Bitcoin has come a long way since its inception in 2009, and it is without a doubt the most widely accepted cryptocurrency all over the world. The use of this digital currency guarantees financial flexibility and security, and this is why it is becoming an increasingly popular payment method in all marketplaces, including sports betting. Read on to discover why bitcoin gambling is on the rise, where to bet with bitcoins, and how to maximize your sport betting returns by using bitcoin wagers. You will also learn how to make secure and instant payments to your favorite bookie using bitcoin.
Getting Started with Bitcoin sports betting
Bitcoin sports betting may seem like rocket science, but surprisingly, using this virtual currency to deposit, withdraw, and place bets with your favorite bookmaker is much easier than you think. For starters, here is a simple four-step guide to getting you started.
First step: Getting a bitcoin wallet
Getting a bitcoin wallet is the first thing you need since you will use the wallet to store your coins. There are three wallet types online, offline, and hardware wallet. Each wallet has its unique advantages, but hardware wallets are most preferred when you are considering security features. Online wallets which functions much similar to e-wallets such as PayPal are prone to cyber-attack if you use a poor email service provider.
Second step: The bitcoin buying process
Now that you have a wallet, the next thing you need to do is to buy bitcoin. You can use the price tab on your exchange to know the current price of bitcoin, and you’ll also find that the app has a calculator that helps you know the value of your transactions. Bitcoin price at the moment is trending in the price zone of $6000, but the good thing you can get a fraction of bitcoin (mBTC). All you need to do is to enter the value of Bitcoin you wish to purchase and confirm the purchase on your exchange to complete the transaction. Bitcoin transactions are fast and take a maximum of 10 minutes for the transactions to clear.
Third step: Using Bitcoin to bet on sports
Setting up a wallet and acquiring your first bitcoin was the hard bit but you can now relax as it is all downhill from here. First, you will need to fund your sportsbook account. To do this, go to your bookmaker’s deposit section and copy their BTC transfer address. Next, look for the ‘transfer bitcoin’ option in your wallet, paste your bookie’s address, enter the amount of bitcoin you want to send, and confirm the payment. The funds will appear in your sportsbook account when the blockchain process is complete, and you can now use your bitcoin to bet.
Fourth step: Withdrawing your winnings
You need a BTC transfer address from your wallet for you to withdraw funds from your bookie. Next, look for the withdraw option in your account and paste the address where applicable. Lastly, enter the amount of bitcoin you wish to withdraw and confirm the payment.
The benefits of Bitcoin sports betting
There are many reasons why seasoned punters prefer to use bitcoin instead of fiat currency in the various sportsbook. The first one and the most obvious is that bitcoin transactions guarantee the security of your funds, making it hard to lose your money in case of a security breach. All bitcoin deposits and withdrawals involve a private key with a random cryptographic sequence that a hacker cannot decipher. In addition, Bitcoin transactions cannot be manipulated once you confirm them on the blockchain, which makes them irreversible.
Secondly, Bitcoin betting is an excellent option for punters who are keen about maintaining anonymity or protecting their identity from frauds. Bitcoin sportsbook does not require you to provide them with sensitive or personal information. All you need is your hard to crack bitcoin address and an email address, and you are good to go.
You will also find that bitcoin bettors enjoy faster turnaround times than those who use traditional payment methods like wire transfers, cheque, or credit cards because crypto transactions don’t require third-party verification or authorization. The absence of payment processing companies in the transactions also lowers the operating cost of these bookies, and this is why you find that a majority of Bitcoin sportsbook offer higher odds and more competitive bonuses compared to their fiat-based counterparts.
Tips for Choosing the Best Bitcoin Sportsbook
There are plenty of bookmakers that deal exclusively with Bitcoin and there some that accept both fiat currency and Bitcoin. However, it is important that you bet with the best sports betting site to maximize your returns. Some of the features that you should look out for when shopping for the perfect bitcoin sports betting site include competitive welcome deposit bonuses, cashback promotions, favorable odds, ample coverage of all major leagues, and market variety. It is also vital to ensure that a sportsbook converts bitcoin to fiat currency in real time and they allow punters to withdraw in Bitcoin.
For those who are just venturing into the world of bitcoin sports betting, it might take you some time before you find the perfect bookmaker. To make your search easier, you can check out topratedbettingsites.co.uk for the ultimate guide to the best bitcoin sports betting sites on the internet. You will find reputable, and UK friendly bookmakers featured. The bookies on their website are regulated by the United Kingdom Gambling Commission and other bodies like the Gambling Commissions of Gibraltar and Curacao.