Indeed, besides very numerous industries, Bitcoin has transformed the world of sport bets. Similarly, as with other technologies, decentralization, anonymity, and ease of use make Bitcoin increasingly attractive for an ever-increasing number of bettors. Whether you are a beginner with cryptocurrency or have already accrued some experience, this guide will go through how to use Bitcoin for sports betting, from setting up your wallet to placing your first bet.
How To Get Started With Bitcoin Sports Betting?
There are a few things which one needs to stock up before actually starting betting with Bitcoin. Here is all you need to know for getting started:
Setting Up A Bitcoin Wallet
Setting up a Bitcoin wallet is a pre-requisite for intending to use Bitcoin for sport betting. This virtual wallet allows you to store, send, and receive bitcoin. There are many types of wallets to choose from: you can opt between a software wallet that resides on your desktop or your mobile phone, or you can go with a hardware wallet, an actual device meant for added security. Suggested providers of this wallet include Coinbase, Electrum, and Ledger. As one sets up one’s wallet, remember to store private keys and backup phrases in a safe location.
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Purchasing Bitcoin For Betting
With a wallet, the following thing you’re going to do is to purchase Bitcoin. You can purchase Bitcoin from Binance, Coinbase, and Kraken digital currency trades. Sign up on the site, connect your financial balance or charge card, and get the sum of Bitcoin that your wallet can hold. Once bought, send your Bitcoin to your wallet by composing in your wallet’s accepting address. Now you are ready to go, bet on football using Bitcoin Cash, or whatever other sports you might like.
Choosing A Bitcoin Sportsbook
Not all sportsbooks will allow you to place a bet with Bitcoin. First of all, you need to choose a sportsbook that will allow the crypto currency. One of the best places where you can make a bet in various sports is BC.Game. Among other things, it shall include reputation among a sportsbook, a wide range of sports markets, competitive odds, and ease of use regarding user experience on the website. Apart from that, it should also possess other security features such as SSL encryption and two-factor authentication for extra security.
How To Place a Bet Using Bitcoin
Your Bitcoin wallet is set up, and you have chosen a sportsbook of choice. Here are simple, detailed steps in placing a bet on BC.GAME using your Bitcoin:
Step 1: Sign up for an account at BC.GAME
Go to BC.Game and sign up. The system will ask for a valid email address along with creating your password. Click the ‘Login’ button after successful signup.
Step 2: Deposit with Bitcoin
All you need to do to get started is deposit Bitcoin into your account with BC.Game. You go into the deposit section, select Bitcoin, and you will be given a unique wallet address. You copy the address and use it to send Bitcoin using your personal wallet. Funds are instantly credited upon confirmation of your transaction.
Step 3: Choose a Sport and Place Your Bet
After depositing, go to the sports section and choose any sport. Wanna place a bet on NCAAF using Bitcoin Cash? Choose the event with Bitcoin Cash as the mode of betting; after that, choose the betting market-moneyline or point spread, etc. Place the amount you wanna bet and then confirm the bet.
Step 4: Watch the Game and Follow Your Bets
What is left after placing a bet is the enjoyment of the game and following the bets placed. If your placed bet happens to win, the winning proceeds would be credited to your BC.GAME account.
Advantages Of Using Bitcoin For Sports Betting
Bitcoin is surely attractive to sport bettors for several outstanding advantages, including:
- It is decentralized: Bitcoin does not depend on any governments and banks, so you will not need to deal with them at all.
- It is private: Using Bitcoin for sports betting keeps your transaction more anonymous.
- That’s secure, because transactions made with Bitcoin are encrypted and reflected on the blockchain; thus, they can’t almost be changed or tampered with.
- It is fast: Deposits and withdrawals made through Bitcoin are often way quicker than using any other traditional banking methods. This will let you access your funds sooner.
- The transaction fees for Bitcoin are low. Bitcoin has typically enjoyed low transaction fees compared to credit cards and bank transfers, though this may change given that it’s dependent on just how clogged the network is.
- It is not always taxed: In many jurisdictions, the winning amounts from Bitcoin betting may not be subjected to taxes. This gives a decent merit it may have from traditional currencies. However, do always check your local tax laws regarding that.
Frequently Asked Questions
From a legality standpoint, the eligibility to use Bitcoin to place a sports bet does depend on the laws of your country. While it is completely legal in some areas of the world and highly acknowledged, there are other places where online betting might not be that welcomed. It is recommended to look into the local regulations before indulging with Bitcoin sports betting.
Of course, most sportsbooks that allows deposit using Bitcoin will of course allow you to withdraw your winnings in Bitcoin, too. Just log in on the withdraw section then select Bitcoin as your payout method, then enter in your wallet address and the sportsbook will process the transaction, sending your hard-earned winnings to your Bitcoin wallet.
