Online betting is a flourishing industry. Not just in terms of regular sports but esports and casino games as well. With technological advancements, online betting went from being a small niche to a multibillion-dollar industry with sophisticated supporting systems working in the background. One of those systems are online payment providers, massive platforms dedicated to facilitating payments via the internet, quickly, safely, and securely.
Today, we won’t be focusing on online payment methods. Instead, we’ll be discussing CS:GO Bitcoin betting, a rapidly growing trend in the esports betting industry that’s quickly expanding to other niches.
Even though Bitcoin, and cryptocurrencies in general, have been out there for quite a while already, most people still don’t know much about them. If you’re among that bunch, here’s a quick guide explaining everything you need to know about CS:GO Bitcoin betting and cryptocurrencies in general!
What is Bitcoin?
Let’s start off with the basics!
Bitcoin is a relatively new form of electronic cash, a cryptocurrency based on peer-to-peer technology without the need for banks or any other form of central governing authority for transaction management.
Bitcoin is open-source, decentralized, and handles peer-to-peer transactions through the blockchain network, facilitating fast reliable, and secure online payments.
The central goal of Bitcoin (and other cryptocurrencies) is to eliminate the middleman, lower transaction fees, and create a sophisticated, decentralized and virtually unhackable environment for online payments.
The Current Value of Bitcoin
Why is Bitcoin Popular with Esports Betting Enthusiasts?
There are several reasons why CS:GO Bitcoin betting continues to gain massive popularity. Let’s go through them one by one. Who knows, perhaps you’ll want to experiment with Bitcoin betting after reading through the next few paragraphs.
On average, it takes roughly half an hour for a Bitcoin transaction to come through. While this is not ideal, it’s still a viable option for CS:GO betting purposes due to these variables.
Speed
Let’s talk speed! Even though Bitcoin, and most other cryptocurrencies, are nowhere near the transaction speeds of VISA and other card providers, their transaction speed is still at an admirable level considering the level of security, low fees, and complete anonymity.
Security
As far as safety goes, Bitcoin is as secure as they come. Thanks to the aforementioned blockchain technology, transactions are unhackable since blockchain uses SHA-256 encryption, which is impenetrable with current technology.
Furthermore, anonymity is a big selling point too. Not only is every transaction on the blockchain completely anonymous, but it’s also an excellent method of bypassing USA online gambling laws. Don’t get us wrong, CS:GO Bitcoin betting is not legal. Technically, it’s in the gray zone as you are not directly transferring real funds for online betting purposes.
Ease of Use
Lastly, CS:GO Bitcoin betting is rather easy to set up. There’s a short guide at the bottom of this article. Despite that, the popular opinion on Bitcoin and other cryptocurrencies is that they’re these overly complicated payment systems meant for programmers and geeks. People label them as too difficult to set up without even giving them a chance.
In reality, setting up Bitcoin as your preferred method of payment doesn’t require any technical knowledge and will only take a couple of minutes off your busy schedule. So, if you’re on the lookout for a new payment method that’s reliable, fast, and secure, Bitcoin seems like a no-brainer.
Pros and Cons of Esports Betting With Bitcoin
Just like all other online payment methods commonly used for online betting purposes, Bitcoin has its fair share of good, bad, and ugly.
Pros
- Although it’s not a 100% legal alternative, esports betting with Bitcoin is the most USA friendly online betting option currently available on the market. Thanks to its anonymity, using Bitcoin for betting on CS:GO (and all other esports) is an easy way to bypass USA regulations that prohibit transferring funds for online betting purposes.
- It’s based on a completely transparent Blockchain system that not only ensures complete anonymity but eliminates potential frauds by facilitating a direct look into each and every single transaction that went through.
- Bitcoin transaction fees are much lower than that of typical online payment methods used on esports betting sites. If you want even lower fees, you can always experiment with other cryptocurrencies.
- The majority of Bitcoin betting sites offer other payment methods as well. This means Bitcoin betting enthusiasts aren’t limited to Bitcoin. If on a particular day, Bitcoin’s volatility gets the better of it, they don’t necessarily have to find a new bookie to use. They can use their default one and just pick another payment option during the deposit process.
Cons
- Using Bitcoin for online betting is essentially gambling in and of itself. We’re talking about a volatile currency that’s prone to fluctuation, something which could affect your overall winnings.
- The transaction speed of Bitcoin and other cryptocurrencies arent that great when compared to the likes of electronic wallets and VISA/MasterCards.
- There are not that many CS:GO Bitcoin betting sites out there. That said, your options may be limited if you are thinking of betting only with Bitcoin.
- Even though it’s relatively simple to use, Bitcoin can seem scary to non-techies. While this isn’t necessarily a con, it can look like one to some people.
Setting Everything Up for CS:GO Bitcoin Betting
There are several steps you need to do to start your own CS:GO Bitcoin betting adventure.
Creating Your Bitcoin Wallet
The first thing on your to-do list is to find a proper wallet for your Bitcoins and set everything up.
There are numerous cryptocurrency wallets out there. Some work via dedicated desktop clients, some through browser add-ons, and some via dedicated online platforms.
The current state of affairs in the world of crypto wallets is a bit different than it was a few years ago. The best Bitcoin wallets of 2019 favor simple UI, short registration process, and ultimate security. Coinbase is the number one option, but feel free to experiment with others.
Keep in mind; you might have to confirm your email and some of your personal info before you’ll be able to fully activate and use your newly created crypto wallet. Also, make sure you choose a strong password for your crypto wallet account as users’ passwords are always the weakest link as far as CS:GO Bitcoin betting is concerned.
Buying/Depositing Bitcoin
Once you’re done with creating your account and setting everything up on your crypto wallet, it’s time to buy and deposit some Bitcoin to it.
This process is relatively straightforward and is similar across all top-tier cryptocurrency wallets. You’ll be greeted with a screen that allows you to enter your credit card details and choose the amount of money you’re willing to exchange for Bitcoin and transfer it to your account.
There’s a small fee involved in the initial transaction. It usually amounts to 3%. While it’s not ideal, it’s definitely worth it considering the extra security and anonymity you’ll be getting in exchange.
Using Bitcoin for CS:GO Betting
Once you have a certain amount of Bitcoin in your crypto wallet, it’s time to find good CS:GO betting sites that support Bitcoin. There are several options available. Not all of them will provide you with decent CS:GO betting experience so make sure you choose wisely.
After choosing your preferred CS:GO bookie, the next step is to go through the initial deposit process. It goes something like this:
- Copy the wallet address provided by your bookie.
- Paste the wallet address in your crypto wallet and enter the amount you’d like to deposit.
- Wait roughly 20 minutes for the transaction to go through.
- Viola – you’re ready to start betting on CS:GO with Bitcoin.
CS:GO Bitcoin Betting 101
Even though many people don’t believe in the potential of Bitcoin as the future of online betting, the promising cryptocurrency started leaving its mark on the industry a long time ago.
As time goes on, more and more bookies are adopting Bitcoin and other cryptocurrencies as supported means of online payments. With volatility and risk factor at an all-time low, if you’re looking for a new payment method that’s both safe and anonymous, there’s no better option than Bitcoin.
Especially if you’re interested in CS:GO Bitcoin betting. There’s a considerable amount of available platforms, and it’s up to you to choose the best one!
Michael Stevens
Michael Stevens has been researching and writing topics involving the gambling industry for well over a decade now and is considered an expert on all things casino and sports betting. Michael has been writing for GamblingSites.org since early 2016. …
