Today we are going to talk about Bitcoin, the world's most popular cryptocurrency that started the whole blockchain craze that's still active to this day in age. Even though many people think of Bitcoin (and other cryptocurrencies) as a sort of an investment system, the reality is actually quite different. You see, cryptocurrencies aren't made to be investment opportunities… well, at least the majority of them. Instead, they are created to pose as alternative to online banking payments. Thanks to blockchain technology and unparalleled transaction security, Bitcoin (and other cryptocurrencies) have found their way onto the mainstream stage, since a few esports bookmakers has started to adopt this new payment method.. You see, that's basically why we have this Bitcoin eSports betting payment method review in the first place… To tell you more about the potential of using Bitcoin for eSports betting purposes. So, why don't we start off with the most basic question – what is Bitcoin?
What is Bitcoin?
To explain things as simple as possible, let's say that Bitcoin is a sophisticated system that enables transactions between users without banks or other transaction authorities to serve as middlemen. Bitcoin is created digitally and stored digitally, thus it doesn't have a physical form such as conventional paper currencies. The biggest virtue of Bitcoin is its decentralization. To translate it to Layman’s terms, no single institution has direct and total control over the Bitcoin network. Instead, it is governed by volunteer coders and operated by a huge computing network spread all across the world. This essentially makes Bitcoin the safest alternative for online payments and opens the door for clients which don’t want the banks or government institutions having full control over their money. With all that being laid on the table, it’s time to dig deeper and see whether or not Bitcoin can be used for betting on eSports via online eSports bookmakers. So, without any further adue, let’s jump straight to action!
Can You Bet on eSports Using Bitcoin?
Let's kick things off with the simplest answer – yes, you can bet on eSports using Bitcoin… and don't worry, we'll tell you all about that process! For starters, let's just say that eSports betting with Bitcoin is a lot simpler than you'd come to think. Usually, when the mainstream media focuses on Bitcoin and other cryptocurrencies, they usually describe it as a payment system for nerds. It’s quite the contrary actually – Bitcoin is as simple as it can be! After all, its simplicity is what brought it worldwide popularity! So, for example, if you want to bet on eSports matches with your secret Bitcoin stash, all you have to do is find a Bitcoin bookie and you’re good to go. Yes, you will need to use alternative eSports bookies since none of the most popular ones feature Bitcoin among their payment method. If you want more details about the process of eSports betting using Bitcoin, there is more info right down below:
How Does Bitcoin eSports Betting Work?
Like we just stated above, betting on eSports via Bitcoin is an easy task. Still, our Bitcoin eSports betting review couldn’t be complete without aa more in-depth explanations. So, here goes… Let’s assume you already have a small Bitcoin stash ready for your betting endeavors. You’ll have them stored at a wallet (offline or online, it doesn’t really matter) which has a code (a strain of letters and numbers) associated to it. Once you find a Bitcoin eSports bookie that fits your needs perfectly, simply go to the deposit section, enter your wanted amount and you will get a wallet code you need to send the amount to. This process slightly varies from bookie to bookie but it’s something you can generally expect if you want to partake in eSports betting via Bitcoin.
Most Popular eSports Bookies That Feature Bitcoin Payments
Each proper Bitcoin eSports Betting Review needs to have a section dedicated towards the most popular eSports bookies featuring bitcoin payments, don’t you agree? Well, if you are looking for exactly that, here are our top Bitcoin betting site picks for your convenience:
NitrogenSports should be your go-to option as far as eSports betting via Bitcoin is concerned. With plenty of eSports markets to count on and generally high betting odds, you can think of NitrogenSports as the Bitcoin eSports betting heaven.
Pinnacle was one of the world’s first online bookmakers to offer Bitcoin transactions to their clients. The biggest difference between NitrogenSports and Pinnacle is the fact that Pinnacle is not a Bitcoin-only bookie. In addition to Bitcoin (which goes over BitPay protocol), Pinnacle also offers a wide variety of additional payment methods.
Tip: An alternative that you can do to be able to use your Bitcoins and other cryptocurrencies in the eSports betting sites is through your account in Neteller or Skrill, these pages allow you to recharge your digital wallet with BTC, since many bookmakers accept these payment platforms, once your digital wallet is loaded, you are ready to bet on your favorite teams!
Bitcoin eSports Betting Review | Is it Cost Effective?
As far as fees and cost-effectiveness of Bitcoin eSports betting goes, you can rest assured the situation is pretty good. Bookies usually don’t have drastic fees set up for Bitcoin payments. However, even if bookies state the transaction fee as free, you will still have to pay the miners’ fee. We don’t want to go into too much depth regarding miners’ fees since it’s a huge topic. Instead, let’s just say that miners’ fees are required for each Bitcoin transaction. During the “golden era of Bitcoin”, miners’ fees were sky high so many people steered off from frequent transactions, something that Bitcoin betting relies on. Luckily, these fees have dropped down with the fall of Bitcoin value in 2018 so eSports betting with Bitcoin is now cost effective yet again.
How to Set Up Bitcoin?
Setting up Bitcoin doesn’t take a genius. However, it can take quite a bit of time since you’ll be going back and forth through websites until you find a pair that works the best for your needs. To help you out and prevent you from wasting too much of your time, we sincerely recommend using one of many online Bitcoin ATMs. These are the most beginner-friendly places to buy Bitcoin online so you should definitely check them out. Furthermore, you will need a dedicated wallet to store all of your newly purchased Bitcoin. There are plenty of options available online with the most popular ones being MyEtherWallet and Jaxx. Pick one and stick with it, that’s the best advice we can give you.
Can Bitcoin Be Used for Both Depositing and Withdrawing Funds?
Yes, most (if not all) eSports bookies that feature Bitcoin bets allow their clients to deposit and withdraw funds to/from their Bitcoin wallets. The specific deposit/withdraw processes, once again, vary from bookie to bookie so you will have to do the research on your own. Still, as far as this matter goes, you can rest assured eSports bookies will allow you to deposit and withdraw funds, all using Bitcoin… and we all know that’s a rare occurrence with online payment alternatives. Another plus for Bitcoin, don’t you agree?