We will now take the time to look at the payment method that is Bitcoin. Thankfully, there is a bit more information available about Bitcoin as it is a payment method that is gradually being accepted all over the world and not just on the African continent. However, as can be seen from the table below, a lot depends on the particular bookie that you have an account with.
|Payment Method||MinimumDeposit||Maximum Deposit||Minimum Withdrawal||Maximum Withdrawal||Fees||Time Process|
|Bitcoin||Depends on bookie||Depends on bookie||Depends on bookie||Depends on bookie||No deposit fees Depends on bookie||Instant for deposits and withdrawals|
What is Bitcoin?
To put it as simply as possible, Bitcoin is a type of digital currency that can be used on the Internet to buy services and products. At this current moment though, there are not that online shops that are accepting it, but you will be happy to hear that there are some sportsbooks that have it as one of their main banking options. If you would like to purchase Bitcoins, then you can do so directly from BTC Direct and they will be sent straight to you.
How to Create an Account with Bitcoin
Bitcoin is a type of digital money, so a Bitcoin account is something that does not exist. However, you will obviously need somewhere to store your Bitcoins, which is where a Bitcoin wallet will be needed. A Bitcoin wallet is just like your normal bank account in the sense that you will go there to manage, receive, and send, the Bitcoins that you possess.
There are many different Bitcoin wallets out there, and some are better than others. Below we have listed eight of the very best:
All of the above Bitcoin wallets can be downloaded very easily from the Apple Store or Google Play Store. All that you need to do is put the one that you would like to download in the search bar, download it, and then follow the given instructions. If you are new when it comes to Bitcoins, we really think you should download BRD as this is the Bitcoin wallet that is most suited for beginners.
Fees and Commissions for Using Bitcoin
When you are sending Bitcoin, you actually do not have to pay any fees. However, if you decide against paying fees, then the transaction might not be completed by those who are known as Bitcoin miners.
These miners are computer experts whose job it is to maintain the Bitcoin blockchain. When a miner adds a new block, they are reward with some Bitcoins as well as the transaction fee. Miners can choose the transactions that they would like to add to each block (each block can fit 1MB of data). Since each miner gets to keep the transaction fees for each block that they add, they will often select those with higher fees than those with lower or non-existing fees.
Choose your Fee for Quicker Payments
So, what is your average Bitcoin fee? Well, this is not the easiest of questions to answer, but it seems like it stands at around $0.30. However, you have the ability to decide your own fees, so if you would like your transaction to be processed as fast as possible, then we highly recommend that you give a fee that is more than the average.
Sometimes, the Bitcoin mining network can be really congested as many people are placing transactions together. In this scenario, you will need to provide a higher fee if you are to have any hope of your transaction being processed. Back in 2017, Bitcoin transactions became so popular that the average fee at one stage stood at $40.00.
How are the Bitcoin-related Fees Compared to Other Payment Methods?
Although nobody likes paying fees, the fees that you will have to pay for a Bitcoin transaction will be a lot lower than those which your bank will charge. To add to this, bitcoin payments will, on average, arrive much faster than those that are made using a bank.
It must be noted that when you are depositing Bitcoin at a sportsbook, you will not usually be charged any fees by the sportsbook themselves.
However, when you are making withdrawals, there is the chance that they will have a specific fee that you will have to pay.
Our Opinion about Bitcoin
Bitcoin has come a long way since it was first introduced back in 2008 and it is now a very popular way for people to buy goods online. There are also more and more bookmakers and online casinos that are accepting it as a payment method, so the pros really must outweigh the cons.
Although, if you have the choice between Bitcoin and one of the other payment methods that we talk about on this website, we recommend that you choose one of those as with them there is no chance of waking up one day to find that Bitcoin value has dramatically decreased and you now have a worthless currency in your Bitcoin wallet.
What You Need to Know About Bitcoin
People like to ask a lot of questions about Bitcoin and below are four of the most common.
What is the Minimum Deposit?
This is not an easy question to answer as it all depends on the bookmaker that is allowing the Bitcoin deposit. Pinnacle is a bookmaker that accepts Nigerian players and Bitcoin and the minimum Bitcoin deposit is the equivalent of 10e. Therefore, there is a high chance that it will be the equivalent of 10e for the majority of bookies.
What is the Minimum Withdrawal?
Once again, this will depend on the bookie that you have an account with. However, if we take a look at Pinnacle again, we will see that their minimum withdrawal amount stands at 10e. It is likely to be somewhere in this region for the majority of bookies that accept Bitcoin.
What is the Delay for Depositing or Withdrawing?
Once your Bitcoin transaction has been completed, the Bitcoins that you are depositing or withdrawing will appear in your bookie account or your Bitcoin wallet right away.
Are There Any Deposit or Withdrawal Fees?
When you are making a deposit using Bitcoins, the bookmaker that you are depositing at will not charge you any extra fees. However, when it comes to withdrawals, there is a very good chance that you will have fees to pay. For instance, the withdrawal fee for withdrawing money from Pinnacle stands at 12e.