It might just be us, but it seems that Bitcoin has emerged as the word of the year. Whether on television, your phone or whilst browsing through your laptop - Bitcoin has become part of today’s vocabulary.
Well, Bitcoin is rapidly changing the online service world. Bitcoin is the first and most popular cryptocurrency to date.
There are over 700+ cryptocurrencies at the tips of your fingers.It’s a form of a digital currency, created and held electronically.
What does it mean? Well, Bitcoins don’t have their physical representation, unlike Dollars or Euro, we won’t see Bitcoin in cash or coins as we know it.
Bitcoin was invented in 2008 by a person (or a group of people) under a pseudonym Satoshi Nakamoto. Small wonder, Bitcoin was created after the 2008 Wall Street crash, during which people have lost their trust for banks and accused them of misusing borrowers’ money.
How Does Bitcoin Affect Sports Betting?
This is a question we asked ourselves before writing this post. Bitcoin does, in fact, affect sports betting directly.
Here’s why: Bitcoin has low fees, it’s anonymous and works through a decentralised system. This means that you alone are in charge of your money and every transaction you make to other parties.
What’s more is that with Bitcoin funds are moved instantly which makes this payment method highly convenient.
In this article, we will explain how to create a bitcoin wallet, how to deposit money into your account and how to find the right bookmaker that accepts Bitcoin as a method of currency. In short, how to bet with Bitcoin.
Also, most importantly how to cash out your winnings.
How To Create A Bitcoin Wallet
Just as you would when signing up with a bookmaker, the first step is to create a Bitcoin Wallet. Think of this as your passport to the vast world of cryptocurrency.
This is your bank account.
With this ‘Bitcoin Bank Account’ you can buy and sell Bitcoins, pay for services like sports betting online and even trade with other cryptocurrency users.
For online sports betting purposes, your bitcoin wallet will be used to deposit to Bitcoin bookmakers.
Choose Your Bitcoin Wallet
As we mentioned earlier, there are different types of Bitcoin wallets. You can find some of them here>>
For all intents and purposes, we’ve chosen Coinbase for this article. It is one of the superior wallets and was named ‘Best Bitcoin Wallet of 2016’.
Coinbase is easy to use and does not require any additional software to operate.
Once you access Coinbase you will need to click on the ‘Sign Up’ button and add your personal criteria.
Security Is key
Once you setup your account there are a few more steps before you actually acquire some coins.
This might seem tedious but remember that if you do this right once you won’t need to do it again anytime soon.
You will need to click on the ‘Next’ button and you’ll see a form where you will need to fill in your phone details.
This is a required step known as the 2-facto authentication. It will ensure that your account is protected in the unfortunate case that your account details are hacked/ stolen.
This is just a precaution, better to be prepared for any scenario.
The next step is to…
Fund Your Account
Your account is set up, the next step is to fund it.
As you rightly assumed, there are a few options to choose from. Variables such as your country of residence will affect your deposit options.
Normally direct bank transfers and credit/debit cards are the most common options.
Your wallet is set up and you have registered your payment method. Now let’s buy some Bitcoins.
Here’s how it works: on your screen, you will see two options: (1) either you can enter the Bitcoin amount or (2) the amount in your currency.
For both of these options, the current rate will be adjusted. Note that there is a 3% fee for credit/debit cards.
As soon as you complete everything you’re ready to buy your first Bitcoin. Once you confirm the transaction you will be the proud owner of some Bitcoins.
So, that begs to question,
How Can You Bet With Bitcoin?
Now that you have your registered e-wallet the next step is to find a secure bookmaker that accepts Bitcoin as a method of payment when betting online.
As we mentioned in our previous posts, this step is routine like choosing a bookmaker. Choose a sportsbook that firstly accepts Bitcoin and second one you feel comfortable with.
The standard sign up process will include an account with your personal details.
The procedure goes a little bit like this: get your Bitcoin address from the sportsbook and then go to your wallet and transfer money to it.
As soon as you get the address from the bookmaker you will return to your wallet; in this case the wallet with Coinbase. Login into your wallet and click on the Send/Request page.
This will redirect you to a page where you can send money. This is where you will have to paste the Bitcoin address that you have copied from the bookmaker.
Then simply choose the amount you would like to deposit and click on ‘send funds’.
To add that extra security you will be directed to a confirmation screen. Simply proceed and send the funds. You will see a screen similar to this one :
Choose The Right Market
This is the least complicated step.
Bitcoin bookmakers are no different to traditional online sportsbooks. You will find a number of sports and then like you would in your usual wagers- choose the best markets and check out the available odds.
This is the final and the sweetest part of our guide. Let’s say you made some money betting and you want to withdraw.
Here is what you should do: Withdraw From the Bookmaker to Your Wallet
This is the final step of your Bitcoin betting journey.
First, you need to move your Bitcoins from the bookmaker to your wallet. You will need to use your Bitcoin address just as you were depositing.
Using Coinbase as an example you will need to log in and click on the ‘wallet address’ tab.
Copy the address as the bookmaker will use this to transfer your Bitcoins. Then head back to the sportsbook and choose to withdraw.
This will open a simple form you need to fill in. It is similar in most Bitcoin gambling operators and contains a field for your Bitcoin address (the one you copied from your wallet), the amount you wish to cash out and the fee.
Once you fill in the required fields you should receive your winnings quickly to your Bitcoin wallet.
Lastly, upon receiving your money they will be in Bitcoin currency. You can, in turn, use these Bitcoins to buy multiple things online but for those who would rather convert them, you can do that too.
To convert your Bitcoins find the ‘Buy/Sell Bitcoin’ button. Fill in all of your details and you will be then be able to convert your Bitcoins into a currency that can be withdrawn to your bank account.
Betting and Bitcoin go hand in hand. Bitcoin provides bettors with perfect payment and withdrawal methods whilst keeping everything anonymous.
Bitcoin is a digital currency that will reach all corners of the earth due to its decentralised nature. This being said before you invest in Bitcoin or any cryptocurrency it's crucial that you put in the time to understand how everything works. You can read more here >>
How to bet with Bitcoin is a process that will in the future protect your finances, offer you optimum security and make you the sole in charge of all your money.