Best Betting Sites with Bitcoins in UK

All Sports Betting Sites with Bitcoins

Bitcoin is a digital currency that has taken the internet by storm over the last decade. It’s completely decentralized and operates through a ‘public ledger’ which is overseen by numerous individuals. Each transaction is encrypted and added to this database. The actual transactions are anonymous and secure. It must be remembered that the currency is fully virtual. The use of Bitcoin as a payment option has become widespread and widely accepted as a credible source (albeit there’s a stigma attached to Bitcoin as many illicit interactions on the black market make use of it). Nevertheless, Bitcoin has managed to find itself being used on betting sites in the UK. Over the last 3-4 years, operators have begun accepting Bitcoin as a payment option. Due to its autonomous nature and complex algorithms, Bitcoin possesses the innate ability for faster, more secure transactions. If you’re looking for a more generalized overview, you can visit our deposit methods guide.

Making a Payment with Bitcoin

 Opening an account and buying Bitcoin might seem like a daunting process. Fortunately, there are so many guides available that will walk you through the process one step at a time. Below, you’ll find a brief explanation of how to open an account with Bitcoin, verify your account and successfully deposit funds from your Bitcoin Wallet into your chosen betting operator’s account.

Opening an account: Firstly, you’ll need to download a Bitcoin wallet. Just like any other e-wallet, this will allow you to exchange Bitcoin and store it. Downloading the app is straightforward. Once you have the app, you’re able to buy Bitcoin or use a Bitcoin exchange to buy Bitcoin using your bank account. To read up about other deposit methods, check out our credit card guide.

If you’re required to verify yourself, you will need to provide a copy of an identification document and a utility bill. This process will be verified by the Bitcoin platform in a matter of hours.

You can now access a Best Betting Site with Bitcoin UK and log on to your profile. Find the ‘deposit’ option and you’ll find there is a Bitcoin address. Use this address and enter it into your Bitcoin wallet send option. You can also enter the amount and then click send.

Average Time of Bitcoin for Deposits and Payouts

 One of the most pressing questions for any punter is knowing how long deposits take to clear in one’s online betting account. It’s common practice for the more conventional deposit methods to take anywhere from being instantaneous to a couple of days. Banks have the ability to slow down or even block transactions with gambling sites. These transfers must be processed and guaranteed by a third-party. When looking at Bitcoin, the entire process works differently. There is no need for verification by any outside party. The transaction is verified online through an encrypted mathematical formula and entered into the block-chain. No need for external scrutiny. This means that your deposits and payout withdrawals are almost always instant. On average these transactions will take 3-5minutes. When looking at all the Best Betting Sites with Bitcoin in UK, the longest waiting period was a mere 45 minutes. Greatly more efficient than any other transactional time.

Bitcoin Verification Requirements

The process whereby one verifies their account on a Bitcoin platform is no different to any other. Bitcoin is synonymous with anonymity and you might be surprised to hear there are certain requirements in terms of identification handling. Once you’ve decided on a particular platform (there are many different exchange platforms to choose from), you’ll need to access the site and begin the sign-up process. Firstly, you need to provide a valid number. You’ll receive a code which you can enter on the site, thus linking your cell number to your profile. Once this is complete and you actually wish to start buying the cryptocurrency which is Bitcoin, you are required to verify your identification. In most cases, a copy of your driver’s license or ID should be sufficient. You might need to provide a utility bill as this will state your most recent address. Your documents will be verified – usually a couple of hours. It has been said it’s possible it can take quite a few days. However, these are rare cases. Once verified, you can buy Bitcoin and begin funding any Online Bookmaker with Bitcoin.

