There is a lot of confusion to what exactly Bitcoin (BTC) is. Before you attempt sportsbetting with Bitcoin, it is important to know that there are two aspects to the currency. On one hand, there is Bitcoin – the virtual token, and on the other hand, there is the Bitcoin protocol which is the distributed network where the BTC balances are kept. Users can send payments between each other without the transaction going through a central authority such as a bank. It is a cryptocurrency and is not printed like physical money. It was created around 2008 by a software developer known as Satoshi Nakamoto.
How does it differ from the traditional currency? BTC can also be used to pay for items electronically but there are several differences to traditional currencies. Bitcoin’s most important characteristic is that it is decentralised and that means no central body controls it. Traditional currencies also have an unlimited supply and banks can issue as many as they want. Currency holders have to bear that cost. BTC is tightly controlled, only a small number are created every hour, and will be capped at 21 million bitcoins. In theory, as its demand grows, the supply will remain, therefore, the value will increase.
Sportsbetting with Bitcoin – Step 1
The first things you need to do if you are not a miner of Bitcoin is to actually buy Bitcoin. You can purchase Bitcoin on exchanges or directly from other people via certain marketplaces. They can be paid for with any payment method as long as both parties agree. The first thing you need to do is create yourself a wallet to store your acquired bitcoin. This can be an online wallet either on your desktop or mobile device, or an offline wallet on an external hardware device or paper wallet. Be sure to research your choice thoroughly as security is the overriding consideration for keeping your BTC safe.
In order to acquire Bitcoin, you need to open an account at a cryptocurrency exchange so that you can buy and trade Bitcoins. Do your research first as these exchanges have differing security and liquidity. It also depends on your geographical area. Many exchanges also require you to verify your identity to set up an account. This is due to anti-money laundering regulations and know-your-client clampdowns, so be prepared to prove who you actually are. This will usually include your official ID, and sometimes proof of address. You can pay most exchanges via credit card or e-wallets such as PayPal.
If you rather prefer to purchase BTC with cash, there are platforms that allow you to find an individual near you that will exchange BTC for cash. Certain platforms also list retail outlets and banks where you can make a cash deposit and receive BTC in return. Some locations even have ATM-like machines where you can receive BTC by scanning your wallet’s QR code. Once the relevant exchange receives your payment, it will deposit your BTC in an automatically generated wallet. You can then move your funds to a wallet separate to the exchange or to an offline wallet.
- Bitcoin is a virtual token used for payment
- Sign up to the crypto exchange to trade BTC
- Acquire BTC by buying it online or offline
- Use BTC for sportsbetting
Sportsbetting with Bitcoin – Step 2
Now that you know how to acquire BTC from exchanges, you will need a place to store them which is called a wallet. This wallet will not contain your Bitcoin but rather the private key that allows you to access your BTC public key or address. Wallet software is now intuitive enough to make it seem that it contains the actual bitcoin. The wallet can reside in several places and it does not have to be on an electronic device like a PC or mobile device. It can also be stored physically like on a piece of paper and an external hard drive.
Sportsbetting with Bitcoin – Step 3
Once you have acquired some Bitcoin and safely stored it in your online wallet of choice, you will now be ready to start sports betting using Bitcoin. Firstly, sign up to your favourite online gambling website that offers sports betting. Once your account is set up, navigate to the site’s cashier section and select Bitcoin. Enter the amount that you would like to deposit. The site will generate a long address that you will have to select and copy. Next, go to the wallet app where you store your BTC and paste the address there. The funds should appear in your sports betting account depending on network congestion.
Finding a BTC sportsbetting site
Now that you are ready to start your sports gambling using Bitcoin, you need to find a sportsbook that accepts Bitcoin. Typically, non-traditional crypto-supported sports betting sites will advertise their BTC support upfront and you don’t have to go through the whole registration process to find out that they don’t. Do your research upfront before choosing where to play. Some sites also offer specific welcome bonuses if the deposit is made with BTC. If you are worried about anonymity and your payouts, also make sure that the sports betting site not only accepts bitcoin deposits but that they also are able to return funds to your BTC wallet.
Advantages of using BTC for sports betting
To place bets with bitcoin is advantageous for punters. It costs very little to convert Bitcoin to traditional currency and you can deposit with sports betting sites for no charge in most cases. The same is true for when you want to withdraw your winnings from a sports betting site. There won’t be a withdrawal fee charged if you withdraw funds. Getting started with sports betting using bitcoin is also faster due to the blockchain technology where payment can be immediate. It is also safe to use bitcoin on a sports betting site due to the anonymity of the platform.
After purchasing Bitcoin from a reputable exchange or in cash offline, you can safely store the funds in a wallet. We recommend keeping some of your bitcoin funds in an online wallet so that you can easily transact as needed. Most sports betting sites will offer cryptocurrency as a deposit option so be sure to select that in the cashier. When you deposit the funds, keep your wallet handy to allow the payment to be transferred. As with all things that happen in cyberspace, be sure to research the whole chain, from the exchange to the wallet and lastly the sports betting site that you would like to play on.