What is Bitcoin betting?

Are you interested in Bitcoin betting? Read the following article where you will learn more about Bitcoin betting and how to get started.

Bitcoin Betting
Bitcoin Betting

Introduction to Bitcoin betting

Bitcoin Betting is betting with Bitcoins or other cryptocurrencies rather that fiat currencies. It is the new way to bet. The low fees, the anonymity and the opportunity to move funds almost instantly are among the main reasons Bitcoin betting is becoming so popular. Moreover, the number of bettors ready to bet with Bitcoin increases from day to day. All you need to do is create a Bitcoin wallet, fund you Bitcoin account, bet at a Bitcoin sportsbook, and withdraw your funds from the Bitcoin bookmaker. Let’s explain everything step by step.

Create a Bitcoin wallet

The first step is to create the so-called “Bitcoin wallet”. It functions as your bank account in the world of the cryptocurrency. You can use it to buy and sell Bitcoins, pay for services and even trade currencies on exchanges. In this case, you will use it to deposit Bitcoins.

Bitcoin Wallet App
Bitcoin Wallet App

Firstly, you would have to choose a Bitcoin Wallet. We would advise you to search the internet for info on the various types of Bitcoin Wallets. After having chosen a Bitcoin Wallet, you would have to create an account and activate the wallet.

Funding your Bitcoin Account

In order to fund your Bitcoin account, the first thing you would have to do is to register a payment method. The credit/debit cards and bank transfers are the most common options. We recommend you to use a direct bank transfer since most Bitcoin wallets do not support withdrawals to credit/debit cards. After you you have registered a payment method, it is time to buy your first Bitcoins.

How bet at a Bitcoin sportsbook

Now that you have bought some Bitcoins, it is time to find a bookmaker and start betting. There are numerous options available, but some of them are not safe enough. Here is a list of the 5 biggest and most respectable Bitcoin sportsbooks in the industry and an overview of their main advantages:

Cloudbet
Cloudbet

Cloudbet – great odds, generous first deposit bonus and good loyalty program;

Nitrogen – the best odds available, great variety of markets and full anonymity;

Betcoin – good odds and some of the highest limits out there;

mBit – lots of markets, many bonuses and good limits;

Directbet – no account required, just bet by sending money to Bitcoin address and the profit is returned to you, high odds.

The first step is to choose a Bitcoin sportsbook you like and sign up. After that, you’ll be able to get a Bitcoin address from the sportsbook and send money to it through your wallet. After that, you can choose a market and place a bet as in any traditional online sportsbook.

Withdraw your funds from the Bitcoin bookmaker

First you need to move your Bitcoins from the bookmaker to your wallet. Similarly to depositing, you need to use your Bitcoin address. You will find it in a visible place in your Bitcoin wallet. You need to copy it because the bookmaker will use it to send your Bitcoins there. After you’re done, go to the sportsbook’s cashier and choose to withdraw. The process is similar in most Bitcoin gambling operators and contains a field for your Bitcoin address (the one you copied from your wallet), the amount you wish to cash out and the fee. Just fill in all the fields and the withdrawal should reach your Bitcoin wallet quickly. It takes less than an hour in most Bitcoin bookies, but there could be exceptions.

Now that the Bitcoins have reached your wallet, there are several options you can do with them. You could use it to buy various stuff online, but it is highly likely that you would like to convert it into traditional currency and withdraw it to your bank account.

Conclusion

Bitcoin betting may only be in its beginnings, but there are a lot of bettors who already adopted ‘the new way of betting’. As the number of users increases constantly, it is obvious that in the future sportsbetting will look much more differently than today.

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