Everywhere you turn nowadays, you can hear Bitcoin being mentioned. You may be wondering why are we also mentioning it here. Well, did you know that you can actually bet on sports matches using this popular cryptocurrency?
Bitcoin is a legitimate virtual currency and experienced a spike in its popularity and use during the last few years. Since Bitcoin transactions are completely online, perks of it being instantly bought and sold attracted many people to it.
So, how exactly can you place a bet with Bitcoin? How to later collect your earnings? Read on, as we will explain all of it in this post.
Setting Up Your Bitcoin Wallet
What is a Bitcoin wallet? Simply put, your Bitcoin wallet serves as a sort of your online bank account, or an online wallet if you will. All you have to do is choose a good and reliable provider. There are now many options to choose from. There are strictly mobile wallets which use the QR code technology for security. There are also desktop wallets if you are using your laptop or a personal computer more. And, of course, there are online wallets which you can access both from your computer and your mobile.
Which Bitcoin wallet is the best option for you? There are many out there to choose from, but one that we recommend is called Blockchain wallet. Blockchain is the first company which started working with cryptocurrency. It was founded back in 2011. Now, there are over 41 million Blockchain wallets opened around the world. Opening your Blockchain wallet is free of charge and there is also a Blockchain app for your mobile device.
Now back to the Bitcoin wallet types. You can also try the so-called cold wallets. They are completely offline and therefore the most secured ones. However, the transactions through cold wallets are considerably slower than the rest of the wallet types, so maybe they are not the best option out there when it comes to sports betting.
You can also try the so-called cold wallets. They are completely offline and therefore the most secured ones. However, the transactions through cold wallets are considerably slower than the rest of the wallet types, so maybe they are not the best option out there when it comes to sports betting.
Once you set up your Bitcoin wallet, you will receive a private key. Keep it somewhere safe so you can reach your wallet at any time.
However, if this seems like a hassle to you, you can also store your Bitcoins on the exchange website. We will get to that in the next paragraph.
Next step is - an online exchange office. These are the websites where you can exchange your local currency for Bitcoin. There are many of them at the market right now, but some that are more reliable are Coinbase, Coin square, Kraken, Gemini Exchange.
Here you should also create an account. Verify it by clicking on the link which will be sent to the email address you provided. Enter your bank account and credit/debit card information. Make sure to turn on the two-step authentication for better security.
Exchange your currency for Bitcoin and after that, you can easily transfer the Bitcoin to your Bitcoin wallet. Just copy the address of your Bitcoin wallet to the exchange website.
You can store your money on the exchange website or you can also transfer it to your wallet. Having a wallet is another step of taking precaution, but if you are storing a small amount of money, you do not have to overly worry about security. If you are exchanging Bitcoins only for betting purposes, they will, in the end, anyway be stored on your sports bookmaker website’s account.
Depositing and Withdrawing Bitcoin
Find an online bookmaker, such as Sportmarket, that accepts Bitcoin bets. Betting market is now mostly accepting this digital currency, but do check on the website if this digital currency is welcome.
Create your account on the online bookmaker website and send Bitcoin to that account from your Bitcoin wallet. All you need to do is copy the account’s address into the Bitcoin wallet and click the button for transfer.
You will then have Bitcoin on the bookmaker website and you can start placing bets.
Withdrawing is a similar process. Copy on the bookmaker’s website your Bitcoin wallet address and withdraw the Bitcoins. You can then exchange your electronic cash for your local currency.
One misconception that is circling around is that you are in fact betting with Bitcoin. That is actually not technically correct. When you place Bitcoin on your sport bookmaker account, it will be immediately converted into USD or EUR. Therefore, all your bets are made with officially recognized currencies. Also, you can always convert earned sum of money back into Bitcoin during your withdrawal process.
What makes betting with Bitcoin great?
One great advantage when placing your bets in Bitcoin is that it is keeping you safe from Bitcoin’s price oscillation. Since your Bitcoin is converted into a more stable currency, your money will not be affected by the market changes.
So you see. Bitcoin betting is not that complicated after all. The only major choice you have to make is whether you wish to open a Bitcoin wallet or the exchange website will do the job for you. Just remember to take all the additional steps of securing your accounts and making sure your passwords are strong and in a safe place.
We here at Sportmarket offer Bitcoin betting option which you can try out even today. Set up your account on our website, transfer your Bitcoins and let the games begin!