Bitcoin-betting sites

Online bookmakers are increasingly adapting their services to the expectations of players, but does this also apply to options such as the ability to fund a player's account with Bitcoin? After all, the bookmaker must act in accordance with the law, and the legal situation of transactions using Bitcoin is not clear in Poland. So, let's find out if betting with cryptocurrencies is possible in our country and what are the trends in the world.

Bitcoin-cryptocurrency number 1

Bitcoin is the world's most popular cryptocurrency, which has only existed since 2009, and was introduced to the global market by Satoshi Nakmoto (under this pseudonym hides one or more people). Like other cryptocurrencies, it is fully electronic and virtual that is, unlike fiat currencies, such as USD, EUR or $, there is no physical equivalent. Bitcoin exists only in digital form. It is also a cryptographic record, which means that it is encrypted and has a high level of security (blockchain technology).

The flow of funds is carried out using a decentralized peer-to-peer computer network. Thus, any intermediaries, such as banks, other financial institutions or government bodies, are excluded from the Bitcoin transfer process. Cryptocurrencies are transferred between users directly, instantly and usually without incurring additional fees. So it seems that this could be the ideal money to make any payments, but in practice in most places there is no possibility to regulate the receivables through Bitcoin. Bookmakers, who operate legally in Poland, also approach this topic very conservatively.

What are the advantages and disadvantages of Bitcoin?

Before we expand on the topic of what the issue of "Bitcoin – betting" looks like, Let's take a look at what are the advantages and disadvantages of this cryptocurrency. Decentralization and anonymity Bitcoin transactions are seen by governments as a serious threat because they do not have central financial supervision. This feature, in turn, is a huge advantage for many users – not necessarily those who are on the baker with the law, but also for people who simply appreciate right to privacy also within their own finances. This also applies to players betting on bookmakers – Bitcoin at the bookmaker is an option that is definitely interested in the environment of typers from different countries. Another consequence of the decentralization of the Bitcoin currency are already mentioned minimum transaction costs , and additionally their implementation time is fast .

Bitcoin is money universal . We do not need to make a conversion (so we do not bear the costs associated with it) if we want to pay a person on the other side of the globe using Bitcoin. Betting - referring to the most interesting topic for us, which is the typing of sports – could also be carried out in a convenient and fast way, supplying the player's account with this method. However, in the meantime, let us signal that this is not possible in Poland at the moment (as of November 2022).

As for other advantages, it is also worth mentioning m.in. high degree security unlike ordinary money deposited, for example, in a bank account, cryptocurrencies can not be robbed through an external attack. However, on the other hand, the issue of their safety depends on whether the owner adheres to certain rules. At this point, let's smoothly move on to the basic drawbacks of the Bitcoin currency, since in practice these funds can easily fall through. Losing the key to Bitcoin means an irreversible loss of access to your funds and if it is stored, for example, on a smartphone or laptop, then its loss/destruction, etc. this is equivalent to the loss of cryptocurrency. We can not use technical support in this situation, because it does not exist.

Other disadvantages or threats associated with the Bitcoin currency include m.in. the fact that his the value is very volatile and unpredictable it can be exploited by the criminal world, and some experts see this system as a financial pyramid or a speculative bubble.

Bitcoin-price

How is the price of Bitcoin formed? The exchange rate of this cryptocurrency, like other currencies, is subject to constant, greater or lesser fluctuations, but in a direct way it is not factors such as the level of inflation or other economic phenomena that affect what its current exchange rate is. Bitcoin, and specifically its price, depends primarily on the strength of supply and demand forces .

You need to know that the supply has an upper limit, which is 21 million BTC (according to estimates, the so-called extraction of this amount of cryptocurrency is expected to be achieved only around 2140.) The second key factor that determines what the price of Bitcoin is is demand. So, it is mainly about what is the value of the transactions carried out and the interest of investors in the Bitcoin cryptocurrency. The principle is simple: when demand increases, the Bitcoin Price also increases, and when supply increases, the Bitcoin price falls .

Bitcoin-course

So, how much Bitcoin costs depends on the factors related to the internal market of the cryptocurrency, but on the other hand, you need to understand that already demand is also driven by external factors. . If, for example, the government de-legalizes cryptocurrencies in a given country, interest in buying them will probably decrease, and therefore the Bitcoin exchange rate will begin to lose value. Conversely, if, for example, more and more stores and other service providers (such as online bookmakers) introduce the ability to pay with Bitcoin, the virtual currency's quotations will increase. Speculation or media reports also have a big influence on the volume of demand, and such factors also indirectly affect the value of the Bitcoin exchange rate. For example, Bitcoin prices will fall if we are dealing with an economic situation – if only because when life becomes more expensive, many people stop investing and focus on survival.

It must also be admitted that Bitcoin quotes are compared to the market of classical currencies definitely less stable . It has already happened many times that the price of Bitcoin sharply lost even half of its value or unexpectedly its price increased, for example, 2-fold. How much Bitcoin costs at any given time can be easily checked on the Internet by going to the site of any cryptocurrency exchanges .

Bitcoin as a means of payment

Bitcoin was originally intended to be an asset for storing value, and this is still its primary role. However, it can also be used as a means of payment, although of course much depends on the law of the country. Bitcoin is not illegal and more and more stores allow you to make payments in this cryptocurrency . In large cities, there is also an increasing number of special ATMs where you can buy or sell Bitcoin.

