An Overview of the Best Bitcoin Betting Sites

Cryptocurrencies, especially Bitcoin, exploded into the mainstream in 2017 following a massive rise in value of the digital currency. Bitcoin stabilised somewhat in 2018, as people and businesses increasingly look at how to actually use the cryptocurrency on a daily basis.

While Bitcoin betting sites are still rare, some of the best new bookies are now allowing players to deposit and withdraw using the cryptocurrency. This is typical for progressive new sites like NetBet that offer an excellent mobile experience.

This page will provide an overview of using Bitcoin as a payment method, the pros and cons of doing so, as well as looking at the best Bitcoin betting sites in the UK. To start off, we’ll look at how to deposit using the cryptocurrency.

How to Deposit Successfully on Bitcoin Gambling Sites

In order to deposit at a sports betting site with a cryptocurrency, you typically have to use a third party payment provider in order to process the payment. At NetBet, for example, players can use Bitcoin by Neteller to put money in their account.

Indeed, NetBet was way ahead of the game when it came to cryptocurrency deposits and was the first UK-licensed gambling company to accept BTCbets – indeed, they did this well ahead of the BTC bubble of 2017, and were accepting Bitcoin from October 2016.

Players can buy Bitcoin through Neteller and duly top up their account by visiting the Neteller website or app. Once they have sufficient funds in their account, they can then use these funds to deposit at a sports betting site – where the cryptocurrency will be converted into pound sterling using Neteller’s currency converter.

How to Sign Up for a Bitcoin Account

Players don’t sign up for a Bitcoin account per say, but instead can buy BTC using their Neteller account. Signing up to Neteller is extremely – as is typically the case with most e-wallet services.

Simply head to the Neteller website and you can create an account for free. Creating an account takes less than a minute and just requires you to fill out some personal details. Once you’ve created your account, you simply need to select how you’d like to add money to your account – whether that be from a Bitcoin wallet or bank account.

The Pros and Cons of Using BTC Currency

Bitcoin is famously an incredibly secure payment method as every transaction on the blockchain is encrypted. However, the main challenge of Bitcoin currently is that it is difficult to spend – even with Bitcoin betting sites in the UK, you still need to make use of an e-wallet service in order to use your funds.

However, using a secure payment method like cryptocurrencies – even in conjunction with Neteller – is still one of the safest ways to send money online, as there’s no need to hand over your bank details as you would if you decide to use a debit card. This provides players with an extra layer of security and takes away the need for you to simply trust your online bookmaker with your most important data. Still unsure about what payment methods to bet with? You can check our full selection of new betting site reviews on our hompage.

Paying on Bitcoin Betting Sites with Your Mobile

It’s completely possible to pay with cryptocurrencies such as Bitcoin using your mobile, again with the help of Neteller. Indeed, Neteller has a fantastic mobile app available to manage your Bitcoin betting accounts.

This is also possible when using a sports betting app – such as NetBet’s native app – as the range of payment methods available doesn’t tend to change between betting on a desktop or mobile browser, nor with a mobile app.

If you prefer not to download too many apps to your phone, you can get effectively the same experience when playing at a sports betting site using your mobile browser, such as Google Chrome. Evidently, there are enough convenient ways to benefit from the undisputed advantages of Bitcoin gambling sites.

Safety and Security

There’s no doubt that BTC is one of the safest and most secure currencies on the planet due to the use of Blockchain technology and encryptions throughout – helping to make all transactions completely anonymous.

Even when using an e-wallet service at the same time, this is still an incredibly secure way to deposit online – especially as you don’t have to share your bank details at all. This makes Bitcoin bookmakers preferable over those that accept only traditional payment methods.

The History of the Cryptocurrency

Bitcoin’s history is a short, colourful and mysterious one. The cryptocurrency was first discussed in 2008, following a paper written under pseudonym, Satoshi Nakamoto, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. Then in January 2009, the Bitcoin network became a reality when Nakamoto mined the genesis block of BTC. Days later, the first Cryptocurrency Wallet, hosted by SourceFourge, was created.

For the next few years, the cryptocurrency had fleeting moments of public attention as it dealt with teething problems.

In 2009, single BTC were valued at just a few pounds or pence, before the value crept slowly up over the next seven or years. At the start of 2017, one Bitcoin was valued at £707. By December of the same year the price soared to over £14,000, with the cryptocurrency hitting the interest of the masses and the media. The price crashed back to £5,000 within six weeks – but the currency remains quite valuable in 2019 – although it does appear to be settling.

Alternative Payment Methods

There are numerous payment methods available to use at sports betting sites, but players should only ever use providers they completely trust.

We’re covering all the best payment providers on this website, as well as providing a breakdown about the pros and cons of each, including PayPal, Neteller, Skrill, paysafecard and Apple Pay – as well as Bitcoin.

Conclusion

While Bitcoin bookmakers are still very much in the minority as of 2019, it seems very likely that they will grow in popularity in the coming years due to the many benefits of Bitcoin betting.

Bitcoin is undoubtedly one of the most secure forms of currency and payment on the planet today, even if technology that allows people to spend the cryptocurrency is currently lacking.

In the meantime, players can enjoy Bitcoin betting (with the help of Neteller) at the progressive online sportsbook, NetBet, which also offers one of the mobile welcome packages around for new players with a £50 matched free bet available when you sign up.