Bitcoin eSport Betting
The Bitcoin – probably by far the most discussed “bit coin” of recent years. Finally the Bitcoin counted for many prospective customers only as an investment, with which much could be speculated. The nature of the Bitcoin is however another, since it is not in vain also crypto currency, or also crypto money, is called. In fact, Bitcoin is both a means of payment and name giver of the worldwide decentralized booking system, with which bank transfers can also be made.
This is one of the many reasons for its current popularity and also the reason why the Bitcoin counts as a valid payment method on the Internet. Therefore, we would like to introduce the Bitcoin payment method to you in the following and try to eliminate many of the ambiguities in our Bitcoin eSport Betting Payment Methods Review. In the beginning there is the big question – what is Bitcoin?
The Best Bitcoin eSport Betting Sites
What is the Bitcoin?
First of all, the Bitcoin is a digital payment method and the name of the decentralized booking system that can be used worldwide. However, a Bitcoin exists only as the digital identity of a block chain and has no material existence, such as a banknote or gold. A block chain, simply explained, is a sequence of blocks that all have a specific hash sequence (number sequence) and are connected to each other in a row. These specific hash-sequences have to be “grounded” in a complex try and error process; an enormous amount of computing power, which, thank God, computers can do for us.
Nevertheless, you can own Bitcoins (so there is actually an “account balance”) and you can also use Bitcoins to make bank transfers. A further advantage is its undisputed security, since the decentralized copy distribution of Bitcoin ownership makes forgery virtually impossible.
All users worldwide have copies of Bitcoins identities, so that only the original sequences are accepted and forged or manipulated codes are immediately exposed. It is not possible to see the owner of the Bitcoin, but only whether this Bitcoin sequence is a genuine or a forged one. The ideological goal of the Bitcoin movement is to no longer have to rely on banks and governments, since the system will function by itself and can protect itself from all users and the huge network of computers (connected to the Internet). In the following we will see if the Bitcoin can be used as a means of payment:
Placing bets with the Bitcoin eSport?
Yes… You can also place bets on eSport with Bitcoin. For years the media have stamped the Bitcoin as a “nerd currency” and have recently illuminated it only as an investment opportunity. The Bitcoin is a valid payment method and has recently overcome its strong exchange rate fluctuations.
In fact, however, the payment process with Bitcoin turns out to be simpler than many might have expected. Currently only a few betting site operators allow the Bitcoin eSport betting payment method, but for the few examples the payment in our test is very uncomplicated. Further on in the text you will find both the bookmakers that allow payment and a detailed description of the payment process.
How does the payment process with Bitcoin work in detail?
As already mentioned, the process is simpler and less complicated than is generally assumed. Even a small possession of Bitcoins is sufficient to place a bet. These Bitcoins are stored in a “wallet”, whether offline or online does not matter. If you want to place a bet with a bookmaker now, you can make your selection as usual and select the Bitcoin at the end of the payment process. Now you are also shown a wallet address of the bookmaker to which you must transfer the desired amount (to Bitcoins). If the bookmaker’s account gives the green light to receive the transaction, the bet is considered closed. In the payment process, there are only small differences from bookmaker to bookmaker and the method presented here is the most common.
Best eSport bookmakers with Bitcoin payment function
Pinnacle is considered one of the first bookmakers and betting sites to allow Bitcoin transactions as a payment method. Unlike NitrogenSports, the betting provider also accepts conservative payment methods. The Bitcoin payment is processed via the BitPay protocol. For more information, please refer to our Pinnacle Review!
Attention insider tip: Another good alternative to use Bitcoins for eSport betting is to use the Neteller or Skrill account. Neteller and Skrill let you charge your personal e-wallets with Bitcoins. As soon as the Coins are credited, one can also already set its employment!
Bitcoin eSport Betting Payment Method Review | What about cost efficiency?
A very important question revolves around the efficiency of the Bitcoin payment method. There are two points to consider: A possible bookmakers’ fee for Bitcoins and the so-called “miners fee”. The bookmakers’ processing fees turned out to be surprisingly low in our guide, and the Miners Fee also fell drastically at the time of the review (2018). A Miners Fee is a small fee that is due for each transaction, as the Bitcoins must be credited to a new owner.
At the time of the Bitcoin Gold Rush (2016 and 2017), the fee had risen exorbitantly (as Bitcoins were being moved around the world like crazy). At the moment, however, the transaction tax has returned to a reasonable level, so even small transactions could be worthwhile again. In conclusion, we can say that Bitcoins as a payment method is cost effective.
How can you purchase Bitcoins?
Don’t worry about all those who do not yet own Bitcoins – it is very easy to acquire them. One way is to go to various forums on the Internet and purchase them first-hand (Attention: time-consuming!). Another possibility are the so-called “Bitcoin ATMs”, which allow the conversion of foreign currency for a small fee according to the credit card principle. For all beginners, we recommend the latter, since the purchase is much easier for a small fee. Now you only need a wallet to store them. Again, the web offers a variety of possibilities, the most popular ones being “MyEtherWallet” and “Jaxx”. Our recommendation is that you pick a provider once and then stay with them.
With the Bitcoin eSport betting deposit and withdrawal?
We also have some good news in our Bitcoin eSport betting review. For the investigated bookmakers both a deposit and a payout with and on Bitcoins were possible. The betting winnings are therefore not converted into Euro or other currencies and then paid out with double handling fees. Who would like to set eSport bets with Bitcoins, would be thus well advised to inform before around the disbursement conditions to expect no bad surprise. In the long term, however, I expect all bookmakers to switch to Bitcoin in and payout, since it will be much easier for both sides to transfer in one currency.
Conclusion Bitcoin eSport Betting Review
In our Bitcoin eSport Betting Review, Bitcoin has proven to be a valid means of payment, since above all payouts in the same currency can be processed. The “Miners Fee” presented has also dropped to a low again in the current year and the Bitcoin price has generally remained at a stable level for some time. Interested beginners should not be afraid to try Bitcoins as a payment method. The two bookmakers presented treat Bitcoin as a common means of payment.