Bitcoin casinos and betting sites

Cryptocurrencies are the most discussed subject of the last period. Virtually all TV channels and blogs, even if not strictly economic, have dedicated at least one service to this trend topic to try to understand something more. We were also interested in the subject and we tried to answer some questions that interest us closely: do Bitcoin betting sites exist? The answer is yes. Betting using cryptocurrency is an absolutely unique way of experiencing this experience. In this Bitcoin review we will find out how to do it: how to get the cryptomonet, how to top up the bill and how to withdraw. And we will also give advice on how to act in complete safety. To find out which is the best among bookmakers who accept payments with the most famous alternative currencies, just look at the table below.

Italian bettors who want to experience the thrill of placing a bet using Bitcoins have available one of the best bookmakers in circulation since 2017. NetBet, in fact, always careful to follow the innovations, is the only bookmaker with an ADM license to offer bets with cryptocurrency. Of course, there are also alternative sites, but they are all without Italian concession and therefore very high risk. NetBet on the contrary offers excellent guarantees: it has not won the prize as the best sports betting site at the EGR Awards 2017. The questions regarding betting with Bitcoins do not stop here: keep on following us to learn more!

What are Bitcoins?

Let’s start from the beginning, that is, by answering the mother of all the questions: what are the Bitcoins? To clarify the ideas we must go back in time until 2009, when someone, responding to the pseudonym Satoshi Nakamoto, programmed the software that gave life and regulated the first cryptocurrency in the world. After an initial period of relative anonymity, the potentially subversive value of Bitcoin began to make itself known in the world. But how does it work exactly? We are actually talking about money that is neither issued nor guaranteed by any Central Bank. It is based on a protocol called Blockchain that uses peer-to-peer technology. Each transaction in criptomoneta is public and saved in a distributed database, ie available in the PCs of all those who have opened a wallet with the cryptocurrency. The system is based on a pair of cryptographic keys, of which the public one acts as an address for sending or receiving payments (simplifying, as if it were an IBAN), and the private one for authorization of transactions (in practice, like a PIN) . In summary, the transactions are public, but the natural persons making them remain anonymously covered. This payment system has become increasingly popular, which has literally exploded in recent years. The request for cryptocurrency has led Bitcoin to increase its value by 1,700% in the course of the first calendar year 2017, at the end of which they even experienced entry into the futures market. The world of betting could not therefore remain a stranger to this recall.

How to use the best Bitcoin betting sites?

After doing a little ‘clarity on the subject of this review, let’s go a little’ deeper and find out how to use the most famous of cryptocurrencies for our favorite pastime, bets. Unlike traditional currencies, there is no piece of code or data, of which we can say this is a Bitcoin. For this reason we need to use and set up a portfolio that is both safe and reliable. The next step is to get the Bitcoins needed to fill the newly created portfolio. Even here, there are some possibilities that we will see in more detail later.

Top up your online betting account with Bitcoin

We understand what Bitcoins are, how the system works and how to create a portfolio to buy and manage our cryptocurrency. We are therefore ready to make our first deposit on Bitcoin betting sites. There are some possibilities, even just talking about operators with an Italian license. Let’s see them in detail. The first and the most known one goes through Neteller. Our team has prepared a three-step image that illustrates the operation in a simple way, as you can see better below. Just log in to our NetBet account and follow the instructions to complete a normal deposit. Among the payment options, click on the Bitcoin logo to start the process. At this point you have to choose the amount of your deposit, but be careful because you have to choose the amount in traditional currency, ie in euros. Here Neteller enters into action, acting as a mediator, operating the transaction and changing the cryptocurrency into euros in order to finalize the operation.

As you can see from the three steps illustrated above, the process has been optimized to be extremely simple and easy to carry out. The final deposit is in legal tender currency and requires an intermediary to be completed. Therefore anonymity is not maintained and there is no risk of money laundering, making the transfer of money in question very similar to a normal deposit.

Three methods explained in detail

As we anticipated, next to the method that includes Neteller in payment, there are others, more or less known. However, it should be noted that with regard to legal bookmakers, ie those in possession of the ADM concession in Italy, an intermediary is currently required to apply the conversion from Bitcoin to euro. Paying sports betting directly from our Bitcoin wallet is only possible on unlicensed platforms for the time being. However, we believe that the legal market will soon adapt to the new needs of the present. Actually, presenting itself as an e-wallet, it does not differ much from other forms of payment that we have already seen in these pages and that are routinely used for online sports betting. In the three boxes that follow we have summarized the possible alternatives available.