Bitcoins are the ULTIMATE digital betting chip which is loaded with some pretty awesome benefits. In the last year using bitcoins for gambling and sports betting has become increasingly popular. By betting with Bitcoin sportsbooks & casinos your deposit and withdrawals are extremely fast. Deposits are usually instant and cashouts can be within a few minutes because there is no bank acting as a middleman which eliminates the usual delays and also gets rid of the standard banking fees.
If you are not familiar with the concept; however, you may be rightfully confused regarding exactly how to proceed with sports betting using a virtual currency. Bitcoins are simply digital coins that are bought, sold and mined. It is very easy and intuitive for new users and doesn’t take too long to setup a bitcoin wallet and purchase some bitcoins.
In many ways, betting using Bitcoin is not that different from using regular currency. The same jargon is used in sports betting with Bitcoin as with regular currency. The main difference is that you need to understand how to make deposits using Bitcoin and you need to understand how to collect your winnings.
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Before we get started about the website, here is a little bit about Bitcoin and how it can make sports betting so much easier.
What are Bitcoins?
Also known as “crypto” or “digital” currency, Bitcoins are P2P, decentralized units of currency, which can easily be transferred via online mediums. Bitcoin is a worldwide cryptocurrency. Essentially, this means that all the data (called “blocks”) that you need to be able to have a virtual wallet and buy and sell using it is all stored on your computer. Bitcoin has very minimal fees. However, unless you “mine” for Bitcoin using your computer’s hardware (mining is expensive and takes up a lot of electricity, and you’re advised against doing so), you will need to exchange your local currency to it. There are a variety of reliable Bitcoin exchanges which are very easy to setup an account and quickly buy/sell bitcoins. Based on complicated mathematical configurations and a complex network of databases, Bitcoins can be used to pay for various goods and services.
There are two main ways to acquire Bitcoins:
- Through the process of mining and competing for Bitcoin checks and balances which takes time and is expensive
- Buying them from a Bitcoin wallet/exchange. I use Coinbase to buy/sell bitcoin to USD
There is also a third option of accepting bitcoins from selling a product or service.
There are 3 basic steps:
- Get a Bitcoin wallet – takes less than a minute
- Buy Bitcoins – purchase from a friend or an exchange (Coinbase, Campbx, Bitstamp or LocalBitcoins are very reputable)
- Spend your bitcoins – Use them at any retailer or betting site accepting bitcoins
First, a user needs to install a Bitcoin software, known as a Bitcoin Wallet on your computer or mobile app and register in the database to make an account on the wallet. After having assigned a user name and password, BTC needs to be purchased, based on the current market rate.
Is Gambling with Bitcoins the Future?
The future of the gambling industry might or might not involve the use of Bitcoins. Given the volatile nature of how Bitcoins are, its usefulness will vary in the online poker industry. Let’s just say that until the time government and regulatory bodies keep imposing bans and strict controls over the online poker industry, the vote would be in Bitcoins favor.