Bitcoin Betting: Where & How to Bet with Crypto in 2021 | 1xBit
Bitcoin betting is booming as the popular cryptocurrency allows anyone with an Internet connection to place bets on their favorite sports teams or casino games.
In this guide, you will learn everything you need to know to start betting with bitcoin.
Table of Contents:
- The Rise of Bitcoin Betting
- Why Bet with Crypto?
- How to Bet with Bitcoin
- Where to Bet with Bitcoin
The Rise of Bitcoin Betting
In the mid-90s, casinos first found their way onto the world wide web. Then, as technology advanced and the Internet started to grow at a staggering rate, bookmakers also moved online to provide bettors with a wide range of sports betting opportunities.
In the early 2000s, live online sports betting became particularly popular among bettors following the introduction of mobile betting.
However, despite the tremendous growth in the online betting industry, offering payment methods that were widely available to users across the globe remained a challenge.
Then came Bitcoin.
Bitcoin emerged in 2009 as a globally accessible digital currency that anyone with an Internet connection can use to store, send, and receive money without the need for a financial intermediary.
In simple terms, bitcoin is money for the Internet.
While in the beginning, bitcoin was mainly the focus of a small community of tech enthusiasts, this changed over the years as cryptocurrency became a viable alternative to the likes of PayPal and Stripe for online payments.
Soon, a number of industries started to accept bitcoin as payment for products and services. The online gambling industry was among the first.
Bitcoin allows online betting providers to reach more markets, reduce transaction costs, and provide a secure payment system for bettors around the globe.
Why Bet With Crypto?
There are many reasons why gamblers and casino operators are using bitcoin, ranging from a reduction in transaction fees to enabling access for users who can't access traditional digital payment methods.
Let’s dive into the benefits of betting with crypto.
|
Anonymity |
Using bitcoin provides a layer of privacy for gamblers, which isn’t the case for traditional payment providers. Bitcoin payments don’t require gamblers to part with bank account details or personal information. Instead, players only need to have access to a crypto wallet to make payments and start betting. |
|
Censorship-Resistant |
The censorship-resistant and borderless nature of bitcoin makes it ideal for players to access online betting sites from anywhere in the world. More often than not the opposite happens when using traditional payments methods. Often, players from certain regions are blocked from using betting sites and/or traditional payment providers. |
|
Low Transaction Costs |
Betting with bitcoin saves money when it comes to transaction fees. Unlike the 3%+ that traditional online payment providers typically charge, cryptocurrency transactions generally only cost a few cents. |
|
Faster Withdrawals |
Normally, when a player cashes out their casino winnings, it takes a few days for the transactions to be processed and credited to the player’s bank account. This is due to the many intermediaries involved in payment gateways that delay this process. The lack of intermediaries in the Bitcoin network ensures that BTC withdrawals only take a few minutes. |
|
Security |
Betting with bitcoin is safer than using traditional currency since all transactions are recorded in an immutable public ledger, making it impossible to manipulate bitcoin transactions. |
|
Great Promos and Bonuses |
The low administrative and transaction costs associated with bitcoin sportsbooks means they can afford to offer more generous promos and bonuses compared to traditional online casinos. |
How to Bet With Bitcoin
If you would like to start cryptocurrency betting, you will need two things: a crypto wallet and an online crypto betting provider like 1xBit.
Funding your betting account is a simple task that requires you to transfer your BTC from your wallet to the wallet address provided by the betting site.
1. To do that, you have to sign in to your 1xBit account. Access the landing page and navigate to the menu bar at the top left side of the page. Click on the ‘Deposit’ tab.
2. After that, click on the ‘Deposit’ tab, and you will be directed to a pop-up that will display all the coins supported by 1xBit. Highlighted in yellow ink on the navigation bar is the balance of mBT in your account.
3. Click on the bitcoin icon, and immediately, another pop-up window will appear on your screen. The window will insist you agree to the risks explained in the pop-up before you can continue. You give your consent by clicking on the ‘Confirm’ button.
4. You can memorize the 1xBit bitcoin wallet address, copy it as a link or scan it to paste it on your personal bitcoin wallet address.
5. Transfer your BTC from your wallet to the 1xBit wallet using the wallet address generated above and the money will appear in your account in a matter of minutes. Close the window by clicking anywhere on the side. You can proceed to place a bet.
Where to Bet with Bitcoin
1xBit is arguably the best place to bet with bitcoin.
Founded in 2016, this crypto-only online sportsbook and casino was among the first to enable anyone across the globe to bet with cryptocurrency and even provides a feature that allows you to purchase bitcoin.
You can access the 1xBit platform on the web or download the app on Google Play Store or the Apple Store. To register with 1xBit, all you need to do is to get a username and a password. You will be provided with a code to verify your account and once you input it in your registration is complete.
1xBit offers an attractive welcome bonus for anyone who signs up to the platform. The welcome bonus package can reward players with up to 7 BTC. However, for you to qualify for this welcome bonus, you need to deposit at least 5 mBTC.
Conversely, to use the bonus, the odds for your proposed bet need to be at least 1.60. To withdraw your welcome bonus, the wagering requirement is 40x your initial deposit amount.
Here are some key features of 1xBit:
- Easy registration process
- Competitive odds and wagering options
- Almost instant fees and withdrawals
- Many rewards and bonuses
- Max bonus amount 7BTC
- Multi-cryptocurrency support
The table below highlights the great range of betting options offered by 1xBit.
|
Sports Betting |
1xBit caters to a broad customer base and allows players to bet on up to 40 different sports. |
|
Sports Markets |
Players enjoy a wide range of sports they can bet on and choose from a variety of sports markets. Examples of these sports markets include:
|
|
In-Play Betting |
1xBit allows you to watch a livestream of any sport you are wagering. This means players at the site can watch their favorite games while placing bets. This feature is available for almost all sports offered by 1xBit. |
|
Odds at 1xBit |
Players can enjoy the impressive range of odds offered by 1xBit, including fractional, decimal, Indonesian, American, and Hong Kong. |
|
1xBit Casino |
1xBit has a casino section that gives players the chance to bet on a wide range of casino games. |
|
Live Casino |
1xBit live casino offers a player the opportunity to play against live dealers in games such as poker, roulette, and blackjack. |
Bet on your favorite sports team, play a round of Live BlackJack, or try your luck at the slot machines. Register at 1xBit today to start betting (and winning) with bitcoin.