How Bitcoin became a world beater
Bitcoin was launched in 2009 as a way for users to make peer-to-peer digital payments without the intervention of banks or financial institutions. The decentralised nature of Bitcoin meant that many governments were initially distrustful of how the cryptocurrency would be used. And ongoing concerns about the volatility of Bitcoin’s value has stopped it from truly entering mainstream use.
Despite this, it seems that Bitcoin is growing in popularity across the globe. There are now well over three million unique users of the cryptocurrency, and massive brands like Starbucks and Subway now allow customers to use Bitcoin for making payments. So although Bitcoin has been with us for less than a decade, it looks like it is only just getting started in changing the way that we can make payments online.
Why Bitcoin betting and esports were made for each other
One of the main advantages of using Bitcoin for esports betting is the fact that it can take relatively little time to add funds to your account and receive your winnings. Whilst debit card and bank transfer withdrawals can take many days to reach your account, Bitcoin users can look forward to getting their winnings much more quickly.
Some betting fans have also noted that Bitcoin can be handy for quickly signing up to a site. Some Bitcoin betting sites allow you to register with just an email address which is not only quick, but it allows you to register your account anonymously too. This also has the benefit of giving you increased security as your Bitcoin funds will stay separate from your regular bank account.
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Limitations of trying esports betting with Bitcoin
Thankfully, there are a few esports betting sites that allow you to make deposits and withdrawals with the cryptocurrency.
We should also mention the fact that some online betting sites also charge some fairly unreasonable fees for anybody using Bitcoin to make deposits and withdrawals. In addition to this, some esports betting sites don’t allow Bitcoin deposits to qualify for their welcome bonus promotions.
Finally we should also highlight the fact that Bitcoin’s price volatility means that it can sometimes be tough to know how much you are wagering with. Hopefully, all of these minor issues will be ironed out soon as Bitcoin grows in stature.
The best esports Bitcoin betting sites
Whilst there aren’t too many esports betting sites that take Bitcoin just yet, there are a few that we think should provide you with a safe and easy way to make deposits and withdrawals with the cryptocurrency. Here is a brief selection of the best Bitcoin betting sites.
NetBet shocked the sports betting world in 2016 when they became the first major bookmaker to accept Bitcoin payments. As a result you can make a Bitcoin deposit at NetBet to enjoy wagering on a decent selection of esports titles like Counter Strike Global Offensive, League of Legends, Starcraft 2 and Dota 2. You can make a free Bitcoin deposit at NetBet from anywhere between £10 and £500 at a time, and whilst withdrawals are subject to checks that can take between two and four days, you can withdraw from as little as £10. And what’s great is that you can use your Bitcoin deposit to qualify for the brand’s £50 extra bet welcome bonus offer. T&C apply, 18+.
If the esports betting options at NetBet feel a little limited, then you might have a better time using your Bitcoins at ArcaneBet. This is a dedicated esports betting site who facilitate Bitcoin payments to wager on a massive range of titles that range from classics like LoL and CSGO, to lesser-seen titles like King of Glory and Rainbow Six. You can make Bitcoin deposits and withdrawals at ArcaneBet from a value that is equivalent to €10, and the site state that withdrawals should take just a few minutes to process. Unfortunately, you can’t use Bitcoin deposits to qualify for the ArcaneBet sign up offer.
Betspawn are another dedicated esports betting site who have enjoyed plenty of popularity as a result of their decision to include Bitcoin payments. The site has a huge range of esports titles that include newer releases like PlayerUnknown’s Battlegrounds as well as classics like Call of Duty. Betspawn won’t charge you for making your Bitcoin deposits and withdrawals that must be a minimum of the equivalent to €10. Bitcoin deposits will be instant, and whilst withdrawals need verification, they should take just a few minutes to process. Thankfully, you can use your Bitcoin deposits to qualify for the Betspawn welcome bonus that can give you up to €133.70 in extra bets. Terms and conditions apply, 18+.
Why aren’t more bookies Bitcoin betting sites?
Bitcoin offers its users many benefits for esports betting, but it’s apparent that the majority of established bookmakers have yet to allow Bitcoin payments at their sites. This reluctance is fairly mysterious, but it could be due to Bitcoin’s notorious price volatility as well as the widespread misconception that the cryptocurrency is linked to illegal activities.
But as respectable and fully licensed bookmakers like NetBet have taken the plunge into facilitating Bitcoin payments, then we can hope to see more bookies using Bitcoin in the future.
Concluding thoughts on Bitcoin betting and esports
Although there aren’t too many betting sites that allow you to deposit and wager with Bitcoin, we are fairly sure this number will increase once the cryptocurrency becomes more established. We’ve shown you how licensed betting sites like NetBet, ArcaneBet and Betspawn have embraced Bitcoin and now allow their customers to make payments with the cryptocurrency. And whilst there are numerous media scare stories about Bitcoin, we are looking forward to the time when it becomes seen as being just as safe as using other payment methods like PayPal, Skrill or Paysafecard.
Whilst Bitcoin isn’t yet amongst the most popular online betting methods, it seems that its popularity amongst esports betting fans means that we should start to see many more bookmakers using the cryptocurrency in the future. So if you want a fast, safe and easy way to bet on esports, you can look forward to using Bitcoin at many more betting sites very soon.