Making a payment with Bitcoin – step by step
Before you look for an Online Bookmaker with Bitcoin, it is crucial that you are acquainted with the necessary steps of paying with Bitcoin. Most Bitcoin wallets follow a simple process payment process described below:
- First, open an account on a site that offers bitcoin transactions. Successful registration will be followed by a few authentication steps to activate your wallet, the online account where your funds will be deposited.
- Next, you will be required to verify your identity by providing a valid ID proof.
- Register your bank account by providing the required details and verify it by sending a small amount from your account.
- Buy Bitcoins that can be used on the Online Bookmaker chosen by you.
- Sign-up and register with the Online Bookmaker with Bitcoin of your choice. Choose Bitcoin as the payment method in deposit options.
- All operators and Bookmakers with Bitcoins provide a Bitcoin address. On your Bitcoin wallet, go to the page that allows you to send money. Here, provide the bookmaker’s Bitcoin address, choose a deposit amount as permitted by the respective
Sports Betting Sites
with Bitcoins, and send the fund.
- A similar format is applicable for withdrawals except that you have to choose the withdrawal option from the bookmaker’s cashier page.
Average time of Bitcoin for deposits and payouts
Bitcoins have no physical existence and are limited to the virtual realm; each transaction has to be verified on cryptically secure public ledgers called “blockchains.” Each Bitcoin transaction (BTC) has to go through a set of six standardized confirmations before it is complete. The transaction time is influenced by the load on the Bitcoin network and the transaction fees; a higher pressure on the system means more transaction time, and payment of higher transaction fees puts your transaction on the priority list of miners.
As a result, BTCs do not occur instantaneously. If your transaction is slated as a priority, miners will take an average of 10 minutes to mine a block, and your transaction will be confirmed in an hour on average on the Best Betting Sites with Bitcoins in India However, transaction confirmations can take anywhere between 30 minutes to more than 16 hours on few Sports Betting Sites with Bitcoins.
In light of the fact that the confirmation of BTCs is factor dependent, a minimum of 60 minutes or longer will be needed to transfer Bitcoins to a wallet. It is best to consult your bookmaker to know the precise time of a BTC since the processing time of the transaction is bound to vary with each Online Bookmaker with Bitcoin. Payouts can take anywhere from a few minutes to 24 hours. If it takes longer than that, you should contact the customer support of the operator.
Verification requirements
To create a Bitcoin account there is a hassle-free verification process that you have to go through.
- Phone number confirmation:
Bitcoin service providers will send a code to your registered phone number via a text message. This code will have to be entered during the verification process in order to confirm that you have access to the mobile number provided during registration.
- Valid ID proof:
Depending on your country, you have to provide a scanned copy of valid ID proof like a driver’s license or passport. There is usually a waiting period of a few hours before these documents are verified.
The history of Bitcoin
The Bitcoin journey has been a turbulent one throughout its timeline.
- 1998-2009:
Examples of early attempts at creating online currencies are B-money and Bit Gold. Although secured by encryption, these never developed into established cryptocurrencies.
- 2009:
The Bitcoin software was made accessible to the public, and the first Bitcoin mining began.
- 2010:
Bitcoin was traded for the first time – 10,000 Bitcoins were swapped for two pizzas, thus assigning a monetary value to Bitcoin units.
- 2011:
Namecoin and Litecoin merge as rival cryptocurrencies.
- 2013:
A sharp drop in the price of a Bitcoin causing loss to investors.
- 2014:
Mt.Gox, the world’s largest Bitcoin exchange, went offline after a scam.
- 2015:
BitLicense got established – an important cryptocurrency regulation.
- 2017:
Bitcoin forks to form Bitcoin Cash, SegWit activated, China banned BTC trading, the launch of the first Bitcoin future contracts, Bitcoin grew to cross the $10,000 mark.
- 2018:
Cryptocurrency crash; Bitcoin’s market cap plummeted below $100 billion for the first time since 2017, the tenth anniversary of bitcoin.
Despite all the shortcomings and initial dealings in illegal activities, Bitcoin has been continuously growing and is resilient to the present day. Neither is it a monetary unit issued by any country, nor does it have any tangible value. Although Bitcoin’s current price may be in bubble territory, it has been on a continuous rise and is widely used by merchants and individuals across the globe.
Bitcoin to other providers compared
Bookmakers with Bitcoins are not the only players on stage. A number of other e-wallet options are available with online sportsbooks. So what sets Bitcoin wallets apart? Here are some of its unique benefits:
- Privacy and anonymity:
Bitcoin’s source code has strong privacy protection. Numerical codes are used to identify Bitcoin users without revealing their identity. Unique algorithms hide the source and flow of Bitcoin.
