Bitcoin Betting-How to Use Bitcoin for Esports Bets

By Casinogurus

Bitcoin Esports Betting- How to bet on Esports using Bitcoin

July 21, 2021 | 840 Views

Esports betting websites offer a variety of ways to deposit and place bets. Credit cards, Bank transfers, and e-wallets are among the most popular ways to place deposits. Bitcoin is yet another popular banking option at esports betting sites. It’s become the most common way to deposit in some countries. After all, Bitcoin is decentralized and not subject to third-party control. As a result, it prevents banks and other institutions from blocking your deposits.

Making Bitcoin Deposits at Esports Betting Sites

Bitcoin may seem frightening at first. Though, it’s not any more challenging to use than standard payment options like e-wallets and bank transfers.

1. Get Bitcoin

The most significant barrier facing some bettors is simply obtaining Bitcoin. Luckily, you can instantly buy Bitcoin by visiting a suitable cryptocurrency exchange. First, it would help if you found an exchange that accepts fiat currency. Fiat refers to common currencies like USD, EUR, or GBP. Coinbase, Binance (US), and Gemini are among the most popular fiat-to-Bitcoin exchanges. The next move is to choose a payment option and enter your details. 

2. Set Up a Wallet

You can either move Bitcoin to a wallet or keep it on an exchange where you bought it. The benefit of keeping BTC on an exchange is that it involves minimum work. The disadvantage, though, is that you don’t have authority over the private keys. So if you’re dealing with a vital betting bankroll, you might consider transferring your funds to a Bitcoin wallet. This way, you’ll have complete authority over the BTC. 

3. Get the Betting Site’s Wallet Address

After determining how to store your BTC, you want to visit the sports betting website of your choice. Next, you operate to the banking section and get a casino wallet address. Next, you need to select Bitcoin from the possible banking methods. Next, a wallet address is generated. This address works as the recipient for the transaction.

4. Send BTC to the Sportsbook

The final measure is to deposit at the esports gambling website. To do this, you head to either BTC wallet or your exchange—wherever you’re depositing the coins. Here you need to enter the casino’s wallet address. After confirming the transaction, your funds should appear in anywhere from an hour to a couple of days. Of course, the wait time depends upon network blockage.

Why You Should Consider Bitcoin Esports Betting?

You may be significant with using credit cards or another standard banking method to put the deposits. However, you might still think of making Bitcoin esports bets for the following purposes.

Decentralized

Whether it be an e-wallet or bank transfer, every traditional esports banking method has a 3rd party behind it. These parties can determine whether to reject or allow your deposits. Bitcoin doesn’t have the same dilemma. It uses miners to facilitate transactions, but they can’t see what you’re using the reserves for. They don’t worry about what you’re doing with the BTC, either. Their only task is to solve computational puzzles, push deals through, and earn something of your Bitcoin in the process.

No Rejections

You never have to worry about putting in a deposit and later finding out that it was denied. All of your deposits will go through while using Bitcoin. Moreover, no 3rd party is looking over and scrutinizing what your activities are for. That said, you don’t need to bother about your credit score going below because you’re depositing at sportsbooks.

Low Fees

Fees become a problem over time when cashing out with an e-wallet or credit card. Both types of payment options take out around 3% of the total transaction. Bitcoin, on the other hand, doesn’t emphasize fees anywhere near this high. Alternatively, you can almost always achieve a withdrawal for less than 1% of the transaction amount.

Bitcoin Esports Betting Bonuses

Bitcoin esports bonuses are possibly the best thing about using cryptocurrencies at betting websites. Of course, some of these bonuses are enormous. But, for some reason, Bitcoin sportsbooks are just more reasonable. 

What to Look Out for With Bitcoin Esports Betting?

Bitcoin has its advantages as an esports banking option. However, you should also be aware of its disadvantages.

Slower than Credit Cards

The best thing about using banking options like credit cards or prepaid cards is that your deposits are instant. So you’ll get to place bets immediately when you have the urge to do so. Unfortunately, the same can’t be said about Bitcoin. As mentioned above, BTC may arrive within anywhere from a few hours to a few days.

Volatility

If you like wagering on esports, then you’re already a player. However, you might not favor increasing the gambling to the value of your bankroll. These waves are significant when they go into your service. But they can also make your bankroll worthless.

Wrong Wallet Addresses

The cardinal error of Bitcoin cashouts is sending them to the incorrect address. By doing so, you’ll almost definitely lose your BTC forever. The only way to get the Bitcoin, in this case, is if the receiver decides to return it. But, unfortunately, such Good Samaritan acts aren’t overly familiar in the crypto universe.

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Conclusion

 BTC is free and decentralized from third-party control. All of your Bitcoin esports deposits will go through due to this decentralization. In addition, BTC isn’t overall complicated to use. Once you have Bitcoin in hand, you’ll be able to make deposits instantly. The main thing involves assuring that you have the correct wallet address when transferring BTC to and from betting websites. Given that you get this step-down, then you won’t be having many problems making Bitcoin deposits.