Bitcoin has been in the news more and more with people finding it valuable to invest in. However, people are also learning that Bitcoin, and other cryptocurrencies, is also a great way to make purchases and to fund certain account.
Besides the popularity of Bitcoin in everyday life, it is also extremely popular in the sports betting industry.
You can fund a sportsbook account using Bitcoin
You can request your winnings to be paid using Bitcoin
You can receive extra bonuses when you use Bitcoin at a sportsbook.
However, before you dive into the world of cryptocurrency, you need to do your homework first. This Bitcoin betting guide is here to get you started and be your guidebook to everything you will need to know revolving the fast-growing Bitcoin betting.
Each section below provides some solid insight into different aspects of Bitcoin betting. If you want to learn more, follow the links to ever more information.
Believe it or not, there are a lot of people that don’t know anything about Bitcoin or any other cryptocurrency. Considering that you at least know that much, you are already a step ahead.
That being said, there is a lot to learn about Bitcoin before you can fully understand it. That is why we have created an in-depth resource that fully explains Bitcoin in our guide Bitcoin 101 [Everything You Wanted To Know About The Cryptocurrency].
How Does Bitcoin Work?
Because Bitcoin is virtual, it is obviously not the same as the physical currency that we have in our pockets and wallets. That is why the first thing to understand before buying Bitcoin is to understand exactly how Bitcoin works.
Top 5 Bitcoin Sportsbooks
What are the five best Bitcoin sportsbooks?
Our favorite Bitcoin sportsbooks feature some the classic old sportsbooks with 5Dimes, Bookmaker, BetOnline, and Heritage Sports all adapting to Bitcoin.
Other sportsbooks such as Nitrogen sports is the largest Bitcoin sportsbook as of today. There are also sportsbooks Like Bitcoin that only accept cryptocurrency.
Ready to dive in and start betting with Bitcoin?
While you probably already know that most sportsbooks now accept Bitcoin or another one of 60 cryptocurrencies, it best to do your homework to see which Bitcoin sportsbooks are the best fit for you.
How to Buy Bitcoin for Betting
If you are a sports gambler and want to buy Bitcoin for betting, the best way to go about it is a Bitcoin exchange. When you go through with the exchange, you are then able to load it into any of the best Bitcoin sportsbooks and are officially ready to bet with Bitcoin.
There is one major factor to note before going through with the exchange. You cannot transfer the Bitcoin straight from the Bitcoin exchange. That is prohibited. You have to make the exchange and then deposit into a Bitcoin sportsbook with another transaction.
Bitcoin Investing vs Betting
We will assume that you are interested in using Bitcoin for betting. However, many people that start using Bitcoin for betting end up investing in Bitcoin and other cryptocurrencies.
You are probably wondering why? Well, because there is a lot of similarity in Bitcoin investing and sports betting.
However, there are some big difference between using Bitcoin to place wagers and actually investing in Bitcoin to make money.
Pros & Cons of Betting with Bitcoin
Bitcoin betting isn’t going anywhere and it will only continue to grow in the future. However, that doesn’t mean it is all roses when it comes to betting with Bitcoin.
While using Bitcoin provides some safeguards such as anonymity and faster and cheaper transactions, which is why it is so popular with online sports bettors and sportsbooks.
However, there is some inherent risk when it comes to using a virtual currency like Bitcoin. At the time of creating this guide, there is no regulation of Bitcoin or any other cryptocurrency. And the past pricing volatility has garnered the attention of some governments.
You really should be educated on both sides of the fence before you start using Bitcoin to bet, or for anything else.