Gamble Crypto Logo

12 Best Bitcoin E-sports Betting Sites in 2022 [Chosen by Experts!]

Bitcoin esports betting

So, you prefer MOBA to NBA, and think LoL is far more entertaining than NFL? You’re not alone! While a relatively new phenomenon, e-sports are already putting more traditional sports to shame when it comes to entertainment value and viewer numbers.

Not just that, e-sports offer a diverse and exciting new area in which to take a punt! Forget those boring old spreads, now you can wager on which team will draw ‘First Blood,’ or take ‘odds or evens’ on FPS kill counts!

Best of all, you can now do all of this with Bitcoin! The best Bitcoin E-sports betting sites in 2022 allow you to bet on all the top E-sports events while enjoying some Bitcoin-exclusive benefits, and we’re here to give you all the down-low in this article.

Here is what else we’ll cover:

  • 8 Considerations When Picking a Bitcoin Esports Betting Site
  • Pros & Cons of Bitcoin Esports Betting Sites
  • How to Get Started with a Bitcoin Esports Betting Site
  • Is Bitcoin Esports Betting Legal?

12 Best Bitcoin Esports Betting Sites in 2022

1.

n1bet logo white

N1Bet

9.76

✅ Generous welcome bonus

✅ Wide range of accepted cryptocurrencies

✅ Sports and live betting options

BONUS

Up to €400 + 200 Free Spins

2.

7 bit casino logo

7Bit

9.52

✅ 5000+ exclusive BTC Games

✅ Retro casino aesthetic

✅ Robust VIP program

BONUS

1.5 BTC on first deposit,
1.25 BTC on second + third deposits

3.

BitCasino.io Logo

BitCasino.io

9.52

✅ 2 minute withdrawal time

✅ Huge selection of quality games

BONUS

Free spins, chips , & automatic cash rewards

4.

red dog logo

Red Dog

9.52

✅ Well-designed website + mobile app

✅High-quality RTG games

✅24/7 bonus promotion

BONUS

225% bonus + extra 20% for BTC deposits

5.

bitstarz logo

BitStarz

9.52

✅ 3000+ exclusive BTC games section
✅ Excellent mobile gaming app

BONUS

5 BTC or €/$500 + 205 Free Spins

6.

intertops logo

Intertops

9.52

✅ Exclusive mobile rewards

✅ New game promotions

BONUS

125% up to $1000

7.

betonline logo

BetOnline

9.52

✅ Sports and esports betting with high odds

✅ Variety of bonuses up to $3000

BONUS

Up to $1000

2.

7 bit casino logo

7Bit

9.76

  • Generous welcome bonus
  • Wide range of accepted cryptocurrencies
  • Sports and live betting options

BONUS

Up to €400 + 200 Free Spins

1.

n1bet logo white

N1Bet Casino

9.76

ACCEPTED CRYPTO

BONUS

Up to €400 + 200 Free Spins

n1bet homepage

Cryptocurrencies: Bitcoin, Litecoin, Tether, Dogecoin, Ethereum

Safety: N1Bet is very dedicated to your data protection. They use 128bit SSL encryption with an additional PGP protocol for extra security. Players are also given the option to add an extra security measure by activating the two-factor authentication (2FA) to protect their accounts.

Reputation: N1Bet is licensed and regulated by the Curacao eGaming Authority and has an excellent track record of customer satisfaction and safety. Their dedicated customer support team provides 24/7 support.

Games: Another reason why N1Bet is one of the best crypto gambling sites is its innovative bookmaking. Players have a wide range of sports, esports, and live betting options to choose from, as well as over 2500 casino games. You can enjoy modern slot games such as Mega Moolah or Atlantic Megaways, provided by some of the best developers in the industry such as Microgaming or NetEnt.

Bonuses: N1Bet offers a welcome package of up to €400 that can be withdrawn immediately after winning a bet (no need to wager the bonus) + 200 Free Spins.


2.

7 bit casino logo

7Bit Casino

9.76

ACCEPTED CRYPTO

BONUS

Up to €400 + 200 Free Spins

7 bit casino

Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Ethereum

Safety: 7Bit provides 128-bit encryption to secure their site and protect your personal data and transactions.

Reputation: 7Bit has been around since 2014 and has garnered a cult following of dedicated customers due to their nostalgic retro vibe and consistent quality. They are also fully licensed and regulated by the authorities of Curacao.