The payment process itself is not complicated-the funds are held in e-wallet an application dedicated to the storage of this cryptocurrency. To make a transfer, during the transaction, you must provide the address of the wallet of the person, company or organization to which the money is to go. This address is a string of numbers and letters. Of course, we also provide the amount of the transfer and confirm the order, so the procedure is the same as in the case of payments made by other methods. Cryptocurrency can also be paid using special payment cards (for example, a Visa card from Binance). Everything is really very simple, so why should a Bitcoin deposit at a bookmaker not be available?

Bitcoin-bookmakers in Poland and the law

It's time to look at the issue of what the situation is regarding the use of cryptocurrencies on sites that are run by legitimate online bookmakers. Bitcoin, as well as any other cryptocurrency, is not currently accepted as a payment currency by bookmakers operating in Poland based on the required permit (as of November 2022). So, unfortunately, players are doomed to use deposits in classic currencies, otherwise they will not have the opportunity to legally bet on bookmakers. Bitcoin, despite the fact that it has a large number of users, is treated in betting sites "on a stepmother", but what is the reason for this state of affairs? Was this solution illegal?

As it turns out, this is not true. Circulation and issue of this money it is not prohibited by Africane law although the Ministry of Finance has not recognized Bitcoin as an official means of payment, it is also not qualified as a financial instrument. However, according to Africana law, income from trading cryptocurrencies is treated like other income from monetary capital, that is, a 19 percent tax should be levied on them. There are more paradoxes of this kind.

The conclusion is one: so far, the law on cryptocurrencies in our country is very unclear and inconsistent . It can be assumed that this is one of the main reasons that every LEGAL bookmaker is very careful about accepting payments in Bitcoin. However, Bitcoin is a topic that Africa's legislation will have to face sooner or later, and players who would like to pay in this currency can only hope that there will be no tightening of the law in this area. However, everything is possible and it is possible that the opposite will happen, and then we can expect that Bitcoin will appear in bookmakers very quickly.

Bitcoin at bookmakers abroad

Despite the controversy surrounding Bitcoin in most countries, it is a legal currency, and even in neighboring Germany it is widely used and can be used to make payments in private transactions. In turn Japan it recognized this cryptocurrency as an official means of payment and allows it to be used even for settling taxes and regulating other debts in citizen – state relations. Other countries supporting the development of the Bitcoin market include Switzerland, Estonia, Hong Kong and Singapore.

There are also many bitcoin bookmakers in the world and, interestingly, there are 2 approaches to using this cryptocurrency. In the first group are betting companies for which Bitcoin is one of many methods of making deposits and / or withdrawals . But there are also such services in which payments in cryptocurrencies (and therefore without the possibility of using deposits in traditional currencies) are only transactions which the bookmaker accepts. Bitcoin can therefore be used for payments at quite a large number of bookmakers, but there is one "but" – not when the player is in African territory.

A Bitcoin bookmaker can be an interesting option as long as we are in a country where the use of its services is legal. In such a situation, poles can also bet on it. However, if we are in Poland, we cannot take advantage of this opportunity at the moment. This is due to the fact that betting on bookmakers who do not have a permit issued by the Ministry of Finance of the Republic of Poland – and only such is currently Bitcoin – are prohibited. You should be aware that their betting is in conflict with the law and may end up receiving high financial penalty .

Deposit in Bitcoin at a bookmaker

Let's sum up: since currently bookmakers with a permit for betting activities in Poland do not allow payment transactions using any cryptocurrencies, Bitcoin deposit is also not available in any of the sites offering legal betting. However, Bitcoin is becoming an increasingly popular payment currency in various industries and in different parts of the world. Therefore, it seems that if only the relevant legal regulations were adopted in our country, then this cryptocurrency as a payment method would also be made available very quickly by legal bookmakers . Bitcoin will probably not cause much trouble when it comes to making deposits, and it is easy to predict what it will look like to fund a player's account in this way.

General deposit in Bitcoin at the bookmaker should be very similar to making payments through other methods of fueling the player's account , such as wire transfers e.g. via Dotpay or Skrill. Of course, the player will need to log in to his account with the bookmaker and enter the panel used to make payments. Then you will need to indicate that we are interested in the type option "deposit in Bitcoin” and enter what amount we are going to fund the player's account. After confirming the entered data, you will be redirected to the cryptocurrency payment operator and there you will need to enter the key to Bitcoin. The bookmaker should immediately book a transfer of this type, so we expect that the whole procedure will take only a moment. It is also possible a scenario in which Bitcoin at a bookmaker can be used to make withdrawals, although this, of course, depends on the final shape of the adopted legal regulations. What is definitely more certain is that any Bitcoin bookmaker will allow you to use this payment method through both the website and the mobile app.

Betting and Bitcoin

Finally, it is worth emphasizing once again that for the time being, betting is not possible in Poland with bookmakers whose payment methods include a deposit in Bitcoin. The bookmakers that offer this option are not permitted to operate in our country, so if we are interested in betting on sporting events (or others), we need to top up the player's account in another way. However, bookmakers are keeping up with the Times and it is not difficult to imagine that it is a matter of years, and maybe even months, for the first LEGAL bookmaker with Bitcoin to appear on the Africanm market. If only the legal situation is favorable, it may turn out that soon the typing of bets and payment of their rates can be carried out through cryptocurrencies such as Bitcoin.