How Do I Bet Using Bitcoin?

Have you been wondering about how to bet using Bitcoin? There is no question that sports betting in general has exploded over the past few years with betting in the United States being legal now in the majority of states. Many sportsbooks accept Bitcoin as one of the ways to send and receive money and there is no question that Bitcoin provides a lot of advantages over credit cards and other forms of sending and receiving money. Let’s explain bitcoin betting, explain a little about Bitcoin and get you started using Bitcoin.

Bitcoin

Bitcoin is a cryptocurrency, or simply digital money. With Bitcoin there are no bills or physical coins. The currency is stored online in wallets and traded on BTC exchanges. Think of Bitcoin like you would a dollar and the exchanges like a bank. A Bitcoin wallet is like a bank account and you can use your Bitcoin wallet for purchases or money transfers. The only difference is that all transactions are done electronically.

It is important to keep in mind that Bitcoin is a decentralized currency. That means that there is no government or related authority that controls Bitcoin and in today’s world that is becoming more and more important. Every user has access to what is known as the blockchain, and that is the system where all Bitcoin transactions take place. Because Bitcoin transactions are anonymous and at the same time, transparent, Bitcoin has proven to be an excellent way to send and receive money.

You may remember the days when Neteller was a great choice for sending money to the online sportsbook. That option ended for many people when the company rolled over and gave in to the U.S. government leaving many bettors with the short end of the stick. Bitcoin is not subject to government control.

Bitcoin Wallets

Bitcoin wallets are easy to set up at exchanges like Coinbase and Bitcoin transactions are cheap. Bitcoin transactions are anonymous and as noted earlier, they are not controlled by any central authority. Think of Bitcoin like an Internet currency. Bitcon is traded on exchanges just like the dollar, pound and other currencies. You can buy and sell Bitcoin just like you would other currencies.

Betting With Bitcoin

The basics of Bitcoin are that you buy it and then send it to the online sportsbook. The Bitcoin currency is then converted into dollars that go into your account at the online sportsbook. When you withdraw funds, the currency is converted back into Bitcoin and sent to you at your Bitcoin wallet. Once your Bitcoin is converted into dollars you make wagers at the online sportsbook just as you normally do.

You will need to set up a Bitcoin wallet before you can send or receive Bitcoin. This process is very easy and there are a number of exchanges that have proven to be safe and reliable. You sign up with a Bitcoin exchange and you deposit funds into that exchange so that you can buy Bitcoin. Most of the exchanges allow you to use a credit or debit card to buy Bitcoin. Some of the most popular Bitcoin exchanges are Coinbase, Coinmama, eToro and Crypto.com.

How to Buy Bitcoin

Let’s go through an example of how to buy Bitcoin. Let’s say you choose Coinbase as your Bitcoin wallet. You open up an account at Coinbase and that involves giving them your name, address, etc. You then set up a transfer process so that you can move funds from your bank to Coinbase and vice versa. This process can take a few days, but once it is done the process for moving money from Coinbase to your bank and vice versa is easy. You can then use the funds you have transferred to buy Bitcoin. You will need to go to the Tools section where you will see an option to create a Bitcoin address. You can create a different Bitcoin address for each transfer you want to make. When that is done you can transfer Bitcoin to the sportsbook using your Bitcoin wallet. You simply go to the cashier page at the sportsbook and make a deposit using the Bitcoin address you created. You go through the same process to make a withdrawal. It is that easy.

Bitcoin Safety

If there is one thing that worries gamblers when it comes to sending and receiving money at online sportsbooks it is security. Is Bitcoin safe and secure? The answer is a very big Yes. Bitcoin is just like using cash and the control is yours. As mentioned earlier, you do have to setup a Bitcoin wallet, but it is no different than opening a bank account. You take the same precautions you do when banking and that means using two-factor authorization and keeping your password safe.