Games: This one really stands out from the crowd just with the sheer size of their game library. 7Bit offers a vast and exclusive selection of over 5000 Bitcoin games, including slots, poker, blackjack, and roulette.

Bonuses: 7Bit gives players a 1.5 BTC bonus on their first deposit, 1.25 BTC on the second and third deposits, and 1 BTC on the fourth. They also provide a generous 200 free spins.


3.

BitCasino.io Logo

Bitcasino.io Casino

9.76

ACCEPTED CRYPTO

BONUS

Free spins, chips , & automatic cash rewards

Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Tether, Ripple, Tron, Ada, Doge

Safety: Bitcasino is a fully audited online casino that goes to great lengths to protect its customers. Their site is secured with SSL encryption and you can add an extra protection layer to your account through two-factor authentication.

Reputation: Bitcasino is licensed and regulated by the authorities of Curacao and has a solid reputation to uphold. They care a great deal about customer satisfaction by providing excellent customer support and a record 2 minute withdrawal waiting period.

Games: Bitcasino has an amazing range of games, with over 2300 to choose from! From jackpot slots, roulette, blackjack, baccarat, video poker, or video Bingo, they have it all.

Bonuses: Though Bitcasino does not offer any welcome bonus, they do have a lucrative loyalty program that awards regular players with free spins, chips, and cash rewards.


4.

red dog logo

Red Dog Casino

9.76

ACCEPTED CRYPTO

BONUS

225% bonus + extra 20% for BTC deposits

red dog casino homepage

Cryptocurrencies: Ethereum, Bitcoin

Safety: Red Dog is very serious when it comes to protecting its customers. It secures its website using cutting-edge 256-Bit SSL encryption, premium antivirus suites, and advanced fraud-prevention systems.

Reputation: Red dog is licensed by Curacao – ArbathSolutions and is dedicated to customer satisfaction, with a 24/7 customer support service available to all players.

Games: Red Dog provides over 200 top-notch casino games developed by some of the most well-respected providers, such as RealTime Gaming and Visionary iGaming.

Bonuses: Red Dog stands out with its truly generous promotions section. It offers a
225% welcome bonus (with an extra 20% for BTC and Neosurf deposits) that can be redeemed up to 5 times!


5.

bitstarz logo

BitStarz Casino

9.76

ACCEPTED CRYPTO

BONUS

5 BTC or €/$500 + 205 Free Spins

bitstarz casino homepage

Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Ethereum, Tether

Safety: Bitstarz spares no expenses when it comes to safety. They employ the very best encryption technology to protect their customers’ data. For an added layer of security, you can use two-factor authentication on your account.

Reputation: Reputation is everything to Bitstarz Casino. They have won many awards from the world’s leading Bitcoin gambling authorities and are dedicated to keeping their customers satisfied. Like many of the best crypto gambling sites, they are also certified and regulated by the authorities in Curacao.

Games: Bitstarz is also very serious about customer satisfaction when it comes to its games. They employ over two dozen software developers to bring you over 3,000 Bitcoin games, including slots, table games, and live casino games.

Bonuses: Their welcome bonus is up 5 BTCs or €/$500, as well as up to 205 free spins.


6.

intertops logo

Intertops Casino

9.76

ACCEPTED CRYPTO

BONUS

125% up to $100

Cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin

Safety: Your personal data and banking information is secured at Intertops with SSL encryption.

Reputation: Licensed by the Kahnawake Gaming Commission, Intertops has one of the longest histories in the online casino business, dating all the way back to 1996. You can say they’ve been around the block and know all the ins and outs of the gambling world. They are dedicated to keeping their customers coming back with their excellent 24/7 customer support live chat.

Games: They provide a wide range of slots, as well as several solid tabletop games such as roulette, blackjack, and poker. These games are developed by software providers such as WGS Technology and Realtime Gaming.

Bonuses: Intertops offers a generous welcome discount of 125% that goes up to $1000 on your first deposit, along with several other rewards for loyal customers. They provide a special mobile reward every week worth up to $100, as well as a new game almost every week with its respective bonuses.


7.

betonline logo

BetOnline Casino

9.76

ACCEPTED CRYPTO

BONUS

Up to $1000

betonline casino homepage

Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar

Safety: BetOnline uses SSL encryption to protect player information and ensure secure transactions.

