Bitcoin Betting Sites

The world of sports betting is attracting more people in Nigeria every year. And you are certainly one of them considering that more than 60 million Nigerians participate in gambling activities!

But did you know there are Bitcoin betting sites in Nigeria? Yes, it is time for you to combine your investment in cryptocurrency and your passion for betting.

In this post, we are going to cover all the information you need to know before you head out to make an account at the Bitcoin betting sites in Nigeria. Get your snacks ready because it is going to be a long one!

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What is Bitcoin?

We can say for sure that you have heard the term Bitcoin at least once in your life. Whether you know what it is or you do not, we plan to enrich your personal encyclopedia by a little. And be sure that it is going to help you when you finally go to the Bitcoin betting sites.

Think of Bitcoin as digital money. It is a virtual currency that is valid across the world. No government is responsible for regulating its value. As much blessing as it is, it is the reason behind Bitcoin’s volatility. But in recent years, it has gained huge popularity among common punters like you!

If you imagined Bitcoin as a physical coin, you are in for a surprise. There is no physical existence of Bitcoin. Unless you print them on paper! It is not like gold coins that you can buy and store in your locker. Rather, you have your Bitcoin wallet where Bitcoins are stored in the form of an address.

If you have noticed the sign ‘₿’ somewhere but did not know what it was, it is the Bitcoin symbol. Just like we write ₦100,000, we can write ₿100,000!

The bottom line is, Bitcoin is a completely decentralized digital currency that has a monetary value associated with it. You will understand what we mean by decentralized currency when we explain to you how it works.

How Does Bitcoin Work?

Before you start your amazing journey at Bitcoin betting sites in Nigeria, why do not you take the time to understand how it works? You do not have to go anywhere because we are going to explain it to you like the light of the day!

Remember we said Bitcoin is a decentralized currency? What we mean by that is that all of the Bitcoin transactions are public. The value of Bitcoins solely depends on the availability rather than the liquidity regulation from a government.

Each Bitcoin has a unique address as the identifier. All of the Bitcoin addresses are stored in a secured public network known as the ‘Blockchain’. All the transactions happening around the world are updated in real-time to keep the transparency intact.

Individual Bitcoin owners like you store Bitcoins in a digital wallet. You can download the wallet app on your computer or your smartphone and conduct transactions from there. Bitcoin betting sites in Canada will accept your Bitcoin address and convert it into betting credits when you make a deposit. You can withdraw in the same way where you provide your address to the betting platform.

Bitcoin betting

History of Bitcoins

You will be amazed to know that the journey of Bitcoin started way back in 2008 when a pseudonymous personality on the internet named Satoshi Nakamoto proposed the concept. It was based on solving critical math problems to generate Bitcoins.

The process of generating Bitcoins is known as Bitcoin mining. The first block of Bitcoins ever mined is known as the Genesis Block of Bitcoin. Solving block number 0 rewarded 50 Bitcoins at that time.

Solving the complex math problems required powerful computer processors. And it is a peer-to-peer network so no government had authority over how many Bitcoins were mined. During that time Bitcoins were only a proposed electronic cash system.

In 2010, computer programmer Laszlo Hanyecz ordered and received two Pizza’s from the Papa John’s chain in the USA for 10,000 Bitcoins. It is the first known commercial transaction with Bitcoins.

You will be surprised to know that most early Bitcoin transactions took place in return for services and goods from the black markets or the dark web. If you have heard about the infamous Silk Road case, you know what we are talking about.

Fast forward to today, Bitcoin has gained substantial value and popularity among punters. And now there are Bitcoin betting sites in Nigeria.

Bitcoin in Nigeria

In terms of trading volumes, Nigeria comes 3^rd in 2020, right after the USA and Russia. Isn’t that awesome? Some even believe that Nigeria is the global leader in cryptocurrencies. It is partly because of the lack of proper investment opportunities in the country.

As Bitcoin is a decentralized currency, the Nigerian government cannot regulate Bitcoin betting sites in the country. However, at the time of writing, there is a ban in place with cryptocurrency trading using bank accounts.

Many banks in Nigeria are freezing accounts of individuals without stating the reason. Experts suspect that it is the government’s initiative to protect the country’s economy from illegal activities.

But you do not have to worry about that! Sports betting is completely legal in Nigeria and the Bitcoin betting sites are mostly foreign. So, you can continue enjoying cryptocurrency betting in Nigeria.

Advantages of Using Bitcoin

Are you excited to understand why you should use Bitcoin for your sports betting needs? We sure are. This cryptocurrency has opened so many doors for punters in Nigeria. And Bitcoin betting sites are becoming more and more common to cater to their needs.

Let us look at some of the advantages you can enjoy from using Bitcoins.

It is Extremely Safe

The first and most important reason to use Bitcoin over any other payment provider is its security. As we have previously mentioned, the Blockchain is a public network. So, everyone in the network can see when Bitcoins are traded. Depending on the network delay, it might take from a few minutes to even days before the blockchain is updated.

