Bitcoin is a widely accepted cryptocurrency because it guarantees financial security and flexibility. This digital currency has become a popular payment method in every sector, even sports betting. However, many bettors are clueless or cautious of using bitcoin as bank roll. Fortunately, those using bitcoin in sports betting have found it easy to deposit, place bets, and withdraw easily from their bookmaker’s platform BitCoin SportsBet. For beginners, below is a guide to get beginners started with bitcoin sports wagering.
Steps to get started with bitcoin sports wagering
Get bitcoin wallet
Bitcoin wallet is needed to store the coins, so get one first. You get to choose from three kinds of wallet -offline, online, and hardware wallet. Every wallet is different. Online wallet works like other e-wallets [PayPal] and are at risks to cyber-attacks, if you partner with a poor website host. Hardware wallets are preferred by those who prioritize security features.
Bitcoin buying process
After getting a wallet, next step is to buy the bitcoins. Get familiar with bitcoins current rate and with the help of calculator know your transaction value. Enter the bitcoin value, you wish to purchase on your exchange and confirm the purchase. It will take just ten minutes to complete the transaction.
Use bitcoins for sports betting
Setting wallet and exchange account was challenging but now you can relax. You will ow need to copy the BTC transfer address on the bookmakers deposit section. In your wallet find ‘transfer bitcoin’ option and paste the bookmaker’s address. Enter needed bitcoin amount, send, and confirm your payment. Funds will appear on your sportsbook account, ready to be used for wagering.
To withdraw winnings
You will need BTC transfer address from the wallet for fund withdrawals from the sports account. Find withdraw options and paste this address wherever pertinent and enter the desired withdrawal amount and confirm payments.
Benefits of bitcoins in betting on sports
Seasoned wagers use bitcoins rather than flat currency for many reasons.
- Security – Most obvious one is guaranteed fund security. Unlike banks, it is hard to lose funds during possible security breach. Withdrawals and deposits in bitcoin involves private key including random cryptographic sequence, which hackers can hardly decipher. Moreover, Bitcoin transactions are irreversible once they are confirmed on blockchain.
- Maintain anonymity – Bitcoin betting offers an excellent option to bettors, who keenly wish to maintain their anonymity or protect their ID from frauds. The bookmakers don’t need bettors to give them personal or sensitive information. All that is needed is a robust bitcoin and email address.
- Rapidity – Bitcoin wagers can enjoy the rapid turnover times in comparison to other payment methods like credit cards, cheques or wire transfers. Crypto-currency does not need authentication from 3rd
- Good offers – There is no involvement of any payment processing agencies in the transaction, which lowers bookmakers operation cost. Therefore many bookmakers offer more competitive bonuses and higher odds in comparison.
Many bookmakers deal with bitcoins but search for a bookmaker’s platform that offers competitive welcome bonus, favorable odds, cashback promotions, market variety, and sufficient coverage on every major leagues. Make sure that the bookmaker’s platform convers bitcoin into real currency as well as allow wagers to withdraw in bitcoins.