Reputation: This is also one of the oldest online casinos on our list that has been operating since 1991. Licensed and regulated by the gaming commission in Panama City, BetOnline has proven to be a reliable and trusted online casino throughout its many years in the industry.

Games: BetOnline is mainly focused on betting on some of the most popular sports, such as basketball, football, MMA, and even esports. However, it also provides some slots table games, live games, and even scratch-off and Bingo.

Bonuses: BetOnline offers a welcome bonus of up to $1000.


8.

Slots-Empire logo

Slots Empire Casino

9.76

ACCEPTED CRYPTO

BONUS

100% deposit match bonus for a $30 BTC deposit

slots empire casino homepage

Cryptocurrencies: Bitcoin, Ethereum

Safety: Slots Empire uses SSL encryption to secure customer data and transactions.

Reputation: Slots Empire is licensed by the Government of Curacao and has a solid history of customer satisfaction. They provide a dedicated customer support team that can be reached 24/7 via live chat as well as hotlines.

Games: Though Slots Empire doesn’t have the biggest games library, they do offer some quality slots, table games, and live casino games developed by RTG games and Visionary iGaming. As an added perk, you can even try any of these games for free using their demo mode.

Bonuses: This casino offers a bonus like no other. You get a redemption-free, limitless code that gives you a 100% deposit match bonus for a $30 BTC deposit, 120% for up to $75 BTC, or 150% for up to $150 BTC


9.

ignition casino logo

Ignition Casino

9.76

ACCEPTED CRYPTO

BONUS

Bitcoin welcome bonus of 150% up to $3000

ignition casino homepage

Cryptocurrencies: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Litecoin

Safety: Ignition’s connection is secured using an SSL-encrypted connection, keeping your personal data and transactions protected.

Reputation: Though Ignition does not have an official license, it has been around for a while with no major customer complaints registered. They also work with some of the most well-known gaming companies in the industry.

Games: Ignition has a library of over 300 casino games and offers a $2 million weekly poker prize pool.

Bonuses: Ignition has a unique Bitcoin welcome bonus of 150% up to $3000.


10.

mBit Casino logo

mBit Casino

9.76

ACCEPTED CRYPTO

BONUS

Bonus of 110% up to 1 BTC.

mBit Casino Homepage

Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Tether, Litecoin

Safety: Your personal information and transactions are secured with Encryption.

Reputation: Licensed by the authorities of Curacao, mBit has been around since 2014, providing quality gaming and excellent customer satisfaction.

Games: There are many games to play at mBit, including bitcoin slots, roulette, baccarat, blackjack, live games, and even the lottery. You can also take part in their Bitcoin casino tournaments with no wagering requirements.

Bonuses: They provide a welcome bonus of 110% up to 1 BTC.


11.

cloudbet casino logo

CloudBet Casino

9.76

ACCEPTED CRYPTO

BONUS

100% up to 5 BTC/BCH/ETH welcome bonus.

Cryptocurrencies: Bitcoin, Ethereum, Dogecoin, Tether, Bitcoin Cash, USD Coin, Paxos Standard, PAX Gold, Chainlink, Dai, and more.

Safety: CloudBet uses the latest SSL encryption technology to protect your data and secure your transactions.

Reputation: Operating since 2013, CloudBet is licensed and regulated by the authorities of Curacao. It is a fully audited site that is guaranteed to be fair to its customers.

Games: Although Cloudbet Casino is more focused on sports betting, they do boast some fantastic live table games as well.

Bonuses: They offer a 100% up to 5 BTC/BCH/ETH/PAXG welcome bonus.


12.

stake casino logo

Stake Casino

9.76

ACCEPTED CRYPTO

BONUS

15% lifetime Rakeback

Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Ethereum, Bitcoin Cash, Ripple, Tron, EOS, and more

Safety: You can protect your Stake account using two-factor authentication.

Reputation: Licensed by the Curacao eGaming Authority, Stake has a history of excellent customer satisfaction. It is also a verified member of the Crypto Gambling Foundation, which guarantees that all its games are provably fair.

Games: They offer a pretty vast selection of 1,021 games, including 16 that are developed exclusively for Stake.com. But perhaps the most enticing feature is their incredibly high Return To Player percentage, which reaches 99% for some games.

