While Bitcoin and Co. were initially ridiculed, with Bitcoin Betting, it is now clear that so-called cryptocurrencies are not short-lived fads. Therefore, it is not surprising that more and more bookmakers offer this payment option and sports betting with Bitcoin are trendy. But how does virtual currency betting work? What exactly are Bitcoins?

What are bitcoins actually?

Bitcoin was founded in 2008 and has been open to the public since 2009. It is a decentralized digital monetary system based on a peer-to-peer network which is the so-called blockchain. All later emerging cryptocurrencies, the so-called Bitcoins are based on a similar principle.

The underlying idea was to create a currency that works independently of banks, government institutions, and other regulators. Without going too much into the very complex details, you have to think of Bitcoin as a set of computed data. The cryptocurrency does not exist in the physical sense, you cannot touch it.

Today you can also enjoy Betting with bitcoin. Let us learn here everything about Bitcoin Casino:

Getting into the world of Bitcoin, Bitcoin Sportsbook betting may seem complicated to beginners at first. Once the basic questions have been clarified, however, this is much easier than expected. Once you have credits of a cryptocurrency of your choice in your virtual account, wagers can even be placed faster and more conveniently than with conventional deposit methods.

How do sports betting work with Bitcoin and other cryptocurrencies?

In principle, Betting with bitcoin work in the same way as you would expect from the usual real-currency method. They make any deposit at the provider of their choice and then place the desired bet on sports betting from the offer of the bookmaker. Profits are credited to your betting account and can then be paid out. The prerequisite is, of course, the choice of a betting provider which leads cryptocurrencies in the payment portfolio. A recommendation for suitable bookies we give in the next section.

In addition, you must first have Bitcoin credit. To purchase various Internet marketplaces are available. In addition, trading on various stock exchanges is possible. The deposit and withdrawal at the bookmaker are usually via so-called "e-wallets" that work like a virtual wallet for Bitcoin and Co. Transfers can be done quickly, easily and safely this way. This topic is also explained in detail in the article.

For pure Trusted Bitcoin casino sites, the bets are made directly in Bitcoins (BTC). Bookmakers, where cryptocurrencies are only one of the available payment methods, will initially convert that amount into their chosen currency. The placing of bets then takes place as usual, for example in Dollars.