How to Bet with Bitcoin Online
Sports betting is evolving, and sportsbooks are earnestly quickly adapting to changes. They are constantly enhancing their user interface and products to cater to different categories of players. Many of them are doing exceptionally well in adapting to technology across the board.
For instance, many bookmakers now accept Bitcoin payments on their platforms. Without a doubt, virtual currency has made significant disruption in the world over the past few years.
It has numerous benefits, and many bookies are leveraging these benefits to offer bespoke services to punters. The post offers a complete guide on how to bet Bitcoin at sportsbooks online. Let us get right into it!
What is Bitcoin?
Launched in 2008, Bitcoin has remained a top discussion topic in the tech world. The digital currency was created by Satoshi Nakamoto, a pseudo name that could be a group or person. The goal of this currency is to become a decentralized currency, which means it is not connected to any bank establishment like traditional currencies.
This means its value cannot be influenced by any bank but its users. Bitcoin uses the blockchain as its ledger, which means people can transfer the coins among themselves.
All transactions are processed by miners and stored in the blockchain. Blockchain miners use potent computer rigs to resolve complex puzzles and add multiple transactions to the chain. Miners get rewards with Bitcoin for processing transactions.
What are the Benefits of Using Bitcoin?
There are many benefits associated with using Bitcoin, and that is why bookmakers have incorporated Bitcoin into their payment methods. Using this currency makes betting a straightforward process. So, what are the associated benefits? This leads us to how to bet online with Bitcoin without leaving a footprint.
The first and most popular benefit of using this digital currency is anonymity. With traditional currency, you share private data with a website when you use your credit or debit card for a transaction online.
While many websites use military-grade encryption to protect users’ information, it is still possible to have your details stolen by hackers. However, Bitcoin eliminates this possibility. You do not have to provide any sensitive or personal data because you complete the transaction anonymously.
As a fact, many websites even allow you to deposit into your gambling account without creating an account. The second advantage of using Bitcoin for betting is the absence of regulations. Compared to traditional currencies, the digital currency does not involve any regulation.
This makes it a preferred currency for betting on sports since the activity requires the use of a stable currency. Also, considering the volatility of the current economy, many currencies lose value on short notice.
However, no bank has control over Bitcoin, which holds its value for longer periods. Thankfully, gambling is legal in India. However, some regions do not have licensed gambling operators. For these groups, using online international gambling sites is the next best thing.
To do this, they need a universal currency that their local payment options may not allow. Bitcoin comes in handy in this case for smooth, seamless, and safe transactions. Thirdly, the speed of transactions and lack of fees are beneficial to users.
When using e-wallets or bank cards, you often have to pay a token fee for processing your deposit or withdrawal. However, this is not necessary with Bitcoin. There are many miners available to process your transaction very fast without charging you a fee.
How to Bet with Bitcoin: Deposit and Withdrawal Process
Acquiring Bitcoin may seem complex, but it is simple to complete when depositing or withdrawing funds through your gambling account. Let us look at how to bet with Bitcoin.
The first step in betting with this digital currency is to create an account. You need a crypto exchange to complete this process. Options available include Coinbase and Crypto.com. Many bookmakers allow punters to deposit directly with Bitcoin, but you first have to exchange your fiat currency to get Bitcoin.
You can start the process by creating an account with a crypto exchange. Next, create a wallet where you will store your Bitcoin. You will use this wallet to exchange your money for the bookmaker and back again to your account.
That means you have to set up a two-way authentication. After this, you will get an address to your wallet, which comes in alphanumeric characters. You must keep this address safe to avoid any issues.
Ways you can store it include saving it on an external driver or a memory stick. When you complete the wallet setup, you can go ahead to deposit funds for the exchange. To do this, you must input your wallet address to deposit the Bitcoin and convert your fiat currency into Bitcoin.
Input the amount of fiat currency you want to exchange for Bitcoin through Coinbase and complete the transaction. You can go ahead to fund your gambling account and start betting.
After winning a bet, you need to transfer the winnings to your Coinbase account before withdrawing it to your wallet. You can complete this through a QR code available on the exchange platform. There you have the simple steps to how to bet with Bitcoin.
What Risks are involved in Using Bitcoin?
Everything in life has a considerable risk associated with it. Therefore, when asking about how to sports bet with Bitcoin, it is best to also be conversant with the possible risks of using Bitcoin for transactions on betting sites.
To avoid wasting your virtual currency, we recommend that you meticulously research the sportsbook you want to use the currency for betting. Check the gambling license of the gambling site and read users’ reviews.
Review what other users are saying about payment methods, and focus on reviews on Bitcoin on the site. It is also a good idea to go through the FAQ section of the sportsbook before signing up.
If you have any questions, contact the bookmaker’s customer support to get clarification. If you cannot get through to customer support, that is a red flag, and you must watch out for the website.
