Betting on sports with Bitcoin is just as easy as betting with fiat currencies. In fact, it can be much easier once you get to know your way around it. Bitcoin betting can allow you to completely enjoy the benefits of playing online, like anonymity, fast transactions, and cheap fees. However, many beginners remain clueless as to what Bitcoin is and feel like it requires them to keep track an overwhelming amount of information. But forget about your beginner’s doubts and uncertainty, we’ve gathered all the resources you need to know before you start betting with bitcoins, and we can assure you that every step you make is a walk in the park. You can enjoy what traditional sportsbooks can offer. If you’re looking to bet on NBA, NFL, Premiere League, La Liga, Bundesliga matches and other sporting events, the Bitcoin sports betting market can effortlessly fulfill your needs.
Acquire A Bitcoin Wallet
Create a Bitcoin wallet or any e-wallet. Find the most reputable wallet providers and see if they can match their services to your needs. This will be the medium responsible for storing all your bitcoins and encryption keys, and they come in forms of hardware wallet, software wallet, online wallet, or paper wallet. Choose the one with functions that fit your bettor’s needs, lifestyle, and preferences. There will be verification processes for security purposes once you open an account, but you are not required to submit any personal requirements if the company’s not working with credit reporting agencies.
The next step after verification is to fund your account. You need to choose a deposit method that’s convenient for you, consider the waiting period of transaction process when you move money from your bank account. Afterward, monitor the market price of Bitcoin if you want to exchange your fiat currency with it. Be updated with market researches and trends to foresee if the price will increase or depreciate in value. Timing is everything, especially if you’re planning to move a huge chunk of money.
Fund Your Sportsbook’s Account
To start betting, the only requirements you need are your wallet’s address and/or your e-mail, some websites only let you use your username and password. Once you found the perfect sportsbook, look for their BTC transfer address on the deposit section of your account profile and fund it with money. It will reflect after the completion of the blockchain process, and you will receive a notification after 1-2 hours.
Withdraw Your Money
If you want to cash out your bitcoins, use the BTC transfer address from your wallet and find the withdraw option on your sportsbook account. Paste your address and enter the amount of Bitcoin you want to withdraw. Some operators may ask you to undergo verification processes, while some only require a few clicks and confirmations.