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What is the Bitcoin payment system?

Bitcoin transactions are between peers without involving 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 bitcoin 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 acknowledges 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 that accept Bitcoin on customers who sign up using Bitcoin as a bookmaker payment method. Customers qualify for the bookmaker welcome bonus, free bets and other promotions like any customer using other payment methods.

There are no special betting bonus offers for Bitcoin gambling at UK bookmakers because Bitcoin is converted into fiat currency. The e-Wallet used to convert Bitcoin can determine the customer’s eligibility for a welcome bonus 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 online betting 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, online gambling is regulated by Government and legislation require that only persons older than 18 years and living in the UK are allowed to open a betting account 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 a betting account with an online bookmaker. All sports 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 online betting 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 online bookmakers that accept Bitcoin, is very easy to do. Choose Bitcoin as a payment option of your betting account 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 sports betting 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.

Top Bitcoin Betting Sites

The flare-up in Bitcoin’s popularity has resulted in a raise in bookmakers that accept bitcoin payments. There are so many sports betting sites that claim to be Bitcoin-friendly, and lack of a proper background check can pose a considerable risk. It is crucial to ensure that a website that offers and accept Bitcoin payments is reputable and legitimate. It should be regulated and licensed by the Gambling Commission of the UK.

The best Bitcoin betting sites, in reality, are just like the traditional bookmaker, the only difference is that they allow Bitcoin payments on top of other payment methods. Therefore, they should offer top-notch sports products, excellent customer service, and attractive bonuses and promotions. They should cover a wide range of betting markets, emphasising the popular ones like football, basketball, ice hockey, and netball. Besides, a good Bitcoin betting site will give clear and easy to follow instructions on how to go about Bitcoin deposits and how to withdraw winnings after betting.

Netbet and 22Bet are among the best Bitcoin bookmakers that accept Bitcoin payments and are fully licensed and regulated by the Gambling Commission. They have also gained good reputations over time for their excellent sports betting offers to customers.

Best Bitcoin Bookmakers

Is It Safe to Use Bitcoin for Sports Betting? Bitcoin Security

Yes, it is safe to use Bitcoin for sports betting only if the online betting site deposited to is legitimate and has beefed up security through data encryption. Much as Bitcoin transactions are anonymous, each online bookmaker should confirm a player’s identity through the personal information a player sends them. A compromise on this private data can cause the risk of losing funds from Bitcoin payments. Besides, bettors should make sure that their internet connections are secure.

Bitcoin security is guaranteed because the peer-to-peer transfer is usually private and confidential by default. There is, therefore, no risk of interference of personal details during a transfer. Besides, most of the top Bitcoin bookmakers operate entirely on the cryptocurrency blockchain and offer automatic transactions. Blockchain platforms offer excellent security as transactions are not approved by physical servers (humans) as in traditional payment methods. Bitcoin also provides a second layer of protection through the two-factor authentication to an online account.

Are There Any Deposit and Withdrawal Fees When Using Bitcoin?

Most of the top Bitcoin betting sites will not charge players for any of their transactions. However, a blockchain transaction fee applies for bettors who choose to use Bitcoin for payments. The blockchain charges a commission for all transactions, and not even the best bookmakers can escape this fee. It is safe to say that free Bitcoin betting is impossible if the transactions are over a blockchain. The fee is meagre and may vary depending on the activity of the blockchain. In times of low activity, the fee becomes so little that free bet chances arise. The only other time a customer will be charged while using Bitcoin is when there are currency conversion charges involved. Where there is no blockchain involved, deposits may be free, but some bookmakers will charge a fee for withdrawals.

Some Countries Have Banned Bitcoin and Bitcoin Betting Sites, Is This True?

Yes, some countries do not allow the use of Bitcoin and Bitcoin betting sites. This cryptocurrency is used in many countries globally, but some parts of the world do not accept Bitcoin for several reasons. Bitcoin is very volatile, has no central control, it is seen as a threat to the county’s monetary systems, and is mostly associated with illegal occurrences like money laundering. Some countries have completely banned the use of Bitcoin, while others have alienated it from their financial systems rendering it useless for use and trading. Some countries that have banned Bitcoin and mostly Bitcoin betting are as discussed below.

China – Bitcoin is completely banned, and all financial institutions are limited from transacting or dealing in Bitcoin. The government has taken stringent action against all Bitcoin miners.

Russia – The use of Bitcoin for transactions is illegal even though the cryptocurrency is not regulated.

Vietnam – The government and the central bank of Vietnam state that Bitcoin is not among the legitimate payment methods.

Bolivia, Columbia, and Ecuador – The central bank of Bolivia banned the use of Bitcoin and all other cryptocurrencies, while Columbia has banned the use and investment of Bitcoin. In Ecuador, all cryptocurrencies were banned through a majority vote by the national assembly.

Can Bitcoin Be Used in the UK?

