3 Things You Need to Know About Betting With Bitcoin

3 Things You Need to Know About Betting With Bitcoin

3 Things You Need to Know About Betting With Bitcoin

As an avid fan of sports betting, you’re willing to do anything you can to increase your odds. One trend that’s taking the gambling world by storm is the use of digital currencies, such as bitcoin. By entering this new gambling market, you can improve your chances of winning big, especially with the recent rise in the currency’s value. Use the following tips for entering the bitcoin gambling market.

What Is Bitcoin?

Image via Flickr by zcopley

First, it’s important that you understand exactly what bitcoin is. It’s a cryptocurrency that was created in 2009 and utilizes no middlemen, such as banks or brokers. Originally, people earned bitcoin by mining, a process that involves sharing your computer’s processing power to help a server compute difficult equations. Now, however, the easiest way to get started with this currency is to buy in using physical currency.

How to Start Betting With Bitcoin

The first step in establishing your bitcoin betting career is to purchase bitcoin. The easiest way to do that is to download an app called Coinbase. Create an account, then add your payment information. Enter the amount you’d like to buy, and you’ll instantly have it in your account. Keep in mind that transactions done via credit or debit card have a $150-per-week limitation. If you link a bank account, you’ll be able to buy more per week.

With your bitcoin wallet topped off, the next step is to find a safe and reputable bitcoin sportsbook site.Once you’ve found a site you like and have created an account, simply transfer your bitcoin over to the site. This will enable you to bet on whatever you’d like, whether it’s the Super Bowl or the Kentucky Derby.

When it comes time to cash in your winnings, simply repeat this process in reverse. Log in to your sportsbook account and send the bitcoin back into your wallet, where you can use it to pay for goods and services at a number of online stores.

Is Bitcoin Better Than Traditional Currency?

One advantage bitcoin has over traditional currency when gambling is that its legal status is still a bit murky. Online gambling in the United States is illegal; however, since bitcoin is not technically defined as money, many are finding ways to circumvent these laws. For example, many players keep their earnings in bitcoin instead of converting them back to dollars.

Another reason that Bitcoin gambling is better is that it offers instant payouts. Instead of waiting for funds to clear the bank check, your bitcoin will be in your account immediately after your win. This is great if you rely on your bets to provide income.

However, there are some disadvantages, as well. Since bitcoin has a volatile market, your big winnings could end up being completely devalued come the next day. Traditional currency is far more stable and less likely to crash. Additionally, because bitcoin isn’t widely accepted yet, you might be limited as to where you can spend it.

Whether or not you choose to switch your betting to bitcoin is up to you. However, now that you know more about this mysterious currency, you can make an informed decision.