Bitcoin Payment Guide for in Nigeria 2022

Bitcoin is one of the payment solutions for online betting sites in Nigeria. This cryptocurrency has only been around for less than ten years. However, it has gained a lot of popularity due to the many benefits to the bettors. The complete anonymity, low fees, and flexibility to play are some of the main reasons it has become trendy.

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This article is a detailed guide on everything you need to know about Bitcoin gambling.

Benefits of Having a Bitcoin Account

Although there are tons of cryptocurrencies available today, Bitcoin is the most common and widely used. Having a BTC account offers several benefits to its users. Below are some of the benefits

  • Reduced transaction fees - With Bitcoin payment, the transaction fees are usually lower than transacting through other digital payment methods.
  • Fast and easy payment - With a cryptocurrency sportsbook, players enjoy quick and efficient withdrawals. Cashing out usually take a minute or even seconds.
  • Anonymity - BTC accounts feature built-in privacy protections that enable the users to enjoy complete anonymity.
transfers in the bitcoin network on mobile

Commissions and Limitations at Betting Sites

Using cryptocurrency in gambling sites offers many benefits to bettors. They attain lower fees and have better minimum and maximum deposit and withdrawal limits. Also, the processing time while transacting is excellent.

Fees and Charges

Cryptocurrency betting sites are preferred by many players due to the minimal charges while depositing or making withdrawals. Usually, the transaction fees for BTC are not fixed but range between 0-2%. Some betting sites do not charge any fees to the users for depositing or withdrawing through bitcoins. That is unlike using other payment methods.

Minimum and Maximum Limits

There is a lot of flexibility on the minimum and maximum deposit and withdrawal limits when bettors use cryptocurrency on their sportsbooks. Research shows that BTCs’ minimum deposits are lower by 50% compared to their payment methods. At the same time, maximum stakes are on average 100% more. However, the amounts depend on the betting site.

Time Process

Transacting with cryptocurrency is a fast, quick, and efficient process. The whole process of deposit takes a few minutes to reflect on the sports betting site. Usually, withdrawing from an online sportsbook takes a maximum of 48 hours. The time process is relevantly fast compared to traditional withdrawal options.

easy bitcoin payments with mobile devices

Safety and Security

One of the main reasons many bettors opt for BTC as their online payment method is top-notch security. Usually, as it is with all cryptocurrencies, they are managed in wallets that are unique to each user. These accounts make use of private key encryption and individual address that is an excellent security measure. That way, the wallet owner does not require personal information hence ensuring users’ anonymity. However, for more safety measures, the account owner should never share verification keys with anyone. Also, it is advisable to add multiple verification levels to their accounts.

Bitcoin Mobile Accessibility

Bitcoin is easily accessible by mobile as there are several apps are available for download in the Google Play Store and even the Apple App Store. With a bitcoin app, it becomes easy to send or receive from anywhere and anytime. Such wallet apps are secure, reliable, and easy to use.

Customer Care

Since the bitcoin network is not owned by any particular company it can be difficult to receive support on the matter, however, people help each other on various bitcoin-related issues in forums and social media.

Is Bitcoin Widely Accepted at Nigerian Betting Sites?

Yes, there are several betting sites in Nigeria that accept cryptocurrencies, including bitcoin. One of the most popular online bookmakers is 22Bet.

22Bet

22Bet is one of the online betting sites that use digital currencies, including BTC. This site covers a wide range of leagues and sports and offers new players who sign up a welcome bonus. Players can easily log onto the 22bet mobile site or download the app.

22Bet - Highlights
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    Accepts Nigerian Naira

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    Extensive range of sports markets

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    Incredible amount of promotions

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    Intuitive website and mobile app

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    Live streaming service

Using Bitcoin For Your Online Sports Betting Needs

BTC is one of the newest virtual financial technologies that have gained popularity over the years. Many sports betting sites globally, including in Nigeria, have BTC as one of the payment methods. BTC technology offers a lot of great benefits to bettors. It is easy and quick to transact, and this method maintains anonymity in transactions. Also, it has a lower transaction fee even for international payments. Therefore, betting online with BTC is a simple and efficient way that is worth considering.

funds your online sports betting account with bitcoin

How to Get Bitcoin

There are several ways of acquiring BTC. One can get it through transfer from friends, by accepting as payment for service or good. Also, one can buy online from BTC brokers. Below are some of the most common steps of acquiring BTC.

  • Buy online - One of the easiest methods of acquiring the currency is by buying online on an exchange. This method involves converting currency into bitcoin.
  • Buy from ATMs - Users can also get them from specific ATMs using cash.
  • Receive on the Wallet - This method requires a wallet app, and the user can receive it from someone willing to send them for an exchange of goods or services.

Other Uses for A Bitcoin Account

A BTC account is an essential tool that has many uses and apart from using the wallet for online gambling, there are many other uses. This account can be used in making purchases or for paying for goods and services. Plenty of shops around the world have started taking payments in the form of bitcoins in due time it would be globally accepted.

FAQ

Below are the answers to the most frequently asked questions.

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