A Step-by-Step Guide on How to Place a Sports Bet With Bitcoin
By Space Coast Daily // May 17, 2021
Online sports betting has been a growing business around the world. This sport involves placing a bet before a game or an event occurs to guess the possible results.
One of the new ways to do it is through bitcoin betting. In this article, we will look at how you can place a sports bet using bitcoin.
What is Bitcoin Betting
The advancement of technology has given rise to many innovative devices and methods to make life easier and more convenient, and the gambling market has not been left behind. One of these is the development of bitcoin which has created a massive change in the online world, especially in online betting.
Bitcoin, also described as cryptocurrency, is a type of currency that is used virtually. It can be used to buy products as well as services in the online realm.
However, its purpose has now spread in gambling through bitcoin betting, which has made the transfer of services and funds faster. Bitcoin betting is one way to place a wager using bitcoin. It has become a popular betting method for users because of its efficiency in online services.
Here are tips for how you can place a sports bet using bitcoin
Make a Bitcoin Wallet
Creating a bitcoin wallet is the first essential thing you need to do to be able to place a sports bet. This bitcoin wallet will serve as a bank account where you can make transactions of either buying or selling bitcoin. You can also use your bitcoin wallet to make payments on certain products and services as well as trade for currencies.
Here are ways for creating a bitcoin wallet:
Pick a Bitcoin Wallet
Bitcoin wallets come in various kinds including mobile, desktop, hardware, or in the web. Some wallets need to be installed for use while others are readily available on the web. Several bitcoin wallets can be found online. However, you should choose the right one that suits both your preference and its efficiency.
Create an Account
After choosing your bitcoin wallet, you can now proceed to the next step of opening an account. Registering can be done by clicking the sign-up tab through the Coinbase website. This will redirect you to a form that should be filled in. You will be required to add some information like name and password, which should be strong as much as possible to keep security better.
Bitcoin Wallet Activation
To activate your bitcoin wallet, you will be required to verify the email address that you provided on the registration form. Coinbase will then email you a link stating the activation is completed.
Completion of the Bitcoin Wallet
For security purposes, you will need to fill in additional information. For instance, you need to link your phone to your account to strengthen its safety. It can serve as protection against potential hackers.
You will also be required to complete your profile and fill in information about your birthday and address. The other requirement is to present your valid ID to verify your identity. Although the process can be long, it’s a necessary step to go on with the completion process.
Placing Fund to the Bitcoin Wallet
Follow these steps to place funds in your bitcoin wallet.
Choose a Payment Method
There are many ways in which you can put funds into your account. The most common and popular are bank transfers and credit cards. It is advisable to do bank transfers because not all bitcoin wallets have access to credit card withdrawal.
After choosing a payment method, you can now purchase bitcoin at your own choice. First, select the amount of bitcoin you want to buy by typing the bitcoin amount or using your currency.
Next, click the payment method you have chosen. You should see the overall amount of your purchase along with the 3% fee when using credit cards. Lastly, select the buy button to complete the process.
Search for a Sportsbook
When you have already purchased a bitcoin, consider finding a bookmaker where you will do bitcoin betting. Here are some of the most popular bitcoin sportsbooks you can check on.
■ Create an Account for Bitcoin Bookmaker
Registration for Bitcoin Bookmaker is almost the same as with the common bookmakers. You just need to find a Bitcoin sportsbook that gets your attention or something that you want to gamble on. Then, sign up by filling in the needed information. They only ask for few details wherein you can be anonymous to other players.
Once you have an account with a Bookmarker of your choice, you now want to deposit money to start betting. To do this, go to your Bitcoin wallet and then process the amount you want to bet by transferring it to the specific recipient. A message will notify you when the transaction is completed.
Place the Bet
Look for a Bitcoin bookmaker in which you will place your bet. There are a lot of events or sports that you can choose from the Bookmakers. Pick the one that you are interested in and begin placing your bets through bitcoin with just simple taps.
The use of bitcoin is becoming increasingly popular in sports betting and the entire gambling world because of its efficiency. Indeed, the development of Bitcoin could possibly change how bettors place bets.