Bitcoin Betting Sites

Bitcoin is a method of payment that is becoming popular at sports betting sites. Before long, it will be a payment method that is accepted at most gambling sites. In this review, we will reveal all that you need to know about the Bitcoin banking method as well as the best Bitcoin betting sites that accept Irish players.

What is Bitcoin?

Bitcoin is a digital currency that people can use on the Internet to purchase products and services. At the time of writing, there are not that many online shops that are happy to accept it. If you want to buy BTC, then you can do so by heading over to their site. The coins you purchase will be sent straight to you, and you can store them in your crypto wallet. Some of the best ones out there at the moment include Exodus, Coinbase, Mycelium, and Electrum.

Why Use a Bitcoin Betting Site?

Bitcoin, like every other payment method, has pros and cons. Let's go over some of the benefits and downsides of Bitcoin betting sites.

Advantages

Lower transaction fees: When compared to other payment methods such as PayPal and credit cards, Bitcoin has lower transaction fees. The fees can vary, but it is rare for a BTC transaction with a fee higher than 1% of the value. With other digital payment methods, it is usually at least 2-3%.

Transactions are a lot quicker: When you use BTC, the whole process can be completed instantly or in as few as ten minutes.

There is more privacy: With Bitcoin, you can completely separate your crypto account from your public persona which offers more privacy.

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Disadvantages

Attractive to cybercriminals: Many law enforcement agencies do not prioritize Bitcoin theft, allowing cybercriminals the opportunity to target BTC wallets. However, Bitcoin has built-in security measures, so using it doesn't leave you completely unprotected.

The value fluctuates a lot: Bitcoin's value is something that is changing all the time, so one day, you could be very wealthy and then the next day your coins could have lost a lot of value.

Not all bookies accept it: While the number of Bitcoin betting sites is increasing, you won't find BTC as a payment method at every bookmaker you come across.

Are Betting Sites That Accept Bitcoin Secure?

As we already hinted, one of the disadvantages of using Bitcoin is that hackers can try to steal your coins. However, when it comes to betting sites that accept Bitcoin, you do not have to worry about that because as soon as you deposit your coins with them, you can be certain that they are safe. This is because betting sites make use of some of the best security technologies like SSL encryption, ensuring that your personal details and funds are extremely safe from online hackers.

Fees and Commission for Using Bitcoin

When using Bitcoin on betting sites, you typically don't pay direct fees, but you will need to pay a miner’s fee for your transaction to be processed by Bitcoin miners. Miners play a crucial role in maintaining the blockchain, adding new blocks, and securing transactions. In return for their work, miners earn Bitcoin rewards and transaction fees. Since miners are not required to process transactions in a specific order, they prioritize those with higher fees. This means they tend to select transactions with higher fees over those with lower or no fees. However, on average, Bitcoin transaction fees are significantly lower than those of many other payment methods.

What You Need to Know about the Bitcoin Payment Method