Bonuses: Stake doesn’t provide any welcome bonuses at the moment, though you can receive a 15% lifetime Rakeback. It’s available with a special promo code that users apply when signing up.

8 Things to Consider When Picking a Bitcoin Esports Betting Site

Although you could just grab one of our top picks and dive right in, we think you’ll have the best experience if you go in prepared!

There are a few important things to know and look out for, especially since everyone is different – the most important things for other folks may not be your top priorities, and vice versa.

So here is a comprehensive list of what to consider when picking a Bitcoin Esports betting site:

#1. Restricted Countries

Geo-restrictions are our number one consideration simply because they’ll often help you narrow down the list of esports betting sites you can use!

It’s quite common that not every site will serve every region, but if one of the best sites decides not to offer services in your area, it’s a fair bet that another of the top ones will!

We’ll get into the legality of Bitcoin esports betting later on in this article, but in short, the main reason some of the best sites wouldn’t operate in your region comes down to licensing.

Acquiring licenses for every single region may be an arduous task, so a lot of sites will focus on a selection of areas and geo-restrict others.

#2. Reputation and Trust

If you’re going to be trusting a Bitcoin betting site with your funds, reputation is definitely a factor to consider. Reputation and goodwill aren’t built overnight, though, so you can be sure that a site with good standing has a history of safety and stability, and handles customer issues in a satisfactory way.

Spending a few minutes on Google, e-sports gambling forums, or Reddit searching for customer reviews and threads about the Bitcoin esports betting site in question is usually enough to give you a good idea of how trusted it is

#3. Provably Fair

One of the biggest misgivings a lot of punters have with online gambling is the possibility that games are rigged against them. Blockchain has spurred some of the most game-changing innovations in this regard, as for the first time you’re offered a legit way to verify that all the rolls behind the scenes are above board.

Granted, this doesn’t really apply to esports betting given that you’re betting on things that happen in the competition which is all out in the open, but if you take a break to bet on a Bitcoin casino or card game, Provably Fair technology is there for you.

Before you spin or roll, you’re given a seed that you can compare to another seed generated after the round is completed. If they match up, you can rest assured that there was no tampering with the results.

#4. Payout and Withdraw Speeds & Terms

Payouts and withdrawals have traditionally been one of the most problematic areas of online gambling; and not only because legacy transactions take ages. Basically, those banks they have to go through tend to try their best to do away with your hard-earned winnings.

With Bitcoin, all of that is in the past! For one thing, if you have your own Bitcoin wallet, no bank need ever get involved and there’s no risk of your transactions getting blocked, confiscated, or stolen.

Plus, Bitcoin blocks are mined every ten minutes or so currently, meaning that it won’t take very long at all to see your withdrawals show up in your wallet!

#5. Games Available

While esports are picking up in popularity and there are more and more events to bet on practically every week, you may find yourself logging onto your Bitcoin gambling site between events or just with a little time to kill.

That’s where a great selection of games to bet on comes in! The best Bitcoin betting sites will have a lot of other options for you, from traditional sportsbooks to casino favorites like slots and roulette, to card games like poker and blackjack, and even dice!

#6. VIP programs and Bonuses

Bonuses are often misunderstood, but actually one of the most important things to look out for. Most Bitcoin betting sites will offer different sorts of bonuses at different times, and you’d do well to look out for a type of bonus that matches the way you’re going to use the site.

A common sort of bonus given to esports punters tends to be the ‘free bet’ or ‘extra bet’ where, as the name implies, you can place a bet but don’t have to put any money down. Bitcoin esports betting sites also tend to utilize promotional periods, and go all out on themed events!

If you’re looking to lay down significant wagers, keep an eye out for attractive VIP programs. These offer fantastic ways to add even more bonuses, increase your winnings, gain exclusive invites, and allow you to fully take advantage of your high roller status!

#7. Privacy

Anyone who’s owned and used Bitcoin, even if for a while, knows that privacy was one of the main benefits it offers and that, in fact, it was a big part of the reason it was conceived by Satoshi Nakamoto.

When you use Bitcoin, you are only identifiable by the public key of your wallet, so as long as you don’t allow your real identity to be linked to this wallet you remain completely anonymous while transacting.

Some Bitcoin esports betting sites will allow you to place wagers by just connecting your wallet, which means you can gamble anonymously! However, you shouldn’t expect this from every single one of the top sites.