Another great safety feature of using Bitcoins is that you do not have to disclose your identity on the internet. Transactions at Bitcoin betting sites in Nigeria happens completely based on the Bitcoin wallet address. So, all of your banking details and personal information are safe.

The Encryption technology used in the Bitcoin network is unlike anything else you have ever seen. It is so powerful that even the best hacker in the world might have a hard time breaking into it. It is done to ensure you and your Bitcoins’ safety from all evil eyes.

Do you know what the best part is? You cannot fake a Bitcoin-like you can with money! Bitcoin addresses are verified by the blockchain developers and the algorithm is very advanced. So, it’ll pick up any discrepancy in the address as soon as someone enters it.

It is Decentralized

Another reason to go with Bitcoins instead of traditional payment providers would be the decentralized property. It means the value of Bitcoins is not something that changes with the economy. Recessions do not impact Bitcoin. Even a stock market crash would keep you safe if you have invested in Bitcoins.

Straightforward Transactions

All of your transactions at Bitcoin betting sites in Nigeria happens very fast. As there is not much information involved other than your Bitcoin address, it takes less time for the operator to process your payments.

All you have to do is log in to your Bitcoin wallet, whether on your mobile or computer and follow the steps. Each transaction takes less than a minute a complete!

It is true for all of your other transactions as well. They are very straightforward. You take the receiver’s address and use your wallet app to transfer the funds. There is nothing more to it. No verification delays or waiting in line!

You Get Even More Security with a Hardware Wallet

If you are conscious about hackers getting ahold of your Bitcoin wallet, you can invest in a hardware wallet. Many wallet providers offer hardware variants depending on your choice of operating system.

It is a standalone device that holds your Bitcoin addresses safely. You only connect it to your computer when you perform a transaction. So, the risk of someone breaking into your wallet and stealing your Bitcoins is very minimal.

Widely Accepted

We couldn’t make this statement maybe even 5 years ago. But in recent years, Bitcoin has gained massive popularity across the world. Many reputed vendors including betting operators are more accepting of Bitcoins than ever.

You Can Use it from Mobile Devices

Say you are out somewhere and need to make a payment at Bitcoin betting sites? Do you come back home to turn on your computer? No! Bitcoin wallet can be safely stored on your smartphones or tablets. So, you can make payments or receive payments anywhere in Nigeria.

Later when you learn how to open an account with Bitcoin, you will know that different mobile apps offer a safe and reliable Bitcoin wallet.

How to Use Bitcoin for Betting?

Bitcoin for Betting

Now we have reached the most fun part of our post. Bitcoin in betting. By now, you should have a pretty good idea about how Bitcoin works and why everyone is so crazy about crypto mining nowadays.

Bitcoin brings great opportunities for punters as well! There are many sports betting sites in Nigeria that accepts Bitcoin as both deposit and withdrawal methods. The good news for you is that the number is rising constantly.

Betting with Bitcoin allows you to deposit and withdraw your funds super-fast. No bank verification can delay your payment. And you are free from all banking fees as well.

Some Bitcoin betting sites even offer bonuses if you use this popular cryptocurrency. It is usually a deposit bonus. When you make a deposit, the operator matches it with a percentage. If you are lucky enough, you can get up to ₿1 as a bonus. That is a lot of money in bonuses when you consider the current crypto market!

Another reason why Bitcoin is getting popular among punters is its safety. When you make deposits or withdrawals, you do not have to disclose your bank details or credit card details. You will find an address from the operator that you will use to make your deposit.

How to Deposit and Withdraw at Bitcoin Betting Sites?

At this point, we are assuming you have a Bitcoin wallet and have enough of them to start betting at Bitcoin betting sites in Nigeria. If you do not, there is nothing to worry about because we have a section coming up where you will learn how to open an account for Bitcoins.

The first step is to find the best Bitcoin betting sites for you. All of the operators you see on our list are tried and tested. Pick any of them and go wild!

When you select your sports betting platform and make an account, navigate to the cashier page. It might be labeled differently at different sports betting sites. Once you are on the page, find the deposit option. You should see Bitcoins listed. Click on it and you will get detailed instructions on what to do from thereon.

In most cases, the casino will provide you with a wallet address. You need to open your wallet and transfer the funds to the sportsbook’s wallet address. And you are done!

For withdrawals, it is the exact opposite process. You will give your wallet address to the Bitcoin betting sites and they will transfer to funds to you. Keep in mind that the sportsbook might take some time to verify your identity.

How Secure is Bitcoin for Betting?

You will be glad to know that Bitcoin is as safe as any other payment provider you can think of. All of the transactions take place from the Blockchain so there is minimal risk of your Bitcoins getting stolen. And when you choose our recommended Bitcoin betting sites in Nigeria, you can rest assured that your Bitcoins are in good hands.

The cryptocurrency uses top-of-the-line encryption technology to keep the transaction information safe from data breaches. Pair it up with the operator’s security measures, you get a solid payment method!

However, if you are not careful while using the internet, you might fall victim to the age-old phishing sites. Do not trust anything you see on the internet. And when it comes to betting, only trust the best operators in the business. And you will find them on our list.

