Bitcoin sports betting is just as the name implies, the use of Bitcoin to place bets on sports games. It involves the funding of your wagers with bitcoin as a cryptocurrency as opposed to using fiat currency in the way that traditional betting does. Sports betting sites like bet online, Stake, and Cloudbet allow gamers to place their wagers and earn their winnings in Bitcoin. And it is a system that has proven to be just as effective as the traditional cash-based gambling system. In this article, we discuss the concept of sports betting with bitcoin, and why it is fast becoming the next best thing in the sports betting industry.
Your first move would be to open an account with any of the betting sites that accept bitcoin as a means of transaction. On the site, you can navigate to the menu tagged ” deposit options” and choose Bitcoin as your preferred option. Next, you’ll immediately come across an address in the form of a lengthy text string, or a scannable QR code that can be used to make your bitcoin transactions.
The next step is to find a wallet that can hold your bitcoin assets, from which you can fund your betting account. You can scour the web for any wallet with a reasonable holding capacity and Exodus is one such wallet.
After you’ve downloaded and installed the Exodus app, you can get it up and running by buying bitcoin from an exchange. Depending on the exchange you choose, the bitcoin assets will vary slightly in their value. But to make our job easier, we’ll use the Pionex exchange as an example. You can buy the bitcoin units using your credit card. If you don’t have the pionex app, you can download it and sign up after providing the necessary information about yourself. As soon as you’ve registered your details, you can go on to buy your Bitcoin units.
The purchase process will require you to present a valid means of identification and to provide your card info, along with the number of bitcoin units(in USSD) that you intend to purchase. In the same pionex app, you can now select your bitcoin wallet and type in the number of bitcoin units you intend to send to your wallet.
This will require you to copy the address of your bitcoin wallet and paste it into the field provided in the pionex app. Alternatively, you can scan your wallet’s QR code. And once the pionex app picks up your wallet account, a confirmation label will pop up showing that the transaction has been successfully completed. Now that you have funded your wallet, you can go ahead to fund your betting account. It is the same process as funding your wallet, only that you have to copy your wallet address into the text field provided in the deposit options menu on the sportsbook website.
As soon as this is done, you can go on to select any of the games on offer at the sports betting sites and place a bet using the selected bitcoin assets from your wallet. These sports betting sites have options for crypto horse betting, crypto football betting, and other sports betting options. And when you win on any of the games, your funds will be deposited back into your wallet in the same bitcoin. And you may choose to withdraw it by transferring it to any exchange that allows you to convert bitcoin to fiat currency.
Sports betting with bitcoin is legal in some parts of the world and illegal in other parts, and this is despite the fact that crypto may be allowed in such places that ban bitcoin gambling. In places like the UK, Australia, and the Netherlands, the laws pertaining to crypto-based gambling are very much relaxed. Countries like China, Colombia, and Indonesia criminalize the use of crypto in any transactions, and by extension bitcoin sports gambling.
The Bitcoin sports betting industry is safe to a very large extent and this is due to the security measures that the industry players put in place. There is a strict verification process before every transaction is vetted, and the encryption layers protect your data from harmful exposure. The exchanges have API keys that are generated to notify you of a transaction request. And then your wallet gives you a private key that only you can use to trade on your bitcoin assets.
Yes, you can convert your winnings from bitcoin to regular fiat currencies such as dollars or pounds. You simply have to transfer the bitcoin assets from your wallet to an exchange that allows you to convert them to regular currency. You can now transfer the now converted funds into your regular dollar account and withdraw them.
Sports betting with crypto, especially bitcoin, has several advantages over betting with other cryptocurrencies and even fiat currencies, and we’ll briefly discuss some of these advantages.
Bitcoin-based transactions are widely known to be very fast and this is helped in no small part by the elimination of third-party channels in the flow of funds. Withdrawing or transferring your newly purchased bitcoin assets from your crypto wallet to your crypto betting platform(sportsbook) can be processed in a very short time.
Gamblers value their privacy for good reason, and gambling with Bitcoin is a surefire way to gamble while protecting your identity. The strength of the encryption system that is employed in crypto-based transactions will keep third-party agents from accessing your data.
From sign-up bonuses to no deposit and deposit bonuses, bitcoin gambling offers a lot of benefits in terms of the bonuses they give to the players. The bonuses can serve as incentives and extra motivation for those who are new to the game.
The sheer volume of transactions that are processed daily using bitcoin paints a picture of a widely accepted means of exchange. So you can rest assured that your bitcoin assets will always be valuable across different exchange platforms.
The cryptocurrency trade is built on the workings of a very robust security profile, so you can rest easy knowing that your assets are in safe hands. From the high-level encryption to the stringent verification process, bitcoin-based transactions are processed with a premium on security. User data is safeguarded from third-party players and hackers will find it extremely difficult to get ahead of the system.