Bitcoin Betting Sites

After the formation of Bitcoin in 2009, the cryptocurrency has taken the world by storm and completely transformed financial payment methods in modern times. Despite its reputation as an investment system, cryptocurrencies such as Bitcoin can also be used as an alternative to online banking payment methods.

Due to the increasing popularity of the cryptocurrency, many esports bookmakers now accept Bitcoin as a payment method in the Philippines for both deposits and withdrawals. Whilst Bitcoin can be a complicated system to understand, this review will make everything clear for first time users and evaluate the usefulness of the cryptocurrency for players in the gambling world.

LIST OF BITCOIN ACCEPTED BOOKIES

Found 5 bookmakers

1xbet

7.9/10

  • Variety of payment methods
  • Lots of promotions
  • Competitive odds
  • Fast withdrawal times
  • Wonky reputation
  • VISA
  • MasterCard
  • Credit Card
  • Bitcoin

BEST BOOKMAKERS FOR BITCOINS

22bet

Low deposits

22Bet is a fantastic international bookmaker, offering a casino and sportsbook to its players with over a hundred methods of deposit and withdrawal. Covering all popular sports, 22Bet Philippines offer fantastic sports bonuses and promotions, including a 100% deposit bonus of up to 18,000 PHP. They are licensed by the Gambling Commission and Gamcare, making them a credible website in the Philippines.

Advantages & limitations

Advantages

There are many positives to the ever-growing cryptocurrency payment methods, which this post will examine in great detail.

Firstly, the transactions from Bitcoin bookmakers in the Philippines are completely anonymous and 100% safe. Depositing through Bitcoin removes the middleman as all transactions are encrypted, allowing the player to remain completely anonymous. The bookmaker will not be aware of your financial information. The only personal information that the company will gain will be those that the player fills out during signup and verification processes.

Next, betting with Bitcoin is an extremely quick process as the cryptocurrency isn’t regulated by any central authority, once again removing the middleman. Therefore the player can expect instant transfers and withdrawal times of less than a day.

Finally, using cryptocurrencies in the Philippines is not subject to inflation. The Bitcoin bookmaker market has a cap, meaning that the market is free from inflation. Despite this, the value can change in relation to other currencies.

Disadvantages

Unfortunately, Bitcoin does not hold much value in the real world as of the moment. If you win money and withdraw it as Bitcoin, you cannot take your winnings into a shop in the real world and expect to buy something with the money that you have won. However, as the payment method grows in popularity, this could change in the near future.

The value of Bitcoin is also subject to change due to the fluctuation in the Bitcoin market. The value of your Bitcoin is likely to change daily, which can be a disadvantage if you have an exact amount of money in mind when it comes to betting. There are also many concerns that the cryptocurrency bubble will burst in the future and become of less to no value.

  • Not much real world value
  • Unpredictability of stock price
  • Not widely accepted
  • Difficult and complicated to understand/use

HOW TO MAKE A DEPOSIT?

Bitcoin deposit processes are nearly identical across each website that allow cryptocurrencies, with ecopayz being the method of deposit. Below we provide you with a step by step guide to depositing money into your account through Bitcoin.

  • Step 1. Log into your account and press the deposit button in the top right of the page.
  • Step 2. Enter the amount that you wish to deposit and select ecopayz before clicking continue.
  • Step 3. Log into your ecopayz account and select the Bitcoin which you would like to deposit with.

IS BITCOIN SAFE?

One of the largest advantages of using Bitcoin is the safety that it provides for its users. As a sophisticated payment system which acts as an alternative to traditional banking, Bitcoin allows transactions without the authorities serving as the middlemen. Created and stored digitally, the cryptocurrency means that no single institution has control over the Bitcoin network, which is governed by volunteer coders and operated by a huge computing network over the world.

Bitcoin is the safest alternative to banks for online payments, without users having banks or governments in control of their money. The customer’s safety is guaranteed with Bitcoin as their personal information cannot be compromised. In order to ensure safety, the customers should gamble on the above websites suggested, which are licensed by the UKGC, certifying that they can be trusted as a bookmaker.

Limits, fees & withdrawal times

Bitcoin betting is extremely cost-effective, however even when the bookies state that there is no transaction fee, the user must pay a miners’ fee. In recent times, this fee has dropped so using Bitcoin to gamble is extremely cost-effective. Bitcoin bookmaker deposits are instant, much like other payment methods, and withdrawals will take a maximum of 24 hours on average, making it a fantastic option to deposit.

Deposit Times, Fees & Limits

Betting Site Speed Free Limits Min/Max

1xbet

Instant

1.00 USD

22bet

Instant

1.00 USD

Melbet

Instant

1.00 USD

Withdrawal Times, Fees & Limits

Betting Site Speed Free Limits Min/Max

1xbet

15 minutes

1.50 USD

22bet

15 minutes

1.50 USD

Melbet

15 minutes

1.50 USD

How to obtain Bitcoin?

Obtaining Bitcoin does can be a simple process, however this may take a lot of time so be prepared to spend a couple of hours to set yourself up before being able to gamble. The Bangko Sentral ng Pilipinas has licensed many cryptocurrency exchanges which can be used in the Philippines. However, these are regulated so it is recommended that you purchase from Bitcoin ATMs. A simple Google search will show you where to do this.

For those who prefer to purchase from regulated companies, the BSP has approved 13 companies including Coins.ph, which is the easiest cryptocurrency service to use for beginners, simply visit their website and you will be walked through the process. Their conversion meter makes purchasing your first Bitcoin extremely easy, showing how much you will get for the amount of PHP you would like to invest.

You will also need to set up an ecopayz ewallet in order to deposit onto both 22Bet and NetBet with your Bitcoin. Furthermore, you can deposit your Bitcoin through Neteller if you already have an account set up, but this may be subject to fees.

  • Skrill is one of the world’s largest payment processing systems online and is supported in many countries all over the world.

    More
  • Paypal, which was founded in 1998, provides a safe and effortless way to deposit funds into your account.

    More
  • Mastercard is an accessible way to pay online using your credit card. It is supported by many companies.

    More

Overall

In conclusion, Bitcoin is a recommended payment method when it comes to gambling as it suits all your betting needs. Transactions are extremely fast and done without any regulatory oversight to give the player full control over their payments. Bitcoin sportsbooks in the Philippines also have the potential to rise in the future. A real downside is the fact that not many bookmakers accept Bitcoin as a payment method as of now, however with the popularity of cryptocurrency only rising we could see this change in the future.

Review Author