For example, to obtain good gambling licenses some Bitcoin gambling sites are required to implement KYC (Know Your Customer) protocols, which means you’ll have to provide them with some identification in order to use the site.

#8. Customer Service

Good customer service can really make a product or service spectacular, and the opposite is also true.

The best Bitcoin betting sites will do their best to take care of you and make sure that your experience with them is as enjoyable and stress-free as possible.

However, you should know that using Bitcoin means that customer service only goes so far – if you make a mistake entering details while setting up a transaction or provide the wrong wallet address when withdrawing funds, there’s no way to cancel or amend the transaction once it’s confirmed.

How We Rated the Top Bitcoin Esports Betting Sites

Poring over each of the best Bitcoin esports betting sites with a fine-tooth comb while keeping all of those things in mind might sound like a lot of work, but we’ve tried to incorporate it all into our ratings.

Here’s a list of exactly what we’ve taken into account:

  • Reputation: How well regarded the site is by the community and what their reviews say.
  • Trust: Whether users trust the Bitcoin betting site and what the prevailing sentiment around them is.
  • Customer Service: Does the site handle issues quickly and to the satisfaction of customers?
  • Security: Whether the sites have had any breaches in the past and how good their encryption is.
  • Licenses: Is the gambling site licensed by any local or international gaming regulators?
  • Promotions and Bonuses: These are great for the user experience so we’ve given a significant weighting here!
  • Provably fair games: Since Provably Fair technology can safeguard both you and the site, we made sure the best Bitcoin esports betting sites use it.
  • Games available: A large selection of games, from Bitcoin roulette to blackjack, means that you’re never going to get bored!
  • Cryptos available: If the site accepts deposits in a wide variety of crypto, you can use another currency in case you feel like hanging onto your Bitcoin.
  • Payouts and Withdrawal: Fast payouts and withdrawals are key factors that we took into consideration in our rankings!
  • Anonymity: What degree of anonymity the betting site is willing to offer you and how much information do they need for registration.
  • High Returns: It wouldn’t be fun to gamble without the chance to win big, so we’ve given this significant weight in our ratings!

Bitcoin Esports Betting Vs Traditional Esports Betting Pros & Cons

Esports betting hasn’t been around that long and, historically, hasn’t been too popular outside of the countries where a lot of the major events are held.

That said, the massive popularity of its events makes it a growing market, and traditional betting sites have been quick to get on board.

Bitcoin, as it has done for so many other industries, has changed the game here too. Let’s take a look at exactly what advantages Bitcoin esports betting sites bring to the table:

  • Security: As long as you keep your wallet’s private key to yourself, the funds in your wallet are protected from any sort of tampering or illegal access by another party. Not just that, transactions on the blockchain are also more secure because they need to be validated by a majority of computers on the network!
  • Faster Payouts: Crypto removes banks and other middlemen, which makes extremely fast transactions possible. While a traditional bank transfer may take days, most blockchains can validate your payouts in minutes or even seconds!
  • Higher Payouts: Since there’s no middleman to impose any restrictions, Bitcoin betting sites are able to raise the ceiling on payouts and let you withdraw some of those big wins faster!
  • Privacy: Blockchain technology doesn’t allow payments to be changed or reversed once confirmed, so Bitcoin gambling sites can allow you a little more privacy and, in some cases, even anonymous gambling!
  • Fewer Restrictions: Since those payments are safe, Bitcoin esports betting sites can loosen some of their geographical restrictions and serve customers from further afield.
  • High tech: Cryptocurrencies are cutting edge technology and Bitcoin gambling sites are designed for users that demand the very best in both function and design.
  • Transaction Fees: Bitcoin transaction fees are extremely low, and there are often reports of whales moving millions of dollars of Bitcoin for pocket change in fees, something that’d never happen when using traditional finance.

Cons

  • Regulation: Despite slowing things down and adding service charges to everything, banks do come with a layer of safety by being able to reverse your transactions. That’s just not possible using Bitcoin, so the responsibility for making sure your funds are going to the right address is all yours.
  • Legality: The legality of Bitcoin can change frequently as countries try to wrest control of their economies, so you do need to keep up to date on whether your country of residence has changed its legal stance on Bitcoin and crypto in general.
  • Volatility: Bitcoin is one of the best-performing asset classes in history. While this is excellent for you if you hold some, sometimes parting with such a high-performing asset can be painful. Of course, on the other side of that same token is the fact that you can also be raking in plenty of Bitcoin if you place winning bets!