Yes, Bitcoin can be used in the UK, especially in betting as the UK Gambling Commission gave UK based bookmakers the lead to allow Bitcoin for both deposits and withdrawals. Generally, the United Kingdom’s approach to cryptocurrencies is accurately proportioned. Cryptocurrencies have no outlined laws but are not regarded as legal tender and have registration requirements attached to them. They cannot be compared to conventional currencies because of their distinctive identity and taxes attached to them are based on the activities and parties involved. Gains and losses obtained from cryptocurrencies are subject to capital gains tax.

Generally, in the UK, Bitcoin can be used, but it considered a foreign currency. Bitcoin obtained from mining is not subject to any tax or VAT. Tax and VAT only apply to Bitcoin received in exchange for services. The tax is charged on the value of Bitcoin, in pounds, at the time of the transaction.

Bitcoin as an Alternative Payment Method. Pros & Cons

Advantages

  • It guarantees greater privacy - Bitcoin offers better privacy than other payment methods because no personal information is available on the Bitcoin wallet
  • It offers better safety - Bitcoin secures its users from identity theft as transactions happen with no personal details.
  • Most Bitcoin transactions are tax-free -there are no central authority that regulates this currency.
  • It guarantees financial security - As a result of the blockchain technology, no authority can freeze a Bitcoin account or take away the balance.
  • Fast payment transactions - It saves time as transactions are almost instant and way faster than ordinary payment methods.
  • It is averse to economic forces like inflation - The limitation of Bitcoin numbers stands at 21 million.
  • Currencies do not limit Bitcoin betting - Players can play at bookmakers that would be inaccessible to them.

Disadvantages

  • Bitcoin is untraceable -Investigating fraudulent activities is almost impossible.
  • Less available bookmakers - There are a few legitimate bookmakers who accept the use of Bitcoin.
  • Bitcoin is highly volatile - Its prices fluctuate every day.
  • Increased risk of scam - Numerous unlicensed Bitcoin bookmakers may be out to scam players.
  • Uncertainty - It is an experimental currency that may collapse at any time.

FAQs

Bitcoin is a digital currency that was launched in 2009. It is a decentralised currency, meaning that it lacks a central administrator. Bitcoin is open-source software that is open to all people and requires no middle man for transactions. Once transactions take place, they are authenticated and put in blockchains, which are public distributed ledgers. These transactions are powered by very complicated software that is hard to hack. People who purchase Bitcoins store them in a wallet. This wallet is the information that is required for a transaction to be successful.

The excellent news is cryptocurrencies are very safe for betting compared to other traditional payment methods such as debit and credit cards. Besides, settling for the most reputable crypto sports betting site ensures that the betting experience is more secure. Why are cryptocurrencies secure for betting? Here are a few explanations.

Cryptocurrencies are purely digital and rely on ultra-secure, top-notch technology known as blockchain processes. This technology makes it hard to hack, and there are no histories of transactions for cyber-criminals to manipulate.

The two-factor authentication makes cryptocurrencies safe for betting. This process needs players to validate their details before they can reach their digital wallet or place bets.

Yes, it is legal to bet using Bitcoins, although it depends on the law of a given country. In the UK, betting with Bitcoins is allowed by the Gambling Commission. Unless a particular jurisdiction has banned Bitcoin’s use, no law states that Bitcoin betting is illegal. Even though Bitcoin is not a legal tender, as long as the online bookmaker accepts the payment, there is no issue. Besides, where Bitcoin payment is accepted, it is crucial to carry out a background check and ensure that the bookmaker is licensed to avoid getting scammed.

Placing a sports bet using Bitcoin is quite straightforward. Selecting an excellent Bitcoin site is always the first step. After that, you should create an e-wallet to deposit funds to your bookmaker account or back to you after your bets are successful.

Funding your e-wallet requires you to purchase Bitcoin. After that, you can link your wallet with your betting site account and begin transacting. You can then convert the currency, which is a free and instant process. When your account has the funds, you can start placing bets on all available betting markets as you would with standard currency. Bitcoin bookmakers also have a welcome bonus, free bets, and many other sports betting tools, so take advantage of every available chance.

People prefer crypto betting to ordinary betting because it is fast and flexible. The transactions are almost instant, so a player gets to betting immediately without the hassle of waiting for the bookmaker to approve their payments manually. Crypto betting is the safest form of sports betting. Players love the fact that they can focus on exploring the sports offers and betting markets without worrying about unauthorised parties accessing their financial information. People also choose crypto betting because they can play anonymously without security threats from cyber-bullies.

Anonymity when using Bitcoin to bet online is one of the best and most sought after benefits. You don’t have to follow all the steps of account creation, provide proof of your ID and all other procedures in ordinary sports betting sites. All your incoming and outgoing transactions from your betting profile remain anonymous. All you need to do is adhere to all the set security measures, and you will always play without anyone tracking your gaming history.

Besides, the anonymity feature guarantees that no transactions are featured on your bank statements. To become completely anonymous, choose a bookmaker that is fully licensed and have an excellent reputation.