Betting with Bitcoin

BETTING WITH BITCOIN IN NIGERIA

Most persons in Nigeria view bitcoin as an asset that is only worth holding instead of using it for various kinds of transactions. For instance, several online shops have integrated bitcoin payments into their payment options alongside other cryptocurrencies and national currencies. However, there are still some online shops and accepts bitcoin payments strictly with no intention of ever accepting fiat currency payments.

Nowadays, some online betting sites allow for bitcoin as a deposit currency into your betting account. The specific amount of bitcoin of your deposit can also be used to stake on all types of games available on the betting website.

Nigerian bookies are beginning to see the advantage of integrating bitcoin payment into their payment options. For instance, with cryptocurrency payments online, betting payments would be more private. With bitcoin payments, there would be no credit card fraud, no credit score evaluation, no payment blacklisting, or restriction based on your location. These benefits can only be gotten in betting sites that accept bitcoin as one of their betting and payment options.

WHAT IS BITCOIN/CRYPTOCURRENCY?

Cryptocurrencies are digital or virtual currencies secured by cryptography, making it impossible to fake or double-spend it. Most of the cryptocurrencies are decentralized networks that are built on blockchain technology. This technology is simply a distributed ledger that is enforced by a disparate network of computers.

One of the most intriguing features of cryptocurrencies is that any central authority does not control them. Since cryptocurrency blockchains are all decentralized, it is therefore impossible for the government to interfere or control these currencies.

Cryptocurrencies can be sent directly between two parties through the use of a private and public key. These keys are also responsible for securing transactions. There are also some forms of incentive systems associated with bitcoin transactions, such as proof of work and proof of stake. The transfer fees are usually minimal and allow users to avoid the steep fees associated with traditional financial institutions.

It would interest you to know that cryptocurrencies were birthed as a side product of another invention. It was Satoshi Nakamoto, the anonymous inventor of bitcoin that invented the cryptocurrency. Bitcoin is the first and most important cryptocurrency. It was announced in late December 2008 as a peer-to-peer electronic cash system. The primary goal of bitcoins’ invention was to invent something that many people have failed to create before, which is ‘digital cash.’

HOW TO USE BITCOIN FOR ONLINE BETTING IN NIGERIA

For Nigerian gamblers who are new to betting with bitcoin, below is a step by step guide on how to start betting using bitcoin:

  1. The first step to take if you want to start betting with bitcoin is to create a bitcoin wallet. For Nigerians, there are several bitcoin wallets available for them. Some of them are Coinbase, Newdex, and Luno.
  2. Purchase bitcoin into your bitcoin wallet.
  3. Head to one of the recommended bitcoin betting sites and set up an account with them. You will be required to provide an email and a strong password.
  4. Get your bitcoin address from your preferred casino bookmaker and deposit from your bitcoin wallet into your bitcoin casino/betting account. After this, you should go to the send/request page of the website wallet and confirm the payment.
  5. After depositing, the next thing to do is to decide what to bet on. You can choose to bet on casino games or on sports games. This works the same way as regular betting sites where you find your bet, check the odds, and make the wager.

WHY CREATE A BITCOIN WALLET

As stated in clause one above, betting with bitcoin requires you to have a bitcoin wallet. This wallet is where you store the bitcoin after purchasing it. Hence, before starting bitcoin betting, you should choose the correct type of bitcoin wallet. This wallet protects your crypto funds from theft and hack.

There are several wallet options, with each of them offering different benefits. They also work on different operating systems. Some wallets are specifically designed for Mac, mobile devices, and even hardware wallets that secure your private keys offline. So you should select a wallet that suits your betting needs.

WHY BET WITH BITCOIN

With the bitcoin payment option, funds can be quickly moved and processed with little or no fees. For this reason, most industries are beginning to utilize this payment method. Bitcoin is valuable for online betting sites and casinos, especially those that operate in non-regulated markets like Nigeria.

Over the past few years, with the growing knowledge of bitcoin online in Nigeria, the number of sites that offer bitcoin payment methods has been snowballing. This is because bitcoin is off-limits from courtrooms in Nigeria and the other advantages as compared to the traditional fiat betting counterparts.

BETTING SITES IN NIGERIA THAT ACCEPT BITCOINS

The use of bitcoins in betting sites is growing and has become a competition among these betting sites globally; gambling sites now use crypto bonuses and promotions to attract customers to their sites. The use of cryptocurrency in betting is gaining prominence due to the ease of deposits, withdrawals, low amounts needed, and a wide range of games that can be accessed using bitcoins. Here are some of the betting sites in Nigeria that employs bitcoins as a form of exchange:

1xBet

This is an online betting platform with prominence in most places in the world, Nigeria inclusive. It was founded in 2007 and have incorporated the use of bitcoins into their system over the years. They offer services in live casinos, mobile casinos, and sports betting. Players can use electronic wallets to make deposits and withdrawals in the split of minutes and enjoy all of the services provided by this online gambling site; several payment methods are available, one of which is the use of cryptocurrencies like Ethereum and Bitcoins. This online betting platform has recognized the use of bitcoins as an ideal platform for fast deposits, and since its popularity, it has been infused into the site’s payment methods.

22Bet

This online casino was founded in 2018 and is one of the online casinos in Nigeria that allows the use of bitcoins for exchange. Aside from the plethora of casino games available, there is also room for sports betting and online gambling for customers. The casino is licensed and is safe for gambling using various payments method, including the use of cryptocurrencies. 22bet offers a large selection of deposit methods, live casinos, slots, scratch cards, and a high range of sports betting. Players can deposit bitcoins in this casino to enjoy the services available; new players are also welcomed with considerable bonuses to keep them from leaving the site.

BetBonanza

This is another casino available in Nigeria; it offers players the luxury of enjoying top casino games and greets new members with massive welcome bonuses. With loads of accreditation from reputable auditing institutions, 888 casino provides players with the best gaming experience right from their homes. The online betting site allows deposits made in cryptocurrencies, one of which is the fast-growing Bitcoins; on making the deposits, players are open to a world of fantastic live casino, mobile, and sports games that suits their preference.

Find the full list of all our sports and casino betting companies here!

Install a bitcoin wallet on your device, and generate your first bitcoin address, which can be used to receive or send bitcoin.

Since bitcoin is still new, and there are no laws that regulate bitcoin betting in Nigeria. So yes, it is legal.

Withdrawal of winnings in bitcoin betting is made in real-time because there is no third-party authorization.

No. your private key, as the name implies, is your key for carrying out transactions such as depositing into your betting wallet.