How to Get Started with Bitcoin Esports Betting Websites

[shortcode here]

Is Bitcoin Esports Betting Legal?

Yes, Bitcoin gambling is legal, but it’s also slightly complicated.

One of the main factors that have made Esports a complex topic for gambling regulators is the fact that a considerable proportion of competitors are minors, which has resulted in different countries taking different stances.

As such, the first thing you need to investigate is whether Esports betting is legal where you live. Chances are that it is if you live in a country that’s well known for hosting big Esports events, but it’s always worth making sure so that you don’t end up in hot water.

After that, make sure that online gambling is legal in your jurisdiction. Traditional online betting has been around a long time now and has a presence in most markets, but, again, it’s well worth making sure.

Finally, you’ll need to find out what your regulators think about Bitcoin and Bitcoin gambling. Among all of the established cryptocurrencies, Bitcoin has got the best chance to be recognized, but it’s best to double-check – while some countries even use Bitcoin as legal tender, a few others still refuse to legalize it.

Also, remember that even if all of the above aren’t problems, there could be a few other rules here and there that might get in the way of you wagering your Bitcoin on Esports. One of the global ones is the minority gambling age, wherein each country has set a minimum age for gambling.

Speaking of legality, make sure to do your own due diligence on how taxation works in your jurisdiction. If you had to complete some form of KYC and provide identification to the Bitcoin esports betting site when registering, said sites might be required to pass on information about your payouts to your tax authorities.

Bitcoin Esports Betting FAQ

In case there are still a few things you’re wondering about, check out these frequently asked questions about Bitcoin esports betting:

#1. Is Esports Betting With Bitcoin Legal?

As we detailed above, there are a few things to look at. As long as esports betting, online gambling, and Bitcoin itself are all legal, then there’s no reason you shouldn’t be able to gamble on esports online with your Bitcoin.

If in doubt, make sure to navigate to the ‘Rules’ section of your crypto esports betting site. They should have a lot more information there that’ll help put you at ease.

#2. What Is the Best Bitcoin Esports Betting Site?

While we did compile a comprehensive list of what we think the best Bitcoin esports betting sites are, your own personal considerations and the way you want to use the site might weigh some factors differently.

If you’re the sort that takes privacy very seriously and would prefer to bet anonymously, you’re going to want to use a Bitcoin esports betting site that allows you to register without verification and connect just using your wallet.

Alternatively, if it’s a safe, secure experience you’re after, you might be looking for the crypto gambling site with the latest security certifications and top licenses, meaning that you may have to compromise a little on other factors like anonymity.

#3. What Kind of Games Can I Bet On Bitcoin Esports Betting Sites?

The most common Esports that you can bet on fall into categories like MOBA (Multiplayer Online Battle Arena), FPS (First Person Shooter), RTS (Real-Time Strategy), and Battle Royale. You can bet on events featuring some of the top games in these categories, many of which come in the form of leagues with professional teams facing off for prizes that dwarf many traditional sporting events.

Of course, when there isn’t a big Esports event happening or you’re done placing your bets, you can kick back and bet on other sportsbooks on the very same Bitcoin betting site. You could even play online poker, blackjack, or any number of casino games using your crypto!

#4. Why Is Esports Betting With Bitcoin Better Than Esports Betting With Fiat Currency?

Bitcoin betting is fundamentally different from betting with traditional fiat in many ways, and this is largely due to how drastically Bitcoin changes how transactions are validated.

The blockchain technology used by Bitcoin relies on the millions of computers connected to its network to validate the information. When you make a transaction, it is democratically validated by a majority of these computers and recorded permanently in a matter of minutes.

This makes transactions visible to everyone as the blockchain is a public ledger. That means no single person can claim a transaction wasn’t made or was erroneous, or anything like that!

This is extremely different from the traditional banking system, wherein when you make a transaction you hand your funds over to the banks, cross your fingers, and trust them to send your money where it needs to go over a couple of days. If they say your money is gone, it’s gone. If they block the transaction, there’s nothing you can do.

With Bitcoin, as the saying goes, you are your own bank!

Related Articles:

 

Table of Contents