Bitcoin betting sites

How to Open an Account at Bitcoin Betting Sites

Now, it is time for you to open a Bitcoin wallet. We have kept it near the end to ensure that you are certain about your actions. Because by now you know all there is to know about Bitcoin betting sites. And we hope you have made the decision to take it forward. So, let us open you an account.

Step 1

To open a Bitcoin wallet, first, you need to visit www.bitcoin.org. The website will look like this.

When you click on Get Started with Bitcoin, you will be redirected to a page where you can read detailed information regarding what Bitcoin is, how you can buy them and how to choose your wallet. You are going to click on the Choose Your Wallet button.

Step 2

Once you click Next, you will get a lot of options to choose from. You can go for mobile wallets, desktop wallets, or hardware wallets. Choose your preference and press Next. We are choosing Windows Desktop wallet as an example. It should look like below.

Choose your wallet type and click Next.

Step 3

In the next step, you get to choose either you are a new Bitcoin user or an experienced crypto user. Make your selection and press Next.

The next two steps are optional. You can tailor your needs with the wallet. Once you are done, press Next.

Step 4

In this step, you will find the wallets available for your Windows device. It is going to vary depending on whether you choose a mobile wallet or a hardware wallet.

Now, you just click on your preferred wallet, visit its website and download it. With some wallets, you may get a direct Download button as well. You are done!

Fees

At Bitcoin betting sites in Nigeria, the operators usually do not imply any charges on your transactions. However, depending on your selection of wallet, there might be a 2%-3% fee associated with each transaction. We recommend you read the terms and conditions for both your wallet and the sportsbook to understand the fees.

Alternatives to Bitcoin

Everything you learned about Bitcoins today was fascinating, was not it? Then prepare yourself for another round of joy because Bitcoin is not the only cryptocurrency you can use in Nigeria!

You can use Ethereum and Litecoin as your payment methods in Nigeria. Apart from cryptocurrencies, there are credit cards, Neteller, Maestro, Opay, MasterCard, Visa, PayPal, etc. as payment providers.

Other Cryptocurrencies

Besides Bitcoin, Litecoin and Ethereum are two of the most popular crypto networks in the world. The value for each of these will vary from Bitcoin. But you can still use them for your sports betting needs at the Bitcoin betting sites that accept them.

Credit Cards

Credits cards are the most common payment options you will find at any sports betting site in Nigeria. Whether you have a VISA, a Maestro, or a MasterCard, you can both deposit and withdraw your funds. The credit card providers offer very good security features like SSL encryption and industry-standard data protection.

The deposits with credit cards free and instant. However, operators might have different withdrawal periods and limits depending on your choice.

E-Wallets

You cannot deny the fact that e-wallets have taken the world by storm. Neteller, ecoPayz, Opay, etc. are some of the most popular e-wallets you can find in Nigeria. E-wallets eliminate the need for opening bank accounts.

However, having a bank account or a credit card will help you to deposit money to your e-wallets. Although you have to share your banking information with the vendor, those details are safe from the Bitcoin betting sites in Nigeria.

Bank Transfers and Cheques

Last but not the least, you can use traditional bank transfers and cheques to conduct your casino transactions. They take substantially longer when compared to Bitcoin, credit cards, or e-wallets. But they have very good security measures in place. Your funds go through severe verification processes to ensure the absolute legitimacy of your transfer.

Bitcoin for Betting

Tips for Using Bitcoin Betting Sites

Bitcoin betting sites have made sports betting very convenient for the punters like you. But we would like to share some of our tips when you start betting on your favorite sports.

Take Your Time

Depositing at a sportsbook and start betting is an exciting idea, right? Well, no matter how excited you are, you should always take the time to select the best payment provider. Because many operators might imply additional terms and conditions to Bitcoin deposits and withdrawals. You do not want them to take you by surprise, do you?

So, read the terms before you start making any deposits at the Bitcoin betting sites in Nigeria.

Be Aware of the Fees

It might be very minimal but it is always in your favor when you know what fees you might have to pay. It depends on the Bitcoin wallet and the betting platform. Usually, the fees do not go over 2%. If you face a ridiculous fee on your deposits, it might be a good idea to look for alternatives.

Make Sure it Accepts Bitcoin

As much as you like Bitcoin, it is not something you will find at absolutely all betting sites in Nigeria. So, it is always good to check before you make deposits. The sportsbooks you find on our list all support Bitcoin as well as plenty of other payment options.

Know the Limits

Virtually all sportsbooks have a maximum withdrawal limit. Whether it is a daily limit, a weekly limit, or a monthly limit, you should always know about it. In the terms and conditions section, the limits will be clearly labeled.

If you cannot find the exact limit for Bitcoins, you can calculate the mentioned Naira value to convert it into Bitcoins.

Summary

We have reached the end of your Bitcoin education journey. But it is the beginning for you with Bitcoin betting sites. Now you know all about Bitcoin and how you can use it for sports betting in Nigeria.

Bitcoin is currently one of the safest payment options for betting for its decentralization and reliable network. Although the volatility is something to be careful of, it should not affect your betting experience.

Bitcoin Betting FAQs