History of Bitcoin

As you already know, or would have picked up by reading the above information, is that Bitcoin is a cryptocurrency. A completely virtual currency unlike the fiat currencies we’ve all become so accustomed too. Non-tangible, decentralized, and completely free form third-party manipulation. How did Bitcoin come to be? The entire idea was put forward near the end of 2008 through the publication of a paper outlining and detailing this electronic cash system. 3 months later and it materialized in the form of the first block of the block-chain. The true identity of the creator of Bitcoin is still unknown to this day. Some might find this difficult to reconcile when buying into Bitcoin. Too many grey areas. However, this emphasis on anonymity has persevered and become rather popular. The code for mining these blocks (which ultimately are made up of different transactions) became open to the public. Bitcoin started to trade and in 2010, the first item was bought using Bitcoin. There’s been no looking back since then, and Bitcoin has continued to spread. By 2014, Bitcoin had emerged in the online gambling world. The industry of cryptocurrency gambling and specifically Best Betting Sites with Bitcoin in UK and Sports Betting Sites with Bitcoin has increased ten-fold since then. The ability to separate your Bitcoin exchanges from traditional bank accounts is an attractive option for many punters.

Bitcoin to Other Providers Compared

 Bitcoin compared to bank transfers: The fact of the matter is that Bitcoin is superior in most ways when looking at these two methods. It has been proven through and through that Bitcoin deposits and withdrawals are much faster than other methods of depositing. These transactions occur instantly. In most cases, it’ll take longer deciding on an Online Bookmaker with Bitcoin, then actually depositing funds. Seamless transactions are a big plus. If you feel more comfortable with bank transfers, take a look at our bank transfer guide.

Bitcoin compared to e-wallets: There are usually higher limits with Bookmakers with Bitcoin than when depositing with e-wallets. There are also special bonuses that many of the Best Betting Sites with Bitcoin in UK offer. Be sure to look out for them and capitalize.

Overall, Bitcoin has become a great alternative source of funding for online gambling. Punters are beginning to find that it’s not always easy depositing and withdrawing conventional currency from these sites. Various internal issues or third-party processing hiccups cause delays or outright cancellation of transactions. Bookmakers with Bitcoin do not seem to have this issue. If you’ve become more accustomed to more mainstream deposit methods, consider reading our Skrill deposit guide and our Neteller deposit guide.

Most Popular Deposit Methods

 A main source of concern is the fact that using an Online Bookmaker with Bitcoin might lead to fraudulent behaviour. On the other hand, you might be worried about internal hacks and losing your Bitcoin. From a Bitcoin perspective, there are very secure measures in place which limit the possibility of a hack occurring. In the past, there have been a few instances of Bitcoin being hacked. The chances of this have greatly been reduced. From a licensing point of view, the Best Betting Sites with Bitcoin in UK are fully licensed to accept Bitcoin as a payment option. These sites have been subjected to an external audit. Testing agencies ensure that an Online Bookmaker with Bitcoin is capable and allowed to oversee transaction of this sort. As an individual, you will not be held liable for funding your account with Bitcoin.

Bitcoin FAQ’s

 Q1. If I use Bitcoin, do I remain anonymous? 

One of the very attractive qualities of Bitcoin is the fact that users who enter into transactions remain anonymous. If you are concerned about your privacy when gambling online, you can rest assured it won’t be a problem.

 Q2. Are there bonuses when depositing and withdrawing from Bitcoin? 

 Yes, many Online Bookmakers with Bitcoin offer lucrative bonuses that are only applicable if you are using Bitcoin to fund your account. This is set to rise in coming years, as cryptocurrencies become a mainstay of digital banking methods.

 Q3. What kind of fees do I incur? 

 Due to the fact that you are not requiring the services of a central regulatory authority or any third-party member, most of the time you will not incur additional fees. Bitcoin in itself will not attach transactional fees to your deposits into betting accounts or withdrawals back into your bitcoin account. However, make sure what the policy is with regards to the Online Bookmaker with Bitcoin that you are using. It has been noted that certain Bookmakers with Bitcoin will charge you an additional fee for using Bitcoin.

 Q4. Is Bitcoin the only cryptocurrency option for online betting? 

 No, there are many different cryptocurrencies that you are able to purchase and use to fund your account. You can find a full list on the internet. However, Bitcoin is obviously the most well-known and widely accepted form of digital currency – especially true for online betting sites.

 Q5. Can I instantly withdraw from the Best Betting Sites with Bitcoin in UK? 

 Betting sites will only keep enough Bitcoin on their server to meet the normal demand of withdrawals. However, you shouldn’t experience any difficulty. The rest is kept offline to protect their stock.

