only offer bitcoin payments but other currencies that are not based on the blockchain technology can be considered as a little bit more reliable. That’s due to the fact that if there is a drop in the price of the cryptocurrencies, there probably won’t be many independent crypto bookmakers and crypto casinos left. However, other websites will continue to work.
Advantages and disadvantages of Bitcoin bets
The online bets done with Bitcoin have positive and negative characteristics, so let’s take a look at the main ones:
- They protect your anonymity
- Payments are made only via one currency
- You have all standard betting option at your disposal
- They only accept bitcoin payments or another cryptocurrency
- It is possible for those websites to disappear if the Bitcoin price collapses