How do I use Bitcoin for sports betting?

What is Bitcoin?

Bitcoin is a reliable and protected legal tender just like PayPal or has a unique code for transaction verification. It is grounded in blockchain technology and its control is past human purview and that’s what makes it a natural fit for sports betting. With bitcoin, no bank is required for transactions to take place. It offers the owner the power to spend minus carrying around a solid bill.

In case you are a player placing bets with bitcoin, you are far ahead of everyone else. If you have never used it before either because you have not drawn your attention towards using it, you are free to begin your journey of success with bitcoin.

How to Use Bitcoin for Sports Betting?

The following are some of the steps on how to use bitcoin for sports betting. They include;

 Create an account

Creating an account requires a simple registration process just like PayPal. Once an account is created, you will be asked for a Two-factor authentication for security purposes. Afterwards, you will be asked to link it to your bank account for verification and minor deposits.

Create a Bitcoin wallet.

This is an immediate step after account creation. If requires you create the wallet (Bitcoin) to enable entry of your personal information. Thereafter, you need to verify your identification to start receiving Bitcoin. You will be asked to provide a thirty two-character pin next to your payment address denoted as QR code to provide further security to your wallet. After that, you will be ready to begin receiving Bitcoins from Coinbase.

Make deposit and withdrawal using Bitcoin

The following are some of the ways you can use to deposit and send money to your sports betting site, making a withdrawal and finally how to convert them back to fiat currency.

How to make a deposit

To deposit, go to the bitcoin page and click the sport view site. Recheck the site you have click to ensure it is your desired gambling site. Once you are log in, create an account. This will take not more than one minute. After logging in, check for the cashier page and hit it off to deposit. You will be asked to enter your preferred amount in dollars. After, you will need to click to deposit. Bitcoin payment address will be provided which will be shown to in pending mode.

In order to complete the transaction process, go back to Bitcoin wallet and paste the transaction address with the same amount and then finalize by clicking to complete. With Bitcoin, there is no transaction fee charged in addition, there are several Bitcoin bonuses available for you. Many sportsbooks are known to offer specific deposit bonuses and there are Bitcoin match bonuses set aside for you.

How to withdraw

The withdrawing process is very simple as you only need to get the transaction address from your Bitcoin wallet and then paste it onto the withdrawal tab on your sportsbook betting account. The follow by entering the amount of bitcoin you need then clicking to confirm.

Some operators require extra verification before you can withdraw. This should not worry you as you will present the verifications mentioned above. Every operator has its own guideline on how to deposit and withdraw. All you need to do is going through the provided terms and conditions and you will be all set. Finally, your payout will be presented straight away into your account. You can thereafter transfer it to your bank account based on your Bitcoin exchange.

Several players have been confirmed to be using Bitcoin Exchange instead of a bitcoin wallet to do their transactions on the sportsbook betting account. Yes, a direct bitcoin exchange is not bad but there are lots of money laundering so you need to be keen on your choice to avoid unnecessary complaints.

Bitcoin conversion

Bitcoin is easily converted to USD upon making a deposit. You don’t need to do your calculation as it is automatically converted without your effort.