How to Bet With Bitcoins
25 June 2019
Bitcoin technology has seen a rapid rise in popularity in recent years, with many more people using the cryptocurrency.
Bookmakers latched on to the growth of Bitcoin and some now allow it to be used as a method of deposit and withdrawal for bettors. With it being anonymous, charging relatively low fees, and pretty much instantaneous access to your funds, it has become popular among bettors all over the world.
What is Bitcoin?
Bitcoin is a form of electronic money, known as cryptocurrency, which can be sent from person to person without the need for approval from a central bank or other intermediaries.
Anyone can open a new Bitcoin account without approval and every transaction is accepted, with checks made just to determine the legitimacy of the transaction.
Creating a Bitcoin Wallet
The first thing you need to do is create a Bitcoin wallet, which can be done by choosing the right wallet for your needs from the numerous ones available.
You can download an app to your mobile phone or other handheld electronic device, or you can decide to have a wallet on your laptop or home computer for online payments from these devices. Either way, the choice is yours and once you know what you need it for the choice of wallet is simple and quick.
Once you’ve chosen which wallet you want to use, you will need to sign up. This is usually just a short form asking you for an e-mail address and password. You may have to then activate the wallet by confirming your e-mail address.
After these steps, your Bitcoin wallet will be ready to use.
You can also link your wallet to your phone if you desire, and some wallets may require you to complete the registration process by verifying your identity.
After choosing your wallet and signing up, you will have to register a payment method in order to purchase Bitcoins. Although credit and debit cards can be used by some Bitcoin wallets, it is probably easiest to set up direct bank transfer. This can be done using an IBAN along with a SWIFT/BIC code and the details of the bank you use.
Once you’ve registered a payment method, you can now purchase Bitcoins.
In order to do this, you go to the purchasing screen on your chosen wallet and select either the number of Bitcoins you wish to purchase or the amount in your own currency which you wish to spend. It should automatically update the other option to the one you are using anyway.
So, if you choose to add the amount of your own currency you wish to spend, it will update the number of Bitcoins you will receive.
You then complete the purchase and will receive a confirmation message to tell you your purchase has been successful.
HOW TO CHOOSE THE BEST ONLINE BOOKMAKER?
Betting with Bitcoins
Now that you have some Bitcoins in your wallet, you must find a decent and reputable sportsbook who accept Bitcoins as a payment method. The top bookmakers who accept Bitcoins, and the ones which we would recommend, are:
Registering with a Bitcoin bookmaker is similar to signing up with a normal bookmaker, except for the fact it’s more anonymous. Bitcoin bookmakers will usually just ask for an e-mail address, password, and date of birth.
To deposit funds, you must copy the Bitcoin address given to you by the sportsbook and then add it to your own wallet as a Bitcoin address you want to send money to.
You do this by copying the Bitcoin address given to you by the bookmaker, opening your Bitcoin wallet, going to the send/request page and copying the bookmakers Bitcoin address into the recipient bar. You then choose an amount you wish to deposit and send funds.
Again, you will receive a confirmation message once the transaction is successfully complete.
Placing a Bet
This is no different to using a normal bookmaker with normal currency.
Bitcoin bookmakers will have full betting markets available and you place a bet in the same way you would at a normal bookmaker, by choosing a selection or selections, adding a stake, and placing the bet.
If you manage to make a profit and you wish to withdraw funds from the bookmaker into your wallet, you simply follow a few simple steps.
First of all, you need to go in to your Bitcoin wallet and copy your own Bitcoin address. You then need to head back to the bookmaker you’re using and select “withdraw”. You will get a screen that asks for your Bitcoin address, which you can paste in, how much you wish to withdraw and the fee you will be charged. The fee should update automatically depending on how much you are withdrawing.
The good thing about withdrawing with Bitcoins is that the funds usually take less an hour to reach your wallet after requesting a withdrawal.
Once you have done this, and the funds have reached your wallet, you can go back to your wallet and convert funds into your chosen currency in order for you to then transfer funds out of your Bitcoin wallet into your own bank account.
CRITERIA WE USE TO CHOOSE THE BEST BOOKMAKERS
- Odds quality
- Market coverage and selection of bets
- Betting limits on that sport
- Live streaming
- Sport specific bonuses and promotions
INFORMATION WE LOOK AT FOR ALL BOOKMAKERS
- Website quality and usability
- How easy is to deposit and withdraw funds?
- How good the customer service is
- Can you trust this bookmaker?