Bitcoin Sports Betting in 2021
Bitcoin has been trending for a while now, so what has become of this innovation from a sports betting perspective? Is betting with Bitcoin finally possible in France? We will answer this question in the next few lines. We will realize that Bitcoin is much less present than expected, although it has managed to make a small place for itself in our daily use.
In addition to being a reliable and reputable bookmaker, offering interesting bonuses and promotions and quality services, 1XBet offers the possibility to place your sports bets in Bitcoin, an alternative that will delight many online bettors. 1XBet is one of the best bookmakers to place your sports bets in Bitcoin, but several sites accepting cryptos nowadays.
Unibet may very well offer Bitcoin sports betting in the near future. Indeed, Unibet aims to make the payouts on its platform as permissive as possible, and among the big betting sites it is the only one to offer a threshold of only €5. And even with such a small minimum deposit, Unibet does not charge any fees. Thus, we can predict a launch of sports betting with Bitcoin at Unibet in the near future.
Unibet is one of the leading players in sports betting. Its communication is everywhere on the Internet, social networks and even on television. Its major arguments are the boosted odds, the ease and intuitiveness of use and the quality of its mobile application. You can find more details in our article dedicated to Unibet.
Bitcoin is, according to its aficionados, a revolutionary currency, which represents the future of value exchange. But it has many detractors because of its anonymity of transactions and the difficulty of traceability.
Today, it remains quite useless in everyday life, even if many innovations have been made. No bitcoin sports bets can be made legally in France. Some cards and banks support crypto-currencies particularly well. Here is a quick summary of the strengths and weaknesses of Bitcoin payments:
It is not yet possible to find a betting site offering Bitcoin that is completely legal in France. Sports betting sites with Bitcoins do not exist yet. There are many casino sites online, perhaps even sports betting sites, but these are not licensed in France.
It’s hard to say how illegal these sites are, but paying too much into your checking account could put you in an irregular situation in the eyes of the tax authorities, as these winnings are difficult to declare.
- Fast payments
- Centralization of all transactions
- Data security
Is betting online with bitcoins secure?
Bitcoin and blockchain are often presented as perfect solutions in terms of security. Is this really the case? The main argument for paying for sports betting with bitcoins is database security.
To make a long story short, blockchain is a technology that stores transaction data on many virtual storage spaces instead of just one, like a bank’s servers. This is because it is harder to corrupt thousands of devices than a single server. Bitcoin sports betting is just as safe as traditional betting, so the same security measures should be taken up front.
Now, there is still the user side of the Bitcoin bookmaker, which is similar anyway for all payment methods. If someone steals your crypto wallet credentials, then it will have the same consequences as stealing card information. Banks on the other hand now always have a double authentication system, where it is optional for your crypto currency service credentials.
In other words, always make sure that the information under your responsibility is perfectly secure before dealing with the bank or blockchain side, attacks most often come from a compromised user.
How to get Bitcoins?
Bitcoins, or rather Bitcoin fragments, can be obtained via many exchange services found on the Internet. A commission will be taken on the amount you wish to invest, so you will not get as good an exchange rate as the exact value of the Bitcoin, so it is not advisable to exchange euros or any other currency simply to bet online with Bitcoin.
If, however, through other activities you obtain Bitcoin and wish to use it on the Internet, then a simple wallet management service will suffice, with the possibility of spending and depositing it. A sports betting site with Bitcoins will guide you on how to credit your balance in Bitcoin, and how to withdraw it. All of this is done through encrypted addresses.
How to make a deposit
Once you have your Bitcoin address in your possession, head to your favorite bookmaker’s website or app if they offer Bitcoin sports betting. First, on the homepage of the site or app, go to the deposit menu. This is usually displayed after clicking on your balance or account name in the top right corner. Then, simply click on the “make a deposit” button that should appear.
In the drop-down menu, you’ll get more details about the different options available to you, as well as caps and fees, which are mostly non-existent. Select Bitcoin or a crypto-currency service, you will need to check that your bookmaker offers it first. Finally, you will arrive at the classic form with a field to enter your Bitcoin address or the credentials of your crypto-currency service. The transaction should take a moment. You are ready to enjoy your newly credited balance!
Time limits and fees
The first Bitcoin sports betting site to emerge will likely feature instant payment, as is the case with 90% of payment methods today. This is indeed an advantage of the blockchain, transactions that take place in an instant. There are no limits either, even if we can imagine a threshold, perhaps higher than for bank cards, because it is a less popular payment method.
For the fees, on the other hand, we can already foresee them being quite high, since a foreign exchange service is mainly remunerated via these. There is no concrete comparison of fees here, as there are no sports betting sites that use Bitcoin at the moment. Sports betting sites with Bitcoin are not crowded today, but we are not immune to seeing them arrive soon.
However, they will have to be accompanied by a change in the legislation on the subject, otherwise the supply will risk arriving without the withdrawal in Bitcoin of the sports bets with Bitcoin that are winning, and therefore with a compulsory exchange service that risks serving Bitcoin users.
Once properly set up, we can expect instant payments that are more secure than credit card payments thanks to the blockchain, if you at least use a double authentication service.
How much does Bitcoin cost?
Bitcoin is a crypto-currency, so its price fluctuates all the time and to give a fixed value here would be misleading. There are many services available to take into account the live price.
Are there Bitcoin Bots?
Yes, if you want to trade it is a good idea to check out some review, find out more here.
How does Bitcoin pay for itself?
No one owns bitcoin, but if you use a transfer service, then it will pay a fee, in addition to the transaction fee paid to bitcoin miners.
What are the Bitcoin wallet services?
There are many, and better informed sites will offer a comparison of these solutions for you to choose from. Check which ones are accepted by your Bitcoin bookmaker.
Can I withdraw my Bitcoin winnings?
French law only allows withdrawals through bank accounts, to avoid money laundering. Thus, it would take an additional legislative change to allow Bitcoin withdrawal in addition to supply.
How does the support of a Bitcoin payment work?
If you are using an exchange service, contact them, otherwise the support of the Bitcoin sports betting site will do.