One of the latest and most popular payment methods, cryptocurrency, especially bitcoin, has become increasingly popular over the past two years. The benefits brought forth by using bitcoin are obvious, anonymity and speed.
The same holds true for sports betting sites in Singapore, with many betting sites accepting bitcoin as a legit payment method. This has resulted in increased betting sites accepting bitcoin deposits, and many potential bettors have become interested in bitcoin. Keep this in mind; we’ll cover everything you should know about the use of bitcoin for online betting purposes, giving you insights into the bad and good aspects of this exciting payment option.
How Bitcoin Works?
Bitcoin differs from other types of payments that you can find on the web, and this is the main reason it has become more popular over the years. As you must already know, bitcoin is a renowned cryptocurrency that relies on blockchain technology. This kind of payment is different from other banking methods in different ways. So, what is bitcoin, and how exactly does it work. With cryptocurrencies, the transactions are usually kept in a public ledger where users can share their records with other users. To build a more stable system, all the users should share similar documents to just one letter and even the tiniest desynchronization on users’ versions of the blockchain. Technically, this means there are no options for changing the recorded transactions and eventually tampering with these ledgers, as any modification made will invalidate their version from the main blockchain.
Opening an account
Different from other types of payment methods, bitcoin doesn’t have accounts in a classic sense. Instead, users create a wallet that they can utilize to store and move the bitcoins. These electronic wallets belong to the blockchain system, which is often provided by 3rd party services, offering users additional convenience. Two integral parts – the private key and public address, define the bitcoin wallet. It’s the public address that identifies a specific wallet and comprises up to 35 alphanumeric characters.
On the other hand, the private key serves as the password, thus the private tag. This is a unique set of characters, and it’s specific to a certain wallet. With unlimited access to the wallet’s private key, you can control the wallet and transact. Nevertheless, you should consider memorizing it to ensure it’s safe. You don’t want to give the private key to anyone or expose it by writing it on a piece of paper.
Why Bitcoin Is Huge Among Singapore Bettors
This being a sportsbook-focused website primarily focusing on Singapore-based sportsbooks, we want to get into more details about the benefits offers to Singapore players. Bettors in Singapore have been through a lot of online gambling. After the betting law in 2016, many Singapore-friendly betting sites decided to stop accepting Singapore players. Moreover, finding a reliable way to deposit for Singapore players was not easy for the remaining websites because the government prohibits banks and other financial institutions from processing payments related to sports betting online.
With the invention of bitcoin, there are more Singapore-friendly bookmakers accepting players from the country. The main reason is that the state doesn’t control bitcoin and doesn’t have a way to control it.
The main reason cited for closing online betting in Singapore was banking-based. The government said it wasn’t comfortable with Singaporeans sending their hard-earned money out there and getting cash from different payment processors out of their control. But with bitcoin, the Singaporean state doesn’t have much they can do, as many sportsbooks now know this. Therefore, they can allow Singaporeans to place real money bets without worrying about not making a deposit or cash out their winnings.
Why Use Bitcoin For Sportsbook Betting
Following are some of the many benefits Singaporeans can enjoy by signing up with bitcoin betting sites and using their bitcoin wallet to upload money or withdraw their winnings. Bitcoin is just so innovative and unique that there is nothing like it in the world we are living in today.
Never before in human history has a currency been created through the internet, and very few people might have predicted that gamblers would ever be able to use a currency independent of big bank involvement and government involvement. Some of the benefits of bitcoin sports betting include:
- Withdrawals and deposits are always instant. You’ll never have to wait for any further approval, immediately after you allocate the amount of money to wish to deposit into your bookmaker or want to cash out from it, you can rest assured that the funds will be credited into your account immediately.
- Works around the clock. Using the CC methods is so straightforward for Singapore players, with many misses appearing lately. Bitcoin always works.
- Your betting winnings will most likely appreciate if you use bitcoin. For example. If you’ve won about $$500 in bitcoins over the few months, you’ve been betting. With the current prices of bitcoin soaring, this $$500 will, over time, double or triple in a year.
- Sports betting sites that accept bitcoin also offer other options and are always willing to accept Singapore players.
- Sports betting sites providing bitcoin support are more willing to provide additional payment methods to get more players interested. Providing the best bitcoin support isn’t always enough since there is a lot of parity in the market and few others offering the same options. Therefore, to stand out from the rest, a sports betting site might be willing to add bigger and better bonuses, a live betting section, different markets, and more to attract new bettors.
- It doesn’t cost much to complete bitcoin transactions; some are even free. It’s highly likely that you might not even find any fees that are charged when using bitcoin beyond the build-in blockchain fees, and the sports betting sites won’t charge you any special inflated fees for choosing to use it.
- All the payments you make with bitcoin are reversible. With other payment methods, the company/person on the other end might opt to reverse the payment or cancel the transaction. This is something that isn’t possible with bitcoin. If you choose to make a payment, that’s the end.
