The crypto currency Bitcoin is currently on everyone’s lips. Hardly any news portal does not report on the exorbitant price increases of Bitcoin. Bitcoin is a modern digital payment method that allows you to carry out anonymous transactions worldwide within a very short time.
The crypto currency has meanwhile established itself in the online segment and offers users an anonymous opportunity to pay for goods or services. Also in the gambling segment and here particularly with sport bets range Bitcoin became generally accepted meanwhile as payment method with a few offerers. In the course of this guide we would like to introduce you to the payment method and explain its advantages and disadvantages. We will show you which bookmakers you can already pay with Bitcoin today and we will provide you with further information on the safe use of Bitcoin for sports betting! One of the most popular games for bitcoin betting is football, you can find the best bookmaker at betting sites for football wagering.
Bitcoin bookmakers are often in a legal grey area
Many of the providers who allow payment with the anonymous wallet also offer, so to speak, an anonymous use of the bookmaker portal. That is a double-edged sword. Because here the bookmakers move in a kind of grey zone, so to speak. If you pay in or out to a bookmaker with classic currencies, the bookmaker must check whether you are of legal age and whether you have a registration address in Germany in accordance with the legal requirements. Both are not necessary for an anonymous use of a bookmaker portal.
There are regions in which online casinos and betting sites are entirely banned, so people cannot even access the website. However, this blocking can be bypassed with a VPN. If you know little about that or need some tips where to find good services check this platform.
Bitcoin and sport bets: Pay out anonymously
You can pay out on any Bitcoin wallet you wish. The creation of such a digital wallet can be done anonymously and cannot be verified by whom it is used. This means that it is possible to pay out to third-party accounts here as well. At the same time, there is the danger that if you only insert a small number turner when entering the Bitcoin address, the payment will go to a third-party Bitcoin account.
This can no longer be reversed and your money is one hundred percent lost. If you have a typo in the IBAN of a bank transfer, it is usually possible for the bank to cancel or undo the transfer.
Bitcoin and sports betting: Extremely fast transactions
A decisive advantage that you can expect from Bitcoin and sports betting is that payments are usually made within a few hours. Afterwards the won Bitcoins are on your Bitcoin Wallet and from there you can send them to a swap exchange. There you exchange the Bitcoins again into a real currency.
- At the latest here now a proof of identity becomes necessary, since these exchange exchanges or Bitcoin platforms are subject exactly like bookmakers or casinos to the German legislation.
- Here is now not paid out with one of the digital currency, but a real currency. The Bitcoin exchange or trading platform must check whether you are 18 years old and have a registration address.
- When it comes to deposits, some of these exchanges do not require such proof of identity.
Excursus: anonymous betting
At this point I would like to briefly discuss the subject of anonymous betting and anonymous registration with bookmakers. Because a few of the bookmakers who offer bets with Bitcoin or the other crypto currencies allow you an anonymous registration and anonymous betting. This means that you register with the bookmaker without giving your registration address or your date of birth, you can deposit coins immediately, bet and then pay them out again immediately. A bookmaker who offers real money betting must provide proof of identity before making a withdrawal. In this case, the bookmaker checks your valid registration address and your date of birth. Only then may you pay out.
Biggest difference: The proof of identity is missing.
At the same time, this proof of identity later offers you the opportunity to prove that the betting account belongs to you. This is not possible with anonymous registration and bookies that offer anonymous betting. In this case you profit from the fact that you can immediately withdraw the credit again, at the same time you renounce a number of security aspects, with which you could prove that the account and the Bitcoins on it belong to you.