Disadvantages

Bitcoin is finite

It must be remembered that there is only a certain amount of Bitcoin that can be mined. Due to its finite nature, Bitcoin is a limited commodity. Scarce commodities tend to be unstable in terms of price. When there is a very high demand for Bitcoin, the price will skyrocket. If you own some at this point in time, you might find your Bitcoin worth jump significantly higher. That’s great! The problem arises when there is a mass sell-off of Bitcoin. This can happen when people are uncertain about its value or future viability. You’ll see that the price can drop significantly. All these factors tend to lead to quite an unstable environment where your worth in terms of Bitcoin can change on a daily, even hourly, scale. This makes it difficult to bet when you’re never entirely sure of the dollar worth. Bitcoin is not underpinned by a recognized central bank and thus there are also fears that it could crash at some point bringing the entire market into disrepute and leaving Bitcoin as redundant.

The previous paragraph paints a bleak picture. Hope for the best, prepare for the worst. Bitcoin has proven its resilience and is currently stable.

Can’t be used at the local corner store

 Although Bitcoin is great for digital transactions, you might find it difficult to pay using your Bitcoin at a local supermarket or shopping center. There is a massive scale for Bitcoin to be adopted as a deposit method on a daily basis and this is slowly happening, but don’t be surprised if you can’t use your Bitcoin winnings to buy a steak at the local pub. Furthermore, many of the online betting sites in the UK don’t necessarily allow you to actually bet with Bitcoin. Your bitcoin deposit will be converted into your local currency (pound sterling) and then used to place bets. Once you’ve acquired a hefty payout, you can convert back to Bitcoin and then withdraw into your Bitcoin wallet.

Transactions cannot be Reversed

 When dealing with Bitcoin it is important to remember that once you’ve decided on completing a transaction, it cannot be undone. Deposits to a bookmaker, once successfully processed on the blockchain, cannot be reversed. Most people are accustomed to dealing with banks and you’ll think it would be the same as reversing a charge on your debit card. Not quite. Transactions are entered into the blockchain and cannot be accessed again by Bitcoin for reversal. The only option you’ll have in a situation like this is to approach the beneficiary of your payment (a bookmaker in this case). If you request a refund, it’ll have to be directed to them. This is another reason to make sure you are using operators that are fully licensed and have a good track-record of honesty and integrity. If you decide to use Bitcoin to bet on lesser-known sites, you could find yourself losing out tremendously. You must be adamant before you transfer funds.

Which Type of Betting Sites Accept Bitcoin?

 In the UK, you will find that all types of betting sites accept Bitcoin nowadays. If you are a sports fanatic and enjoy betting on the weekly football games, then you’ll be able to do so using Bitcoin. 888Sport, NetBet, and Energybet all accept deposits in the form of Bitcoin. This is great for live betting as Bitcoin transactions will clear almost immediately.

If you enjoy the casino, then you’re in luck too. There are many Bitcoin Casinos that are registered in the UK which will happily accept Bitcoin as a form of payment. Great incentives for newcomers with sign-up bonuses are available. Established punters can also take their pick from different weekly bonuses.

If poker is your cup of tea, then you won’t be missing out either. Betcoin, William Hill, BetOnline Poker, and Infiniti Poker are a few sites that will allow you to buy in and enter tables with Bitcoin.

Conclusion

 Bitcoin and cryptocurrencies in general, continue to grow in popularity. Their expansion into more conventional markets as an accepted form of payment will likely increase even further. This payment option provides you with an alternative to fiat currency which is ultimately regulated and manipulated by state entities. Bitcoin is transparent and ironically, just as anonymous. If you’re a punter who prefers to separate your normal financial on goings from your betting activities, Bitcoin could be the answer for you. On top of the anonymity and meteoric rise in popularity, Bitcoin offers an extremely effective and efficient way of depositing and withdrawing funds. You won’t be excluded from sign-up bonuses and will not incur higher fees on transactions. All in all, Bitcoin as a form of payment gets the green light from us. If you’re looking to read up about two other e-wallet options take a look at our PayPal deposit guide or ecoPayz deposit guide.

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