- Unlike other currencies relying on the government or paper currency, bitcoin isn’t subject to inflations. Technically, it’s impossible that inflation can hit the cryptocurrency market, very unlikely.
- Failed governments. With the mere fact that you reside in a developed country and have unlimited access to the web, there is no way that everything can crash down. Consider a country such as Greece, a country that belonged to a group of developed nations, currently in the 2nd world status, depending on other developed countries to help them out. If governments fail, currencies also fail, but there is no way bitcoin can be influenced by similar factors.
- Dealing with bitcoin is pretty straightforward. You need a digital bitcoin wallet and an ID, and you can store all the currency you want; and the good news is that it’s immediately accessible every time you need it.
- Because bitcoin doesn’t have any known affiliation with any bank or government, it’s completely untraceable and anonymous. This means you aren’t trying to fall under some state protection, but on the positive side, it means you won’t be tracked or traced.
- The chances that bitcoin will ever get hacked and your bitcoin wallet accessed without your authorization is like someone breaching all protocols in Las Vegas without setting off any alarm. Bitcoin is, without a doubt, very secure and possibly impenetrable.
Depositing To Sportsbook With Bitcoin Through Paypal
Now that you’ve finally found the option to option to use PayPal to buy bitcoin. Back in October 2020, PayPal announced their intention to allow customers to use the P2P instant pay service to purchase bitcoin and other cryptos like Bitcoin Cash, Ethereum, Litecoin, and more.)
This is a crucial watershed moment for crypto and bitcoin; it might also be a revolutionary improvement for the legal sports betting sector in Singapore. Although you cannot currently send the PayPal acquired bitcoin to another address, you can purchase and trade bitcoin utilizing papa after this restriction is lifted.
This will completely do away with different hurdles to entry in one move. Based on your PayPal’s bitcoin send policy after the outside transactions are permitted, you might even be in a position to directly deposit the bitcoin into a legal offshore betting site in few minutes.
This is an excellent development in the sports betting industry because the websites initially began accepting bitcoin and might result in hundreds if not thousands of new members in sports betting sites.
Why Use Bitcoin To Wager On Sports
Bitcoin sports betting is becoming increasingly popular. Every major betting site now accepts cryptocurrency. Following are some of the main reasons you should consider using bitcoin to bet.
Both players and sportsbooks benefit from the use of cryptocurrency. With cryptocurrency, the deposits are free at any sportsbook.
Unlike other payment methods such as credit card deposits or cash transfers where you’re charged at least 5% or more for their fees, BTC is free. This is a huge difference.
There are no costs associated with processing this cryptocurrency, which cut down on the cash-out fees for the bettors and the sportsbook.
Bitcoin Betting Bonuses
Bookmakers still accept other payment methods, but they would love it if bettors started betting with BTC.
Besides the usual welcome bonuses or deposit bonuses, most bitcoin sportsbooks in Singapore will offer exclusive rewards to players who use BTC to make deposits.
Bitcoin allows faster withdrawals
Transacting with BTC is pretty easy, and the process involves only a few minutes. Paper checks usually take weeks to reach a player and will even take longer depending on the sportsbook you’ve signed up with. Bank transfers also take longer to process, and many banks don’t process payments to gambling sites, which makes it more complicated.
Bitcoin withdrawals are processed faster than any other payment option. Some bitcoin betting sites offer automatic payouts, and bettors receive their winnings in seconds. Nearly all cashouts with bitcoin are processed within 24 hours.
Bitcoin is better when you go line shopping
Bitcoin is perfect for bettors planning to shop for the best lines but cannot keep vast amounts in the different sportsbooks.
With other payment options, you would have to wait longer for the money and pay a small fee. However, bitcoin allows you to get your money faster, at times within minutes, which will enable you to move your money around to find the best lines more quickly than if you did with flat currency.
Almost anonymous betting
BTC does not provide complete anonymity, but the level of privacy it gives compared to fiat currencies is miles apart.
In most cases, the BTC betting sites only need a password and log in. Most do not even need an email address. This makes it an excellent payment method for those looking for ways to make deposits without sharing banking information with the operator. In doing so, there’s no way the payment can be traced back to you.
Bitcoin Betting Sites FAQ
Can you bet on sports with bitcoin?
Of course, you can bet on your favorite sports with bitcoin. Today, bitcoin is accepted in many sports betting sites as a deposit method and transact with the operator anonymously.
Is bitcoin sports betting safe?
Yes, bitcoin sports betting is 100% safe. You only need to ensure you sign up at a reliable sports betting site to place real money bets.
What is the best bitcoin betting sites?
There’s no straight answer to this question because it all depends on what you’re looking for in a better site.
What makes a reliable bitcoin betting site?
There are different things you should consider when looking for the best bitcoin betting site, including superb customer support, a wide range of betting markets, competitive betting lines, and a valuable sign-up bonus.