Cryptocurrency betting is becoming increasingly popular, just like cryptocurrency itself. Crypto is a digital asset that works as a form of currency, with each different cryptocurrency having different features. It’s become popular because of the wild investment culture, and its utility as a decentralized currency. It is also a conversation topic filled with buzzwords, so if you’re unfamiliar, check our page cryptocurrency betting for additional info including terminology and comprehensive industry insights.

Crypto gambling is very similar to regular gambling, but instead of traditional currency crypto is used. Bitcoin is the most famous and discussed form of crypto, with the highest market cap and most widespread use. Bitcoin sports betting is growing in popularity, so let’s talk about what it is, how to do it, and where to do it.

Profile of Bitcoin

Logo:

Initial release: January 9th, 2009

Creator: Satoshi Nakamoto (pseudonym?)

Market Cap (at writing): $706.56 Billion USD

Supply Limit: 21 Million

What is Bitcoin?

Bitcoin is the cryptocurrency that started it all. Bitcoin was the first decentralized cryptocurrency ever made. It was created by someone either named Satoshi Nakamoto, or someone using that name, as the actual identity of the creator of Bitcoin is unknown.

Bitcoin is powered by the use of blockchain, a digital ledger system that was created alongside Bitcoin to make it work. Blockchain keeps track of transactions using this cryptocurrency, which helps give it viability and makes it a meaningful system of transactions.

Bitcoin started off selling for mere cents per coin, but at its peak in 2021 was being traded at around $65,000 per coin. This has led to a huge surge in investor interest in cryptocurrency and led many people who have never invested before to hop on the cryptocurrency wagon.

Buying Bitcoin isn’t hard, as it’s sold by many reputable online sellers, and now many convenience stores and corner stores offer ways to buy Bitcoin. The way to store Bitcoin is through a crypto wallet, a device or software made specifically to hold digital currency.

What makes Bitcoin different from other cryptocurrencies.

  • Bitcoin is the first decentralized cryptocurrency and has the highest market cap
  • Bitcoin is the most accessible and widely trade cryptocurrency
  • Bitcoin has limited the supply unit, meaning at some point no new Bitcoin will be created
  • Bitcoin must be digitally mined to be created
  • Bitcoin requires energy to mine, and currently more energy goes towards powering Bitcoin than the whole country of Argentina
  • The first-ever exchange of Bitcoin for a good came in 2010 when someone paid 10,000 Bitcoins for two pizzas. At the time, that was worth $41. Now, it is more than $30 million.

How to bet with Bitcoin

Crypto sports betting sites are out there, and they allow you to use cryptocurrency like Bitcoin to place bets. You can deposit with Bitcoin, and withdraw with Bitcoin. This saves you money on transaction fees from banking, as Bitcoin is decentralized so doesn’t go through a bank.

Here’s a breakdown of how you can use Bitcoin for crypto gambling.

  • Step One: Make an account with an online sports betting site that accepts Bitcoin deposits and withdrawals
  • Step 2: Set up a Crypto Wallet
  • Step 3: Establish an Exchange Account
  • Step 4: Buy Bitcoin and send it into your wallet
  • Step 5: Deposit the Bitcoin into your betting account
  • Step 6: Win big with Bitcoin!

Bitcoin betting vs regular betting

We gave you a breakdown of what Bitcoin is, and how to bet with it, now let’s compare Bitcoin betting and betting with more typical banking methods.

Longer Set-Up Process

If you’re using traditional banking methods, there’s no need for something like a crypto wallet or a crypto exchange. That means it can take less time for the setup process to happen. However, if you already are an experienced crypto user with all these things already in place, then this doesn’t make any substantial difference.

Quicker Transactions

Bitcoin transactions, for both deposits and withdrawals, are processed within minutes. If you’re using a traditional banking method, this won’t be the case. Because banks are set up to avoid fraud, it can take days to verify transactions. Bitcoin cuts the third party out of the picture, making transactions significantly faster.

Quantifying Stakes

When you’re betting with traditional banking methods, it is easier to understand how much you are betting. Using fiat currency, the amount you wager is very clear. With Bitcoin, you are gambling in Bitcoin. The price of Bitcoin rises and falls based on the whims of investors, so actually knowing how much you are betting is harder to quantify.

Limited Sites to Use

With regular banking methods, every gambling site that is operating in your region is available to you. With crypto sports betting, your options are more limited. There is not the same number of sites that offer Bitcoin betting, so you may find yourself using a site you don’t care for as much just because it offers crypto gambling.

Where can I bet with Bitcoin

Now that we’ve explained all about Bitcoin betting, you’re probably wanting to get started. To do that, you’re going to need to find a crypto betting site that accepts Bitcoin as a deposit/withdraw method.

There are two different kinds of betting sites that would accept crypto. There are ones that exclusively accept crypto as a payment method, and there are ones that offer hybrid banking, with both regular payment methods and cryptocurrency.

Here’s a list of a few sites that accept Bitcoin:

  • Powerplay
  • Bet99
  • Bodog
  • Stake
  • io
  • Cloudbet

Other cryptocurrencies for betting

Bitcoin is far from the only form of cryptocurrency. There are numerous different cryptocurrencies, each with unique features that set them apart. Here are some of the other cryptocurrencies that can be used for crypto gambling. We’ve provided more comprehensive breakdowns for each of these, but here’s a brief summary of what sets these coins apart.

  • Ethereum: Ethereum is the cryptocurrency with the second highest market cap behind Bitcoin. Ethereum was crowdfunded into development and went live in 2015. Since then, it has seen its value skyrocket as it becomes one of crypto’s leading currencies.
  • Binance Coin: Binance Coin is a coin that was launched in 2017, and has quickly risen to have the 4th highest market cap of any cryptocurrency. It is used to buy and pay fees on the Binance Exchange, the largest cryptocurrency exchange in the world.
  • Ripple: Released in 2012, Ripple is a currency exchange that is operated by Ripple Labs. Their actual currency is called XRP and has the 6th highest market cap of any cryptocurrency.
  • Dogecoin: Starting as a meme, Dogecoin became a favourite of investors to quickly rise to a legitimate form of currency, with the 7th highest market cap of any coin. Championed by investors like Elon Musk and Mark Cuban, this crypto coin is one to keep an eye on.
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