- Security:
Since a public key cryptography system is used to lock the Bitcoin funds, cryptocurrency can be sent only by the owner of the private key.
- Built-in scarcity:
A strict limit of 21 million on the number of Bitcoins that can ever exist gives it long-term value against traditional currencies.
- Bitcoin exchanges:
Bitcoin units can be exchanged for fiat currencies as well as other cryptocurrencies to ensure market liquidity.
- Lower transaction fees:
Although variable, Bitcoin has lower transaction fees compared to other popular digital payment methods.
Most popular payment methods
Whether you are a regular user or a newbie, an obvious question that will come to your mind is: is Bitcoin a secure and legitimate payment method? The answer is yes. Even though security has been a fundamental issue since the establishment of Bitcoin, thanks to the blockchain technology that supports it, Bitcoin is quite challenging to hack. As Bitcoin users regularly review the blockchain, it is very unlikely that hackers will gain access to it. Being a decentralized digital currency, it is not overseen by any government or bank.
Bitcoin secures transactions by employing cryptography, and these transactions are recorded in the blockchain, which is nothing but a digital ledger. Bitcoins are stored in e-wallets and are exchanged via digital currency exchanges. During the transaction process, two-factor authentication is employed as a security check. Bitcoin uses public key cryptography to ensure authorization; private keys are assigned to the Bitcoin users, which can be used to make transactions. The private keys are incredibly complicated that essentially keep them beyond the scope of hackers and thus making Bitcoin a safe and secure transaction gateway, especially for online gambling.
Bitcoin FAQ
Q1: What are the top 5 mistakes to avoid when making a deposit?
- Not knowing the basics and how the technology works.
- Making sloppy mistakes like not entering the correct details during account registration and verification.
- Not conducting thorough research of the prevailing currency exchange fees and tax implications.
- Depositing an amount less than or more than the minimum and maximum prescribed limit of the respective operator.
- Investing way more than you can afford to lose, overtrading may also increase tax liabilities.
Q2: Do I need to use the same deposit and withdrawal method?
Answer:
It is up to the operators whether they will require you to use the same payment method for deposits and withdrawals. However, most of the operators do make it necessary to use the same deposit and withdrawal method in order to avoid hassles of double verification.
Q3: Why does an operator block my account?
Answer:
There could be several legitimate reasons why an operator blocks your account. Most often, the payment operators will ban or block an account if they find that the account is used for fraudulent or suspicious activities. Your account may also be blocked if you do not complete the verification process within the stipulated time limit, or the details you provide during the verification procedure are not authentic or if you are a minor.
Q4: What payment method will get me a bonus?
Answer:
It is entirely dependent on the operator and their bonus policies on which payment modes will get you a bonus. Many operators exclude e-wallet payments from being eligible for bonuses. However, if you go through the various operators, you will find that a good number of Sports Betting Sites with Bitcoins offer bonuses on payments made with cryptocurrencies. This differs with each betting site, and it is best that you consult your respective operator before claiming any bonus.
Q5: Can I convert my Bitcoin wins to real cash?
Answer:
Yes, of course! If your gambling winnings are getting collected in Bitcoin, it will be transferred to your wallet. In case you are using a crypto-wallet service provider, you can exchange your Bitcoins into a currency they support.
Conclusion
There are many payment methods available for online gambling, such as depositing with an
Skrill,
Paypal,
Ecopayz,
Bank transfer
and
Neteller, however, bitcoin supporters can always go for Best Betting Sites with Bitcoins in India. Cryptocurrency has changed the landscape of online gambling. More and more online gambling operators are including Bitcoin into their payment platform, and why not?
Bitcoin’s decentralized nature, lower transaction fees, and super secure payment interface using blockchain technology have made it popular among gamblers worldwide. There is no bank, government, or any other authority to serve as middlemen, and what you get is a seamless transaction while keeping your identity safe and private. Bitcoins are governed and operated by coders and a large global computer network, making it a safe alternative to most other digital payment methods. Despite being labeled as a “financial bubble” by many critics in the global financial industry, Bitcoin has been and will continue to be a widely accepted and reliable payment method for many Best Betting Sites with Bitcoins in India.
Pro and Con
- Greater Liquidity
- Wide acceptance
- Lower transaction rate
- Privacy
- Presence of Scams
- No refund policy
- Vulnerable to price swings
