What is the Bitcoin payment system?
Bitcoin transactions are between peers without involving of banks or card processors. Bitcoins can be bought, exchanged or sold like any currency. Bitcoins are recorded in a public ledger (Blockchain). Coins are stored in a digital wallet as cryptographic keys.
When making a payment, the payee sent the coins digitally to the recipient. The digital wallet validates the coins with Blockchain and sends the coins to the recipient. The recipient digitally acknowledge receipt of the private cryptographic keys, which is then broadcasted on the network and recorded on Blockchain. The funds are then transferred to the recipient’s account.
Bookmaker Bonuses in the UK for Bitcoin Users
Currently, there are no limit restrictions by bookmakers accepting Bitcoin on customers who sign up using Bitcoin as a bookmaker payment method. Customers qualify for sign up bonuses, free bets and other promotions like any customer using other payment methods.
There are no special betting bonus offers for Bitcoin users at UK bookmakers because Bitcoin is converted into fiat currency. The e-Wallet used to convert Bitcoin can determine the customer’s eligibility for sign-up bonuses and free bets. Certain funding methods have restrictions on bonuses because of fraudulent transactions in the past and not because of the method of paying. Bitcoin is saving online bookmakers money because there is no payment to service providers like banks or card processors which make it a cheaper way of transferring money. It is also a very secure method of payment with the encryption of the cash and the identities of both recipient and payer verified. The use of Blockchain technology and cryptographic keys ensure that everything is legally above board. The prospect of fraudulent transactions is minimized.
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How to Register and Verify as a Bitcoin User?
In the UK gambling is regulated by Government and legislation require that only persons older than 18 years and living in the UK are allowed to open accounts with bookmakers, to ensure that no underage betting takes place. The legislation requires that anybody, granted a bookmaker’s license in the UK, must confirm the age, location and status of anybody opening an account with a bookmaker. All betting sites are required to do this by law.
Accounts must be confirmed and verified to prevent fraud and money laundering from taking place, by the use of gambling accounts. The fact that you pay with Bitcoin which is a direct transaction without any intermediary involved doesn’t absolve anybody from having to comply with all the stipulations of the legislation. But like when using eWallets to fund your betting you can be required to provide further proof of your ID.
How to Deposit and Withdraw Money Using Bitcoin?
Using Bitcoin to fund your betting with an online bookmaker accepting Bitcoin, is very easy to do. Choose Bitcoin as a payment option and enter the amount of your deposit. An address will be generated where the payment must be sent to. Copy or scan the address to the digital wallet, confirm the payment amount and send it to the recipient. Payment confirmation can take up to 30 minutes because of the way Bitcoin functions and the Blockchain process. When confirmed the funds will be in your account.
When requesting a Bitcoin withdrawal, the process is similar to any other payment method. Generate an address for the bookmaker to send it to and enter it with your withdrawal request. After processing the request the funds should show in your digital wallet. Keep in mind that your request might not be processed immediately and the Bitcoin process involved in transferring coins.
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