The skyrocketing Bitcoin market has resulted in significant developments in the financial world and web-based services.
Online sports’ betting is one the industries that have seen a substantial development, with many bookies now accepting their customers to place wagers in Bitcoin. The low transaction cost, anonymity and convenience of circulating currencies within minutes are some of the major reasons why this digital currency is gaining traction in the betting industry.
Stay with us as we delve into what makes betting with Bitcoin easy and convenient for sports enthusiasts from all over the world. The process is simple and it entails these 3 steps:
1. Creating a suitable Bitcoin wallet
Setting up a wallet is the first thing you need to do before carrying out any transaction using Bitcoin. In the cryptocurrency world, a wallet serves the same function as your bank account, allowing you to safely store your Bitcoin until you use them. As such, sports’ enthusiasts can use their wallets to make their deposits to their chosen bookies.
When it comes to choosing a wallet, you should know that they come in several types, ranging from online to offline wallets. When it comes to gambling, the best bitcoin wallet is the one that allows you to conveniently deposit funds into your betting account and easily transact across various platforms. With that in mind, online wallets are the most preferred.
2. Registering and placing a wager at a bookmaker
While there are tons of alternatives available on the market, only a few bookmakers are safe enough for you. However, if you are using the best bitcoin wallet on the market, you can significantly reduce the risk of getting hacked and losing your Bitcoin.
Most bookies will require you to provide some basic details like your email address, date of birth and a password. That means you can maintain your anonymity while betting.
When it comes to placing a bet, the process is pretty much the same anywhere else on the internet and there are no complex procedures involved. As such, you only need to pin down an event and select a market that you are interested in wagering.
Upon selecting a Bitcoin sports bookie, you will need to deposit some funds in your account before you can place a bet. Most websites will also require you to verify your account using a drivers license, ID or passport.
3. Withdrawing funds to your wallet
We can all agree that nothing is more fulfilling than withdrawing your earnings. As such, this makes the last and the most enjoyable part of this process. To do this, you only need to transfer your wins to your Bitcoin wallet by entering the primary address for the bookmaker to make the payments. You can decide to convert the Bitcoin into cash after receiving them or use them to transact other businesses.
From this article, it’s evident that betting using Bitcoin is not only convenient but also allows you to maintain a high level of anonymity while gambling.
The process is as simple as reciting your name and you don’t have to learn anything else after setting up a Bitcoin account. It’s also a simple way to earn more Bitcoin, without having to spend a considerable amount of money.
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