Cryptocurrency is the way of the future in the financial world, and most businesses and companies are beginning to jump on board. Although there are other cryptocurrencies, Bitcoin remains the most widely used. As a result, it is gaining traction as an investment vehicle and a new means of acquiring goods and services, including betting on esports sites.
In the virtual world, esports betting and cryptocurrency share a relationship that connects the two burgeoning businesses. Therefore, although bitcoin betting for esports isn’t yet widely available, many forward-thinking esports betting services are beginning to respond to the growing public demand. So, what exactly is bitcoin esports betting and how can you start? Read on to find out.
First, you will need to open a cryptocurrency account, just like you’ll need to create an account with most banks and online payment systems. You may establish a Bitcoin wallet using various apps and services, including Trust Wallet, Coinbase, CoinMama, Metamask, and others.
You can then use that bitcoin wallet for gambling, to send and receive Bitcoin and other cryptocurrencies. While creating a wallet account, a seed phrase or authorization code will be sent, which should be kept safe and secured as this will help grant you access to your wallet account.
After setting up your wallet, you may begin making cryptocurrency deposits and withdrawals. To make a deposit, go to your esports betting site’s deposit page and select the deposit option. Choose Bitcoin as your payment method and enter the needed information. Normally, you will be given a Bitcoin deposit address to send funds to once you have joined an esports betting site that accepts Bitcoin.
If you want to withdraw your winnings in Bitcoin, follow the same steps. Select Bitcoin as your preferred payment option and enter the desired withdrawal amount. You’ll also need to submit your wallet address and other necessary information. Many of these esport sites do not require AML or KYC checks, making Bitcoin transactions into and out of an esports betting site less stressful. Withdrawals from some sites are performed instantly (sometimes requiring an email confirmation or two-factor verification), and you can track those transactions using blockchain technology. If you follow these steps, you’ll know how to use bitcoin for sports betting.
Using Bitcoin for esports betting has several advantages but also some drawbacks. Some of the advantages include:
Some of the drawbacks of bitcoin esports betting include:
Check what people say about the betting site on social media. The easiest way to receive the most reliable and honest reviews regarding Bitcoin betting sites is to go to forums and review websites.
The most crucial item to look for is the esport betting license of the company. It’s legal if it is licensed.
The site’s security is a major consideration in the selection. It is best to avoid it if it has previously been hacked.
The answer may differ depending on where you reside, so do some research or ask whether there are any regulations in your area that prohibit Bitcoin esports betting. If esports betting is already allowed where you reside, betting with Bitcoin should be no problem.
In conclusion, cryptocurrency adoption is sweeping many businesses and sectors, and the esports betting industry is no exception. Therefore, many esports betting sites now accept cryptocurrency as a deposit and withdrawal method.