A Guide to Online Betting With Bitcoin

Cryptocurrency is one of the fastest rising transactions methods in the world and is considered an innovative and secure payment solution. Bitcoin is one of the most popular cryptocurrencies around and is widely accepted as a means of payment all over the world. 

If you are attempting to bet with Bitcoin for the first time, we will provide a step-by-step guide on how to go about it to make the process smooth.

Betting With Bitcoin

The process of placing bets via Bitcoin is pretty similar across several betting sites.

Listed below are the steps required for to begin betting with Bitcoin:

• Select a reputable betting site

• Sign up and verify your account

• Purchase Bitcoins at an exchange

• Deposit the Bitcoin to your sportsbook account

• Begin your betting adventure

Pros and Cons of Betting With Bitcoin

There are several pros and cons that come with Bitcoin betting and some of them are examined below:

PROS

• Secure payment

It is considered one of the most secure transaction methods as your payment information cannot be stolen. Personal data is not required, which means you are protected from identity theft. 

• Private

With no personal information attached to your Bitcoin wallet, your identity remains unknown. It is also transparent, meaning that anyone can find information on addresses and their balances in a public ledger.

• Fast

Bitcoin transactions are known for being almost instantaneous. There are usually very little delays in processing payments. Whether it is local or international, the transaction goes through with minimal fuss.

• Low transaction fees. 

The decentralized nature of the transaction means there are no middlemen, which ultimately translates into low transaction fees. While there might be fees for faster processing of transactions or conversion of Bitcoins into fiat currency, most wallets still offer the option to adjust your commission in favour of a speedy crypto transfer or a low commission.

CONS

• Volatile nature. 

Bitcoin is considered volatile in some quarters as its price generally fluctuates due to the limited number of Bitcoins in circulation and the increasing demand for them. Though eventually its price settles, it is not advisable to keep significant savings in Bitcoin.

• Still not considered mainstream

While the global adoption of Bitcoin is growing, especially among modern betting brands, it is still not widely accepted as a means of transaction. As such it is not often available as a payment method with a large number of platforms still sticking with actual currency.

Bitcoin Betting in Detail

• Select a reputable betting site

This is probably the first and most important step when beginning your Bitcoin betting adventure. It is critical to ensure that your choice of a betting platform does indeed accept cryptocurrency, with Bitcoin also included as part of their payment methods.

A reputable betting site also offers a wide range of sports and casino games to cater to a plethora of tastes and preferences from its users. 

You must also choose a platform that is duly licensed by the relevant regulatory authorities to ensure there are no fraudulent activities associated with the site,

• Sign up and verify your account

Once you have selected your preferred betting platform. You must register to become an official member while a verification is also required. Signing up on a betting site follows a similar process across several platforms and the steps are listed below:

1. Visit the betting site of your choice

2. Locate and click the “Register” or sign up button on the page

3. Input the required information in the relevant slots

4. Accept the terms and conditions

5. Click “Join” or “Submit” on the page

6. Log into your account and begin your betting adventure

Betting sites usually require users to confirm their identity by providing a government-issued ID, proof of address and payment verification. Verifying your account follows a straightforward process listed below:

1. Go to the site and navigate to the verification or KYC section under account settings

2. Upload the required documents (passport, driver’s license, etc). Make sure the details match your account information.

3. Submit proof of address

4. Wait for approval. This may take between a few hours and a few days and you will receive a confirmation email once you have been approved.

• Purchase Bitcoin at an exchange

First thing to do is set up an account with a crypto exchange if you do not already have one. A crypto exchange is a marketplace where fiat currency can be exchanged for Bitcoin. Some of the more popular crypto exchanges include Binance, Kraken and Gemini. Basic details and proof of ID will also be required here.

After setting up an account with a crypto exchange, you can now purchase your Bitcoin (it should be noted that a fee will be required and different exchanges have different rates). Once you have exchanged your money for Bitcoin, you need to move it into a digital wallet.

• Deposit the Bitcoin into your sportsbook account

The next step is to get the Bitcoin and it usually follows a similar process across several platforms. Below are the steps offering a clear illustration on how to make deposits on Bitcoin sites:

1. Log into your account

2. Click the “Deposit” or “Cashier” button

3. Select Bitcoin from the list of Cryptocurrencies

4. Copy the deposit address or scan the QR code on the page

5. Go into your Bitcoin wallet to complete your transfer

• Begin your betting adventure

Once your sportsbook account is funded you can begin your betting adventure. Simply select the sports and games you wish to bet on, place your wager and collect your winnings if successful.

Betting with Bitcoin FAQs

How do I bet with Bitcoin?

Simply purchase Bitcoins at a crypto exchange after selecting a reputable betting site and registering. Then purchase Bitcoin at a crypto exchange, make a deposit into your betting account and begin your betting adventure.

Are Bitcoin betting sites safe?

What betting sites accept Bitcoin?

How do I make Bitcoin deposits on a betting site?